business
Italy’s Eni begins output at world’s most northerly producing oilfield
Italian firm Eni began producing oil from its Goliat field in the Norwegian Arctic late yesterday, making it the world's most northerly oilfield in production.
"It started last night," said an Eni spokesman today.
"We have reached an important milestone not only for Eni, but also for the industry and for Norway."
The start-up of the field has been delayed several times since the initial planned date of 2012.
Costs also surged to 46.7 billion crowns from an original estimate of around 30 billion in 2009, when the development plan was approved.
Output from the field is due to peak at around 100,000 barrels of oil per day. The production facility also has storage capacity for one million barrels of oil.
Asked about the multiple delays, Eni said Goliat was a "pioneering project" that involved new technology on which the oil industry would build for the future.
Eni has a 65% stake in the field, with Norway's Statoil holding the remaining 35%. – Reuters, March 13, 2016.
Please note that you must sign up with disqus.com before commenting. And, please refrain from comments of a racist, sexist, personal, vulgar or derogatory nature and note that comments can be edited, rewritten for clarity or to avoid questionable issues. As comments are moderated, they may not appear immediately or even on the same day you posted them. We also reserve the right to delete off-topic comments