Offshore Arctic Oil Field Go For Production Startup

Published at 08:52AM - 20/01/16

The Goliat offshore Arctic oil field has been given the green light for production startup by Norwegian regulators, the Petroleum Safety Authority (PSA).

The PSA have said that production will start during February at the latest, as its deisssion still has to go through a public hearing that could take up to five weeks.

Go For Production Startup

The ENI operated Goliat field is  located 53 miles (85 km) northwest of Hammerfest and serviced by a cylindrical FPSO.

The project has been dogged by delays, with first oil originally expected in 2013.

Much of the original delays were put down to the Hyundai ship yard in South Korea, although the Goliat FPSO has since seen further delays, including failing an onsite safety inspection by Norwegian regulators late last year.

So far ENI and partners have invested over US$6 billion in the project, more that 52% over original estimates.

Offshore Arctic Oil Field

The ENI operated Goliat field has estimated reserves of around 174 million barrels of oil equivalent and is a joint venture between partners ENI (65%) and Norway’s Statoil (35%).