Chevron Confirms Development in Central North Sea

US-based Chevron announced that its UK subsidiary Chevron North Sea has reached a final investment decision on Alder Field. The company also received approval from the British government to proceed with the development, which is located in the Central North Sea. 

“The Alder Field development is an important milestone in support of our strategic plan to profitably grow production and is among our solid queue of major capital projects that will deliver value to shareholders,” Chevron vice chairman George Kirkland said in a note released on Monday. 

The field will be developed via a single subsea well tied back to the existing Britannia Platform, a distance of 17 miles (28 kilometers). Chevron North Sea operates the project, holding a 73.684% interest. ConocoPhillips holds the remaining 26.316%.

“The Alder project builds on Chevron’s already well-established presence in the UK energy development sector. For more than 50 years Chevron has been active in the UK’s oil and gas industry, and we will continue to play a role in developing the region’s natural resources,”  said Todd Levy, president of Chevron Europe, Eurasia and Middle East Exploration and Production.