EnergyWatch

Centrica ready to invest GBP 510 million in the North Sea

The Norwegian part of the North Sea is poised to take on an investment of GBP 510 million. British Centrica is armed with an ambitious plan for development and operation.

British energy company Centrica will now launch a growth plan for oil and gas on the Norwegian Shelf. This morning, the company submitted an application to develop the Oda field, which was originally discovered in 2011.

This will be the first field that Centrica operates on the Norwegian Shelf and it will require an investment of GBP 510 million (EUR 589.5 million). This may sound expensive but is actually far below the original cost projections for the field. Centrica has reduced costs by almost 40 percent compared to the first budgets.

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