Market News & Analysis

Production delayed at Mariner oil field

Statoil, an oil firm based in the North Sea, has announced a delay to the start of its Mariner oil field, which is located 93 miles east of Shetland.

The Norwegian company says it will postpone production at the massive site by a year – meaning it won't begin until the second half of 2018.

According to the firm, the delay is due to a hold-up at its construction yards in South Korea, rather than the current downturn in the North Sea. The company added that it was "fully committed to the North Sea" and that the delay would not impact on existing jobs, although some recruitment efforts will be staggered.

Statoil says £4.6 billion Mariner project is the largest field development on the UK Continental Shelf in more than ten years – once completed, it's expected to be in production for at least 30 years.

Ineos

Petrochemicals company Ineos has taken a step to boost its North Sea presence by increasing its stake in the Clipper South gas field, which is located off the east coast of England, around 62 miles from the Theddlethorpe Gas Terminal.

Ineos operates Scotland's largest petrochemical manufacturing complex at Grangemouth. It said it has bought a 25 per cent share in the field from Fairfield Energy Holdings. The firm also recently acquired a 50 per cent of Clipper South from DEA group, meaning it now owns a 75 per cent stake in the field. Bayerngas holds the remaining 25 per cent stake.

The company added that the acquisition of the gas fields provides "a great entry point" for its upstream business.

Rob Nevin, the upstream chairman for Ineos said he was pleased about the company's latest acquisition.

He commented: "We are very pleased to have been able to acquire this additional share in the Clipper South Gas Field from Fairfield Energy, which is another step forward as we continue to pursue opportunities in the North Sea."

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