Chevron North Sea has reached a final investment decision and received approval from the UK government to develop the Alder Field in the Central North Sea.
The project has a planned design capacity of 110 million cubic feet of natural gas and 14,000 barrels of condensate a day. It is expected to start first production in 2016.
The company plans to develop the field through a single subsea well tied back to the existing Britannia Platform, a distance of 17 miles.
Chevron North Sea, which operates the project, has a 73.684% interest, with co-venturer ConocoPhillips (UK).
The high-pressure high-temperature gas condensate field was discovered in 1975. It is situated in Block 15/29a in a water depth of 492ft, approximately 100 miles from the Scottish coastline and 37 miles from the UK / Norway median line.
Chevron vice chairman George Kirkland said: "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 Europe, Eurasia and Middle East exploration and production president Todd Levy said that the Alder project builds on thecompany'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," Levy added.
Image: Chevron has received final approval to develop the Alder Field in Central North Sea. Photo: courtesy of num_skyman/ FreeDigitalPhotos.net.