Spirit Energy and Dana Petroleum have announced plans to spend £140m ($177m) drilling a new well in their Chestnut oil field in the North Sea, which the companies say could prolong production to 2023. A fresh investment of £140million has once again extended the life of a North Sea oil field, safeguarding 70 jobs in the process. Two years ago, Spirit invested £35m into the field to open its third production well. The company said it would invest more than £100m over three years, with an additional £5bn of investment planned for future projects. The new well is expected to start operation before the end of 2019. The field is majority owned by Spirit, 83%, with the remaining 17% being held by Dana.
Spirit Energy and Dana Petroleum have announced plans to spend £140m ($177m) drilling a new well in their Chestnut oil field in the North Sea, which the companies say could prolong production to 2023. Two years ago, Spirit invested £35m into the field to open its third production well. The company said it would invest more than £100m over three years, with an additional £5bn of investment planned for future projects. The new well is expected to start operation before the end of 2019. The field is majority owned by Spirit, 83%, with the remaining 17% being held by Dana.