Spirit Energy and Dana Petroleum have announced plans to spend £ 140 ##m ( $ 177 m ) drilling a new well in their Chestnut Point field in the North Sea , which the companies say could prolong production to 2023 . Two years ago , Spirit invested £ 35 m into the field to open its third production well . (FPSO) vessel has also been extended through to 2023. The field has produced 24 million barrels since being discovered 10 years ago , compared to a forecast production of seven million . 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 £ 140 ##m ( $ 177 m ) drilling a new well in their Chestnut Point field in the North Sea , which the companies say could prolong production to 2023 . Two years ago , Spirit invested £ 35 m into the field to open its third production well . The field has produced 24 million barrels since being discovered 10 years ago , compared to a forecast production of seven million . 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 .