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Bloomberg: BP, Partners to Spend NK14 Billion on New Valhall Oil Platform

By Vibeke Laroi

March 22 (Bloomberg) — BP Plc, Europe’s second-largest oil company, and partners plan to spend about 14 billion kroner ($2.3 billion) on a new platform in the North Sea Valhall oil field to extend the field’s production life to 2049.

Norway’s Ministry of Petroleum and Energy received a plan for developing the Valhall field from London-based BP, the operator, and its partners Royal Dutch Shell Plc, Hess Corp. and Total SA, the ministry said in a statement today.

The new platform will replace the three oldest platforms at the field, which has been pumping since 1982 and currently produces about 70,000 barrels of oil per day, the ministry said.

Output from the new platform is expected to begin in 2010, it said.

To contact the reporter on this story: Vibeke Laroi in Oslo at [email protected]

Last Updated: March 22, 2007 03:47 EDT

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