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Reuters: Dutch NAM to reopen 1 bln bbls Schoonebeek oilfield

Thu Dec 20, 2007 12:51pm EST 

AMSTERDAM, Dec 20 (Reuters) – Nederlandse Aardolie Maatschappij (NAM), jointly owned by Anglo-Dutch oil giant Royal Dutch Shell Plc. (RDSa.L: Quote, Profile, Research)(RDSb.L: Quote, Profile, Research) and Exxon Mobil (XOM.N: Quote, Profile, Research) said on Thursday it will reopen a 1 billion-barrel Dutch oilfield.

NAM and its 40 percent partner in the project Dutch state owned Energie Beheer Nederland, have made a final investment decision on the reopening of the field near the Dutch eastern town of Schoonebeek, the companies said in a statement.

The Schoonebeek field is the largest onshore oilfield in northwestern Europe, which produced about 250 million barrels between 1948 and 1996, the NAM joint venture said.

Production was stopped 11 years ago as the thick oil was hard to produce with the techniques and infrastructure available at the time.

With new innovations NAM expects to produce between 100 and 120 million barrels over the next 25 years, starting in 2010. (Reporting by Harro ten Wolde; editing by James Jukwey)

© Reuters 2007 All rights reserved

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