MercoPress. South Atlantic News Agency

Italian oil giant ENI to attempt oil production in the Norwegian Arctic

The project’s 64,000-tonne floating platform is already in place and its wells have been drilled, ready for imminent production.

As Shell retreats from the Arctic, the Italian oil giant Eni is making final preparations for its own oil exploration venture in the Norwegian Arctic, reports the UK media. Eni has vowed to press ahead with oil production ($5.5bn project), in the Norwegian Arctic, by the end of the year, undeterred by Shell’s decision to abandon its quest for Arctic oil.

 The project - Goliat - is set to become the world’s northernmost offshore oil field to come on stream, eventually pumping 100,000 barrels of oil per day from reserves believed to hold around 175m barrels of oil and 8bn cubic meters of gas.

Goliat has been hit by several cost overruns and delays during construction, but Eni said last month it was only a few weeks away from starting production.

The project’s 64,000-tonne floating platform is already in place and its wells have been drilled, ready for imminent production.

Quoting anonymous sources with close knowledge of the development, engineering publication Teknisk Ukeblad (TU) said Norway’s Petroleum Safety Authority had doubted production could start this year.

When the field comes on stream, it would become the world’s northernmost producing offshore oilfield, the operator has said. Operator ENI has a 65% stake in the field, while its partner Statoil holds the remaining 35%.