Chevron (CVX) Will Award Contracts Worth $845 Million To Develop Oil And Gas Fields In The North Sea

Chevron Corporation (NYSE:CVX) announced that it would award contracts worth about $845 million in developing two large oil and gas fields in the North Sea, Reuters reported Tuesday.

French company Technip SA (EPA:TEC) and Norway’s Aker Solutions ASA (FRA:KY7) won the contracts to develop the planned Rosebank oil field and Alder natural gas field in the central North Sea.

UK Energy Minister Michael Fallon said the announcement was good news for England’s economy.

“The North Sea is seeing a resurgence of investment, and it is great to see companies like Chevron recognizing that ‘made in Britain’ is a hallmark for the highest quality,” Fallon said.

The final investment decisions for Chevron’s Alder oil field and Rosebank gas fields are due to be announced later this year.