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The company and partners have agreed to spend $3.75 billion for the development, which is set to begin production in 2019. Noble's share is $1.5 billion.
The company has initiated cost-saving measures and tackled drilling efficiency among other areas while working toward its goal of developing a remotely operated factory.
The news is encouraging for the FPSO sector, where activity has drastically slowed. Analyst says FPSO orders will increase in 2017.
The first part of the two-piece South Pars Phase 11 project in the Persian Gulf could cost about $2 billion.
Efforts from more than 50 countries pushed global offshore oil production to more than 27 million barrels per day in 2015, according to the EIA.