Chevron Corporation announced that its U.K. subsidiary, Chevron North Sea Limited, has reached a final investment decision and received approval from the U.K. government to proceed with the development of the Alder Field in the Central North Sea. The project has a planned design capacity of 110 million cubic feet of natural gas and 14,000 barrels of condensate per day. First production is expected in 2016.

'The Alder Field development is an important milestone in support of our strategic plan to profitably grow production and is among our solid queue of major capital projects that will deliver value to shareholders,' said Chevron vice chairman George Kirkland.

Tags: Chevron Corporation