APPROVAL FOR STATOIL
Norway’s authorities have given the green light for Statoil and partners to develop the Njord and Bauge oil and gas fields located in the Norwegian Sea.
Earlier this year, Statoil announced plans to spend $2.3 billion (NOK 20 billion) on the projects. These plans were submitted to the Norwegian minister of petroleum and energy, Terje Søviknes, and the Norwegian Petroleum Directorate.
“We are pleased that the authorities have now approved the plans for Njord and Bauge. These are two important fields on the Norwegian continental shelf,” said Torger Rød, Statoil’s head of project development. “The investments will trigger high activities and spin-offs for the Norwegian society and Norwegian supply industry.”
Statoil said that the Njord A platform and the Njord Bravo floating storage and offloading (FSO) vessel will be upgraded to recover the remaining resources in the Njord and Hyme fields, whereas Bauge is a new field development that will be tied into the Njord A platform. The remaining resources at the Njord and Hyme field are estimated at 175 million barrels of oil equivalent (boe). That equals the reserves already produced from the Njord field since it started production in 1997. In addition, 73 million barrels of oil equivalent will be produced from Bauge.
OIL PRODUCTION CONTINUES
The Njord field will now continue production another 20 years. Statoil and its Njord partners said they will award the contract for upgrading the Njord Bravo FSO next year. First oil is scheduled for the end of 2020.
In March, Statoil awarded an engineering, procurement and construction (EPC) contract worth in excess of 5 billion kroner ($590 million) to Kvaerner ASA for the upgrade of the Njord A platform. The floating steel platform, with an integrated deck equipped with drilling and processing facilities, as well as living quarters, is now in dry dock.
Source: Industrial Info Resources – 27 June 2017