Skuld Gets Go-ahead
The Ministry of Petroleum and Energy has given the green light to the plan for development and operation (PDO) of Skuld, a fast-track development tied in to the Norne field in the Norwegian Sea.
Skuld is Statoil's fifth approved fast-track PDO, and the largest fast-track development so far. All of these fields are scheduled to come on stream by year-end 2012/early 2013.
In combination, the approved fast-tracks are expected to produce almost 90.000 barrels of oil equivalent per day in 2014, Skuld accounting for more than half of this.
First oil from the field is scheduled for December 2012, well over one year after PDO submission.
Skuld is the future
Skuld will be important to the future of the Norne field. Field life has already been extended from 2016 to 2021. Skuld phase-in will be essential to utilising idle capacity on the Norne production and storage vessel (PSV), and maintaining a high production.
The phase-in of new fields will help utilise idle capacity on the PSV. This will further extend field life, boosting new exploration activities and further development in the Norne area. Plans for further life extension until 2030 are in the pipeline for the Norne field.
Recoverable reserves in Skuld are estimated at 90 million barrels of oil equivalent, primarily oil. Total investments are estimated at NOK 9.8 billion. The project organisation is located mainly in Harstad and Oslo.
Licensees in production license 128
: Statoil (operator) (64 percent), Petoro (24.5 percent) and Eni (11.5 percent).
: Three standard subsea templates with six production wells and three water injectors. Tied in to the Norne PSV through a 14-inch production flow line and an umbilical.
(OSE: STL, NYSE: STO) is an international energy company headquartered in Norway. It has more than 35 years of experience from oil and gas production on the Norwegian continental shelf and has currently operations in 40 countries. Statoil is among the world's largest offshore oil and gas operators and is seen as a leader in technology and resource management. Statoil has 29,000 employees worldwide, and is listed on the New York and Oslo stock exchanges with a market capitalisation of approximately USD 70 billion. Equity production in 2009 was 1,962 000 boepd and booked reserves of oil and gas is reported at 5.4 billion barrels.
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