End of the line for Glitne in North Sea

Offshore staff

STAVANGER, Norway – Statoil (OSE:STL) and its partners have decided to shut in and decommission the Glitne field in the Norwegian North Sea.

Glitne came onstream in August 2001 in the Sleipner area via the Teekay-owned production and storage vessel Petrojarl 1. The anticipated lifetime in the original plan for development and operation was up to three years.

Statoil has kept production going and improved recovery through process and well measures and drilling of new wells between 2004 and 2012. Total production to date is 55 MMbbl, more than double the original estimate.

However, the final well drilled this year showed that the field was no longer economically viable.

Teekay has received notice of termination of the Petrojarl1 contract. The notice period is six months, and there will be full activity during this period. Seven wells will have to be shut in.

Glitne is in blocks 15/5 and 15/6, 40 km (24.8 mi) northwest of Sleipner East, in a water depth of 110 m (361 ft). The field was discovered in 1995 and appraised in 1997.

Other partners are Faroe Petroleum Norge, Det norske oljeselskap, and Total E&P Norge.

11/01/2012

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