Statoil says that Norway’s petroleum and energy minister, Tord Lien, has opened the Valemon gas and condensate field in the North Sea. Expected recoverable reserves from the field are 192 million barrels of oil equivalent.
The Valemon field, which has a high-pressure/high-temperature reservoir, is one of several new projects on the Norwegian continental shelf, extending the life of surrounding installations. The field will have the first new Bergen-operated platform since Kvitebjørn was put on stream 10 years ago. Condensate from Valemon will be piped to Kvitebjørn for processing and then forwarded to Mongstad, while the gas will be transported to Heimdal for processing and then sent to the market.
“Valemon is thereby extending the life of Heimdal, which was scheduled to be shut down in 2014, as a gas hub in this part of the North Sea,” said Arne Sigve Nylund, Statoil executive vice president for Development & Production Norway.
By using existing facilities on Kvitebjørn and Heimdal, as well as existing pipelines, the Valemon field development costs will be further reduced. Investments in the Valemon field development will total around NOK 22.6 billion when all wells have been drilled. The platform will then have 10 production wells.
License owners include Statoil Petroleum A/S (operator) (53.77%), Petoro AS (30%), Centrica Resources (13%), and A/S Norske Shell (3.23%).