Oil & Gas News: PDO for Oseberg Vestflanken 2 sanctioned

Source: Statoil

The Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation of Oseberg Vestflanken 2. Reserves projected at 110 million barrels of oil equivalent the investments are estimated at NOK 8.2 billion (2015).

The Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2. Reserves projected at 110 million barrels of oil equivalent the investments are estimated at NOK 8.2 billion (2015).

The Oseberg Vestflanken 2 development consists of an unmanned wellhead platform with ten well slots. In addition two existing subsea wells will be reused. All wells will be remote-controlled from Oseberg field centre.

Fast Facts

* Partners in the Oseberg Vestflanken 2 production licence: Statoil Petroleum AS (49.3%), Petoro AS (33.6%), Total E&P Norge AS (14.7%) and ConocoPhillips Skandinavia AS (2.4%).

* First oil is scheduled for the second quarter of 2018.

* Location: In the North Sea some 8 kilometres north-west of Oseberg field centre

* Volumes: 110 million barrels of oil equivalent

* Depth: some 110-metre water depth

* Estimated productive life: until 2040  

The project is a pilot that other operators, public authorities and the rest of Statoil’s project portfolio are already learning from.  The concept is new in Norway, but has been thoroughly tested on the Danish and Dutch continental shelves.

Aiming to cut investment costs throughout the engineering phase Statoil has reduced the break-even price of the project by about 30 percent thanks to reduced CAPEX and successful maturing of the resource base, thus increasing volumes. This makes the project resilient, even in a low oil price environment.

The wells at Oseberg Vestflanken 2 will be drilled by the new category J rig Askepott, which is currently under construction. It is owned by the Oseberg licence.

Helping extend the life of the Oseberg field the project is an important contribution to Statoil’s ambition of sustaining production on the NCS at the current level to 2030, and beyond. Oseberg Vestflanken 2 is the first of three planned phases for developing the remaining reserves in the Oseberg area.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Latest Energy Jobs

View more Job Listings >>

Archived Articles

PennEnergy Articles
2008 | 2009 | 2010 | 2011 | 2012 | 2013

OGJ Articles
2011 | 2012 | 2013

OGFJ Articles
2011 | 2012 | 2013

Power Engineering Articles
2011 | 2012 | 2013

Power Engineering Intl Articles
2011 | 2012 | 2013

Utility Products Articles
2011 | 2012 | 2013

HydroWorld Articles
2011 | 2012 | 2013

COSPP Articles
2011 | 2012 | 2013

ELP Articles
2011 | 2012 | 2013