Norway approves Statfjord gas project

Apr 22, 2005 02:00 AM

The Norwegian Oil and Energy Ministry said it had approved Statoil's Statfjord late life natural gas project in the North Sea.
The 14.5 bn-Norwegian kroner project ($ 1 = NOK 6.24910) -- which is meant to convert a massive oil producer into a large gas producing field as its liquid reserves mature -- still awaits parliamentary approval. Industry experts said they expect the go-ahead will be given.

The company has said the project would deliver an extra 32 bn cm of natural gas, 25 mm barrels of extra oil and 60 mm barrels of condensate.
The field has been producing since 1979 and is one of the largest and oldest producers in the North Sea, at one point producing over 850,000 bpd. Last year the field produced around 113,000 bpd, according to government figures.

The company said the project would extend the life of the field from 2009 to 2020, and increase oil recovery to 70 % and gas recovery to 75 %. Gas production will peak early in the project at 14 mm cmpd and then fall to 3 mm cmpdto 4 mm cmpd in its twilight years.
Most of the gas will be exported to the UK, which is fast becoming a net importer of gas. Statoil said it plans to build a new NOK 1.5 bn export pipeline to connect the Statfjord field to the Flags system on the UK continental shelf. But since it will still have pipelines to its Kaarstoe gas processing facility in Norway, it gives the project flexibility to also ship into Europe, an official with Statoil said.

As operator, Statoil owns 44.33 %.
ExxonMobil owns 21.36 % and other partners include ConocoPhillips, Shell, Centrica Resources and BP.

Source: Dow Jones
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