The Ministry of Petroleum and Energy has approved the plan for development and operation (PDO) for the Snorre Expansion Project. The project will extend the field life beyond 2040 and increase production by almost 200 million barrels.

“This is a major project for increased oil recovery on the Norwegian continental shelf. The approval is a significant milestone and a leap forward in realising new resources for the Snorre licensees,” says Ingar Haugetraa, vice president for partner operated assets in Point Resources AS.

Total investments of about 19 billion will include the drilling of 24 new wells, six new subsea templates, pipelines and umbilicals, and an upgrade of the Snorre A installation in order to receive new volumes from the subsea templates. The Snorre Expansion Project will extend the lifetime and increase the recovery rate from 46 to 51 per cent.

Equinor is the operator of the field, and license partners are Point Resources AS (1,1%), DEA Norge AS (8,57%), Idemitsu Petroleum Norge AS (9,6%), ExxonMobil Exploration and Production Norway AS (17,44%) and Petoro AS (30%).

The Snorre field is located in the Tampen area in the northern part of the North Sea. It was discovered in 1979, with production start-up in 1992. When the original PDO was submitted to the authorities, estimated production was 750 million barrels of oil, but the field has so far produced about 1.4 billion barrels of oil.

About Point Resources

Point Resources is a mid-sized, independent exploration and production (E&P) company with a diverse portfolio of production, development and exploration assets on the Norwegian Continental Shelf (NCS).
Point Resources' main objective is to become a leading, independent exploration and production (E&P) company on the Norwegian Continental Shelf (NCS).