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  • Start-up of the Snorre Expansion Project
    édité le 16/12/2020 - Plus de news de "Petoro" - Voir la fiche entreprise de "Petoro"

Start-up of the Snorre Expansion Project
Production from the Snorre Expansion Project started on 12 December. This is a major project that will yield nearly 200 million barrels of extra oil while also extending the lifetime of the Snorre field through 2040. The project is extremely important for Norway as a mature oil and gas nation, and illustrates the great remaining opportunities in the further development of the Norwegian Shelf.

“This is the result of long and diligent work from a diverse partnership that will secure long-term value creation. The contributions from the industry’s improvement efforts have given us a robust project here,” says Petoro’s acting CEO, Kjell Morisbak Lund. He highlights the partnership’s selection of a development solution that provides good flexibility and opportunities for expansion.

“Reducing development costs by more than 1 billion kroner and completing the project ahead of schedule is a huge achievement,” he emphasises. The plan called for production to start in the first quarter of 2021.

The Snorre field has been in operation since 1992 and has vast remaining resources. Equinor and the partners submitted an amended plan for development and operation (PDO) of the Snorre field to the authorities in December 2017. Now the recovery rate is being increased from 46 to 51 per cent. That translates into significant values in a field with a total of 2 billion barrels of recoverable oil.

Floating offshore wind

The Hywind Tampen project, with 11 floating wind turbines that will supply the Snorre and Gullfaks fields with power, is scheduled to start up in the third quarter of 2022. Estimates indicate that about 35 per cent of the power needs on the two fields can be met with wind power.

Investments in the Snorre Expansion Project total 19.5 billion 2020-kroner, and the development is profitable even with oil prices far below the current rate. The project has yielded substantial ripple effects for the supplier industry in Norway, particularly in Eastern Norway and in Rogaland County.

24 new wells will be drilled to extract the new volumes. The wells are distributed between six well templates on the seabed. Headers are also installed to link the new wells to the platform, as well as new risers. The project also includes a new module and modifications on Snorre A.

The Snorre field partnership consists of: Equinor Energy AS (operator) 33.27%, Petoro 30%, Vår Energi AS 18.55%, Idemitsu Petroleum Norge AS 9.6% and Wintershall Dea Norge AS 8.57%.

About Petoro

Petoro is a state-owned limited company which manages the SDFI in the Norwegian oil and gas sector. These holdings comprise a third of Norway’s oil and gas reserves and associated facilities.

Origine : Communiqué Petoro

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