Oselvar production has started
(Thomson Reuters ONE) -
Stavanger, 16 April 2012: Norwegian Energy Company ASA (Noreco) is pleased to
announce that production has started from the Oselvar field, where Noreco has a
15 percent interest.
"The startup of Oselvar production is an important milestone for Noreco. This is
the first field development for Noreco on the Norwegian Continental Shelf, and
it represents the largest greenfield investment so far in the company's history.
Oselvar will contribute to renew and diversify our portfolio of producing
fields, and will contribute significantly to Noreco's production and cash flow,"
said Einar Gjelsvik, CEO in Noreco.
The Oselvar field has been developed by the operator DONG E&P Norge with a
subsea template which is tied back to the BP operated Ula field, located 23
kilometres away from Oselvar. The start-up is based on production from two
horizontal production wells, while the third is currently being drilled and will
be completed before the summer. The oil from Oselvar is transported via Ekofisk
to Teesside where it is sold, while the gas is re-injected into the Ula
reservoir.
The field is expected to produce for around 20 years. Total estimated reserves
are 53 million barrels oil equivalents (boe), equally split between oil and gas.
At full capacity, Noreco's share of Oselvar production is estimated to 2,500 -
3,000 boe per day.
DONG E&P Norge is the operator of the Oselvar field with 55 percent interest,
while Bayerngas Norge has 30 percent and Noreco has 15 percent interests. The
field is located in the licences PL274 and PL274CS in the southern part of the
Norwegian North Sea.
Contact:
Kjetil Bakken, VP Investor Relations (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: NORECO via Thomson Reuters ONE
[HUG#1602527]
Unternehmensinformation / Kurzprofil:
Datum: 16.04.2012 - 08:01 Uhr
Sprache: Deutsch
News-ID 135030
Anzahl Zeichen: 2526
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Oselvar production has started"
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