South Arne Phase 3 development project approved
(Thomson Reuters ONE) -
Stavanger, 26 November 2010: Norwegian Energy Company ASA (Noreco, OSE:NOR) is
pleased to announce that the owners of the South Arne field in Denmark have
approved the Phase 3 development project, which will add approximately three
million barrels oil equivalents of new reserves net to Noreco.
The South Arne Phase 3 project includes drilling, completion and stimulation of
11 new production wells, which will be produced via two new wellhead platforms
to be connected to the existing South Arne production platform. Noreco's share
of capital expenditures is estimated to approximately NOK 450 million spread
over the next six years.
South Arne is located in the Danish sector of the North Sea, and has been
producing since 1999. Current production is approximately 25,000 barrels of oil
equivalents per day. Production from the Phase 3 expansion is expected to
commence towards the end of 2012 and will significantly increase the overall
recovery of reserves from the field.
The necessary approval from the Danish Energy Agency was received in October.
Noreco has a 6.6 % interest in the South Arne field, which is situated in
license 07/89. The field is operated by Hess Corporation (57.5 %). Other
partners are DONG Energy (34.4 %) and Danoil (1.5 %).
For further information, please contact:
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
[HUG#1466036]
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Source: NORECO via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 26.11.2010 - 09:57 Uhr
Sprache: Deutsch
News-ID 49149
Anzahl Zeichen: 2232
contact information:
Town:
Stavanger
Kategorie:
Business News
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"South Arne Phase 3 development project approved"
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