VNG Norge and its partners in PL586 will develop the Pil & Bue discoveries using a subsea installation tied back to the Njord A platform in the Norwegian Sea.
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Map of Pil & Bue, from VNG Norge. |
In the process leading to the final selection, the license partners considered three equally competing concepts, however, the subsea installation tied back to the Njord platform emerged as the best option, VNG said.
According to partner Faroe Petroleum, going forward, the development solution will be matured through the front-end engineering design (FEED) stage towards a formal field development plan.
The Pil discovery consists of a 226m hydrocarbon column in the Jura reservoir rock, containing 92m of gas, and 134m of oil. The Pil 2 appraisal well consists of an 82m oil column in the Upper Jurassic reservoir rocks of good quality. Pil is estimated to hold 7.5-14.9 MMcum of recoverable oil and condensate, and 3.7-5.9 Bcm of recoverable gas.
The Bue exploration well consists of an 18m hydrocarbon column in reservoir rocks of good to very good quality. Its estimated resources are 1.5-2.6 MMcum of recoverable oil equivalent.
The Njord production facility is currently in Kvaerner’s Stord facility in Norway, undergoing extensive modifications in order to increase materially its operating life and accommodate a number of new satellite field tie-back developments, including Pil & Bue, Faroe said.
A plan for development and operation is expected to be delivered to authorities in spring 2017.
“This is a significant step in the maturation of these high quality discoveries and the fact that they will be tied back to infrastructure we know well, and are joint venture partners in, further consolidates one of our core areas in Norway,” Graham Stewart, Faroe CEO said.
VNG Norge is the operator of PL586 with 30% stake. Partners include Faroe (25%) and Point Resources (45%).
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