VNG Norge, on behalf of the PL 586 partners, has issued a letter of intent (LOI) to TechnipFMC for the Fenja field development project (formerly known as Pil and Bue).
The LOI covers the EPCI (engineering, procurement, construction and installation) of the SPS (subsea production systems) and SURF (subsea structures, umbilicals, risers and flowlines) for the Fenja project in the Norwegian Sea, VNG Norge said.
The final contract will be signed pending a final investment decision planned for December 2017, and subject to the authorities’ approval of the plan for development and operations.
In June, VNG Norge submitted to Norway’s Ministry of Petroleum and Energy its US$1.3 billion (NOK$11.5 billion) proposed development plan for Fenja, previously known as Pil and Bue discoveries.
VNG Norge is operator of Fenja with 30% interest. Its partners are Point Resources (45%) and Faroe Petroleum Norge (25%).
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