Wintershall Dea Norge AS (50%), Equinor Energy AS (27.5%) and Neptune Energy Norge AS (22.5%) The Brasse discovery was made in 2016 and four appraisal wells were drilled in the period of 2017 to 2019, the release said. We believe that this will result in a better and less costly project”. “We have now decided to continue to mature a development solution with less extensive topside modifications and a simplification of the design of the production wells compared to previous project assessments. "Together with DNO ASA, we have in a short time worked out a project alternative for Brasse with a simplified tieback to Brage”, Okea SVP for Projects and Technology Knut Gjertsen said. Okea is the operator of the Brasse license, with a 45.56 percent working interest. A final investment decision is expected in early 2024, Okea said in an earlier news release. In August, the partners in the Brasse license agreed on a fast-track development concept for the oil and gas discovery, paving the way for detailed design studies to link up with the Brage field, located 8 miles (13 kilometers) north of the Brasse field. Okea acquired an ownership interest in Yme in 2016 and currently has a 15 percent ownership interest, with Repsol Norge AS as the current operator, holding a 55 percent ownership interest. The Yme oil field was discovered by Equinor in 1987 and started producing in 1996, and low oil prices led to the abandonment of the field in 2001. As the Yme asset is held at fair value in the company’s financial statements, Okea expects an impairment in the third quarter, adding that further information will be given in its trading update on October 19.Īccording to the company website, Yme is a field in the southeastern part of the Norwegian sector of the North Sea, 80.8 miles (130 kilometers) northeast of the Ula field. Okea said it plans to engage with the license partners to further explore the results of the analysis and undertake a revised lifetime assessment of the Yme field. The preliminary results indicate a reduction in reserves net to Okea from 7.6 million barrels of oil equivalent (MMboe) to an expected range of 5.5 to 6.5 MMboe, the company said in a news release Wednesday. Meanwhile, Okea downgraded the reserves estimate at the Yme field, following the observation of the production performance of the drilled wells. Its partners are Petoro AS and M Vest Energy AS with a 47.88 percent working interest and a 7.56 percent working interest, respectively. Okea, with a 44.56 percent working interest, is the operator of the Draugen license and the Hasselmus project. We appreciate the good collaboration with our partners, suppliers, and a dedicated organization which has enabled the delivery of the project ahead of schedule and below budget”.Ī single well (6407/9-9 T2) was drilled on the Hasselmus structure by A/S Norske Shell in 1999 which encountered a 52.5-foot (16-meter) gas column and a 22.3-foot (6.8-meter) oil column in high-quality sands at a depth of 5577.4 feet (1,700 meters), according to the release. “The project is important for the long-term development of Draugen and demonstrates our ability to extend the life of mature fields to maximize value creation on the NCS. “The Hasselmus project is the first development project for OKEA as operator”, OKEA CEO Svein Liknes said. The Hasselmus project is expected to recover approximately 58.27 billion cubic feet (1.65 billion cubic meters) of natural gas and will restart the export of associated gas and natural gas liquids (NGLs) from Draugen. Trondheim-based Okea ASA has started production from the Hasselmus gas discovery, located on the western edge of the Trondelag platform in the Norwegian Sea, 4.35 miles (7 kilometers) northwest of the Draugen platform.Īs a subsea tie-back to the Draugen platform, Hasselmus is expected to add 4,400 barrels of oil equivalent per day in production at its peak, Okea said in a news release Tuesday.
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