Norwegian oil company Statoil has completed the acquisition of Wintershall’s 25 percent interest in the Byrding project offshore Norway.
Statoil said on Tuesday that this acquisition increased the company’s interest in Byrding from 45 to 70 percent.
To remind, the two companies agreed to the sale of the stake in late October with the effective date of the transaction being January 1, 2016.
Byrding, located in production license PL090B, is an oil and gas discovery in the Norwegian part of the North Sea and is operated by Statoil.
The discovery is 3.8 kilometers north of Fram, and 27 kilometers southwest of Gjøa, a focal point of Norway’s oil and gas production, in a water depth of 360 meters, and the reservoir is situated about 3,100 meters below the sea surface.
The discovery was made in 2005 with the drilling of well 35/11-13 and was subsequently appraised by well 35/11-14 in 2006.
Statoil and its partners submitted the Plan for Development and Operation for Byrding to government authorities in August.
According to the company, capital expenditures are estimated at NOK 1 billion ($121.8 million), reduced from an initial estimate of NOK 3.5 billion. Recoverable volumes are projected at 11 million barrels of oil equivalent.
The field is scheduled to come on stream in the third quarter of 2017. According to plans, Byrding will remain on stream for 8-10 years.
Offshore Energy Today Staff