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Norwegian discovery more than doubles remaining Norne oil reserves

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Equinor has, together with partners Eni and Petoro, completed the appraisal well on the Cape Vulture discovery made in 2017, which lies 7 km north-west of the Norne field’s production vessel. The well confirms a volume potential of 50–70mn recoverable boe, more than doubling the remaining oil reserves to be produced through the Norne field.

Originally planned to be shut down in 2014, the productive life of Norne has already been extended to 2036, which will generate substantial spin-offs. This discovery will boost production in the years to come. The further maturing of the field development has an upside potential for additional recoverable reserves from Cape Vulture.

Norne was the first field development off Nordland, coming onstream in 1997. The remaining recoverable oil reserves in the fields producing through the Norne FPSO (in addition to the Norne field, this is Alve, Urd, Skuld and Marulk) are currently estimated at approximately 40mn barrels. There are also recoverable gas reserves corresponding to about 80mn boe still in place in these five fields, according to Equinor.

In other news. Equinor is to acquire Chevron’s 40% operated interest in the Rosebank project, one of the largest undeveloped fields on the UK Continental Shelf (UKCS). The other partners in the field are Suncor Energy (40%) and Siccar Point Energy (20%). Once concluded, the transaction will strengthen Equinor’s UK portfolio, which includes the Mariner development, attractive exploration opportunities and three producing offshore wind farms. Market analysts note that high development costs have blighted Rosebank over the years. The field lies in more than 1,000 metres of water, so it will be expensive to develop. However, it is believed that Equinor sees an opportunity to re-scope the project and reduce costs; it has done similar work on Norway’s Johan Castberg development.

Looking further afield, Equinor recently acquired a 25% stake in the Roncador field, the third largest producing field in Brazil. The move increases production from Equinor’s Brazilian portfolio by 60,000 boe/d to 100,000 boe/d. The Norwegian company has entered into time charter contracts with shipowner Knutsen for two newbuild shuttle tankers to lift and transport Roncador production. The tankers will be built at Hyundai Heavy Industries in South Korea, and are due to enter service in 2020.

In addition to the new shipping capacity for the Roncador production, Equinor has seven conventional tankers on long-term contracts in operation for the Peregrino field.

Norne FPSO
Photo: Equinor/Anne-Mette Fjærl

News Item details


Journal title: Petroleum Review

Keywords: Energy

Countries: Norway - Brazil - UK -

Subjects: Oil and gas, Exploration and production, Shipping

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