Statoil has received approval for North Sea oil and gas fields

19/01/2017 11:02 Energy Market

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Norwegian energy company Statoil has won approval by the authorities for its planned development and operation for the Utgard and Byrding oil and gas fields.

Utgard is a gas and condensate field on Norwegian and UK continental shelf, located 21 km from Sleipner field, although the Byrding development includes a duo-lateral well drilled from the existing Fram H-Nord subsea template, through which oil and gas from Byrding will flow to Troll C. It is estimated that Utgard has recoverable volumes of 56 million barrels of oil equivalents. As regards Byrding, Statoil estimates that about 11 million barrels of oil equivalent can be recuperated from there. Capital expenditures for Utgard are projected at about NOK 3.5 billion, while Byrding’s requires an investment of about NOK 1 billion. Statoil is the operator of both the fields, owning a 38.44% interest in Utgard and 70% in Byrding.

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