StatoilHydro PDO of NOK9.9 Billion Approved for Morvin Field
|Friday, April 25, 2008
StatoilHydro's Plan for Development and Operation (PDO) of the Morvin field was approved Friday 25 April. This is the first PDO approved in the merged StatoilHydro.
Morvin was discovered in 2001, and the Plan for Development and Operation (PDO) was submitted in February 2008. The plan was quickly processed, and was approved in the Council of State after about two months.
The oil and gas field Morvin is a typical example of a middle-size project in the vicinity of existing infrastructure. The field is located in the Norwegian Sea, 15 kilometers north-west of Asgard.
Subsea templates and tubings are planned to be installed this very summer, whereas first oil is scheduled for the late summer of 2010.
"Morvin is dependent on the existing infrastructure. Without this alternative, we would not have been able to develop the field," says Knut Gjertsen, project manager for Morvin.
The Morvin development concept will include two subsea templates tied in to Asgard B for processing through a 20-kilometer pipeline.
The Plan for Development and Operation includes investments of NOK 8.7 billion (2007 value). In addition StatoilHydro is exploring the possibilities of a fourth production well at about NOK 1.2 billion (2007 value).
A production rate of about 27,000 barrels of oil equivalent per day is expected in the peak period, StatoilHydro's share being 18,000 barrels.
Licensees: StatoilHydro (operator) (64 percent), Eni (30) and Total (6).
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