The Ministry of Petroleum and Energy has approved Hydro's application for extension and harmonization of licenses in the Oseberg area.
"The extension gives us a more predictable situation, and will be significant for partners' investment in the area in the future. This means that we will be better able to optimize production from the Oseberg fields and the phasing in of additional resources. This is also a step towards a new joint unit for the whole Oseberg area," says Michelsen.
The approval applies to three production licenses 053, 079 and 104, which would have expired in 2017, 2018 and 2025 respectively. The duration of these licenses now coincides with production license 171B, which expires on March 1, 2031.
The production licenses cover the Oseberg Unit, Oseberg Sor and most of the Oseberg Ost field.
The Oseberg partners also received support for their view that establishing a single large unit with coordinated license ownership would be positive for the development of the area.
The approval is subject to the condition that the partners enter into an agreement on coordinated activities in the licenses. It is also assumed that the companies will take active steps to promote solutions that "will optimize the management of resources in the area in the long-term perspective, including further measures to increase production from the Oseberg area".
Michelsen adds that that the companies with ownership interests in the Oseberg area have already started work on a unification agreement for all the production licenses in the area.
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