Norwegian Govt Gives Go-Ahead to Statoil's $3.7B Valemon Plan

The Norwegian parliament has approved Statoil’s plan for development and operation of the Valemon gas and condensate field in the North Sea. Production should begin in 2014.

Valemon holds roughly 206 million barrels of oil equivalents – including 26 Bcm of gas, 5 MMcm of condensate and 1 MMcm of natural gas liquids. The partners will spend nearly US $3.6 billion (NOK 20 billion) to develop the project, which includes a fixed platform with a steel jacket for the separation of gas, condensate and water. The unmanned platform will receive control from the Kvitebjorn platform when drilling operations end in 2016/2017. Produced gas will go through an existing pipeline from Huldra to Heimdal, a hub which sends produced gas to European markets. The condensate will go to Kvitebjørn for stabilization and further transport to the Mongstad refinery in Hordaland.

Statoil estimates that, at peak, Valemon will produce roughly 3 Bcm of gas annually. Valemon resides in the Norwegian sector of the North Sea between Kvitebjorn and Gullfaks South, roughly 99 miles (160 kilometers) west of Bergen. Statoil operates the field holding a 64.275%; Total holds 2.5%; Enterprise Oil Norge holds 3.225%; and Petoro holds 30%. 

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