Statoil Considers $6B Plan for Luva Development

Statoil is considering investing close to $6 billion on the development of its' Luva field in the Norwegian Sea using a floating production unit, the company said in a news release earlier this month.

The field will be developed with a floating production unit with condensate storage and unloading capacities. The unit also will include living quarters, hull, process area, usage and risers.

Preliminary drilling concept involves drilling seven subsea production wells. The development of the Luva field also includes subsea equipment and and pipelines.

Luva, located in Production License 218, is a gas field in the southeastern Norwegian Sea about 140 km north of Norne and approximately 300 km west of Bodø. The field includes blocks 6706/12 and 6707/12, and will likely be developed alongside the Snefrid South and Haklang discoveries.

Luva's total recoverable reserves is estimated at about 47 GSm3 gas and 0.8 GSm3 condensate.

Production start is schedule for 2016 with an estimated production period of eight years.


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