Swedish oil and gas firm Lundin Petroleum announced Friday that it has received approval from Norway's Ministry of Petroleum and Energy for its plans to develop the Bøyla field in the Norwegian North Sea on production license 340. First production from Bøyla is expected in the fourth quarter 2014.
Located some 17 miles south of Marathon Oil's Alvheim field, the Bøyla field will employ a development solution that involves a subsea tie-back to the Alvheim floating production, storage and offloading (FPSO) vessel.
Bøyla's gross reserves are approximately 21 million barrels of oil equivalent with gross peak production of 19,000 barrels per day.
Lundin Petroleum has a 15-percent working interest in Bøyla. Its partners in the field include Marathon (operator), which has a 65-percent interest, and Conoco Philips Skandinavia (20 percent).
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