Norwegian independent Det norske oljeselskap announced Friday that it will develop the Viper-Kobra project in the Alvheim area of the North Sea.
Viper-Kobra consists of two separate discoveries with a potentially-connected reservoir. Kobra and Viper were discovered in 1997 and 2009 respectively and both discoveries lie on production license 203. The discoveries constitute part of the Alvheim field.
On completion in December 2016, the project will see approximately 7,500 additional barrels of oil per day flowing into the Alvheim FPSO (floating production, storage and offloading) vessel. The two reservoirs contain approximately four million barrels of recoverable oil each. Including gas, total recoverable reserves are estimated to amount to nine million barrels of oil equivalent.
"The existing infrastructure in the area renders this project profitable. The key is to develop both discoveries with the same infrastructure, thus ensuring maximum utilization of the resources," Øyvind Bratsberg, senior vice president for Technology and Field Development at Det norske, said in a company statement.
Det norske estimates the development cost for Viper-Kobra will be NOK 1.8 billion ($234 million).
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