Norway's Valemon field has been officially opened, the Norwegian Petroleum Directorate reported Friday.
The field, discovered 30 years ago and which actually began production in January this year, was officially opened Thursday by Norway's Minister of Petroleum and Energy Tord Lien. Located just west of the Kvitebjørn field in the North Sea, Valemon currently has three producing wells but it will eventually have 10 production wells. Its reserves are estimated at about 192 million barrels of oil equivalent.
Condensate from Valemon is transported by pipeline via Kvitebjørn to Mongstad in Hordaland County. The rich gas is transported to Heimdal and then on by pipeline to the UK and the Continent.
According to operator Statoil, investments in Valemon will total about NOK 22.6 billion ($2.9 billion) when all wells are fully drilled.
Ingrid Sølvberg, the NPD's director of development and operations, commented in a company statement:
"The Norwegian Petroleum Directorate wants the resources on the shelf to be realised. Valemon contributes to value creation and activity."
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