Utgard, Byrding Field Development Plans Approved
The plan for development and operation for the Utgard and Byrding fields in the North Sea has been approved by the authorities, Statoil revealed Tuesday.
Utgard is a gas and condensate field on Norwegian and UK continental shelf while Byrding is an oil and gas field north of the Troll field. Recoverable volumes at Utgard and Byrding are estimated at 56 and 11 million barrels of oil equivalents, respectively.
“I’m pleased that the plan for development and operation of Utgard and Byrding now has been approved. These projects will give valuable new volumes to the Sleipner and Troll field,” Torger Rød, senior vice president for project development in Statoil, said.
“Efficient utilization of existing infrastructure contributes to reducing the costs and make these developments profitable,” he added.
Capital expenditures for Utgard are projected at about $415 million (NOK 3.5 billion) while for Byrding the capex is estimated to near $118 million (NOK 1 billion).
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