Agbami Development Approved
Statoil
The Statoil board has approved plans for the group's participation with an 18.85 per cent interest in a unitized development of the Agbami oil field off Nigeria.
This country is defined as a possible core asset for Statoil, and Agbami will play an important role in the growth of group production in the short term.
The project will provide some 40,000 daily barrels of equity crude at plateau, says Roald Riise, senior vice president for development and production in International Exploration & Production (INT).
Located 110 kilometers off Nigeria in 1,500 meters of water, the field is set to produce 250,000 barrels per day when it comes on stream in the first quarter of 2008.
Agbami was proven in block 216 by Texaco during 1998. Two years later, Statoil's Ekoli-1 well confirmed that the discovery extends into block 217.
Development of the field has been unitized between these two blocks. ChevronTexaco is operator with a 68.15 per cent interest, while Petrobras holds the remaining 13 per cent.
With reserves put at 770 million barrels, Agbami is to be developed with a subsea production system tied back to a production and storage ship.
The latter will be almost identical with the vessel producing the Girassol development off Angola, in which Statoil has an interest of 13.33 per cent.
Plans call for plateau output to be reached within six months of the start to production.
Associated gas will be separated from the wellstream and returned to the reservoir.
"We want to contribute our experience from fields with similar subsea installations and ships for production and storage," says Mr. Riise.
Statoil will play an active role in the development, with dedicated personnel seconded to the project team. Mr Riise reports that five key staff are already in place.
This country is defined as a possible core asset for Statoil, and Agbami will play an important role in the growth of group production in the short term.
The project will provide some 40,000 daily barrels of equity crude at plateau, says Roald Riise, senior vice president for development and production in International Exploration & Production (INT).
Located 110 kilometers off Nigeria in 1,500 meters of water, the field is set to produce 250,000 barrels per day when it comes on stream in the first quarter of 2008.
Agbami was proven in block 216 by Texaco during 1998. Two years later, Statoil's Ekoli-1 well confirmed that the discovery extends into block 217.
Development of the field has been unitized between these two blocks. ChevronTexaco is operator with a 68.15 per cent interest, while Petrobras holds the remaining 13 per cent.
With reserves put at 770 million barrels, Agbami is to be developed with a subsea production system tied back to a production and storage ship.
The latter will be almost identical with the vessel producing the Girassol development off Angola, in which Statoil has an interest of 13.33 per cent.
Plans call for plateau output to be reached within six months of the start to production.
Associated gas will be separated from the wellstream and returned to the reservoir.
"We want to contribute our experience from fields with similar subsea installations and ships for production and storage," says Mr. Riise.
Statoil will play an active role in the development, with dedicated personnel seconded to the project team. Mr Riise reports that five key staff are already in place.
Most Popular Articles
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Analyst Says USA Influence on Middle East Seems to be Fading
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally