For the first time, Statoil has submitted a simplified PDO. This is cost-saving and more effective for both the operator and the government.
"We appreciate the government's swift action," says Oyvind Bratsberg, senior vice president for the Halten/Nordland area. "It's been only two months since we submitted the PDO."
Plans call for drilling at Alve to start in August 2007 and for output to commence in December 2008. Total investments are estimated at NOK 2.4 billion.
Alve will be phased in via tie-back to the Statoil-operated Norne field. The license wants to develop the field with one subsea template with four drilling slots.
"The development will secure effective, continuous exploitation of available capacity on the Norne drilling vessel and in the Asgard transport pipeline," says Mr. Bratsberg.
"It is gratifying that we can now start on yet another satellite development project tied back to Norne."
Proven in 1990, the Alve field lies in production license 159B, which is sixteen kilometers south-west of the Norne field. Water depth in the area is 390 meters. It comprises the Garn, Not, Ile and Tilje formations with proven reserves lying in Garn and Not.
Recoverable reserves are estimated to be 6.78 billion cubic meters of gas and 8.3 million barrels of condensate.
Statoil has a 75% share in Alve. The other licensees are Danish Oil and Natural Gas (Dong) with 15% and Hydro with 10%.
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