Heimdal Operations Extended

Heimdal Operations Extended
The Heimdal partners have decided to extend operations at the asset to 2023.

The Heimdal partners have decided to extend operations at the asset to 2023, Equinor announced Thursday.

The company outlined that up to four new gas wells at Valemon over the course of 2021 and 2022 will extend profitable operations at Heimdal, which processes gas from Valemon. Heimdal was previously expected to maintain profitable operations until 2021/2022.

Heimdal, which is located west of Sveio in Hordaland county in the northern North Sea near the border to the UK sector, was discovered in 1972 and production started in 1985. Since coming online, the asset has produced 46 billion standard cubic meters of gas and seven million cubic meters of liquid (oil/condensate), corresponding to 332 million barrels of oil equivalent, Equinor highlighted.

“Heimdal is an important field that has repeatedly led the way for the Norwegian petroleum industry,”  Geir Sørtveit, Equinor’s senior vice president of exploration and production West, said in a company statement.

“First by contributing to the construction of Statpipe, which is a cornerstone for Norwegian gas export to Europe. Then by capturing value also after its own resources were produced. Heimdal illustrates how investments in infrastructure offshore drive future value creation opportunities,” the Equinor representative added in the statement.

“Heimdal has delivered large gas volumes to our customers in Europe and has generated jobs and built important capabilities in the Norwegian petroleum cluster, from development to operations, and later as a processing hub for gas,” the senior vice president went on to say.

The Heimdal partners are currently Equinor, with a 29.4 percent operated interest, Petoro, with a 20 percent stake, TotalEnergies, with a 16.7 percent interest, Spirit Energy, with a 28.8 percent interest, and LOTOS Exploration and Production, which holds the remaining five percent stake. TotalEnergies (then Elf) was the original operator during the field’s start-up in 1985.

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