Statoil Submits Amended Development Plan for Gullfaks Area
Statoil announced late Tuesday that it and its partners have submitted an amendment to the Plan for Development and Operations (PDO) for Phase One of the Shetland/Lista development in the Gullfaks license area to Norway's Ministry of Petroleum and Energy.
Phase One of the development is expected to add 18 million barrels of oil equivalent, and will help increase the resilience of the area for continued operation of the Gullfaks platforms in the North Sea.
"Targeted efforts are underway to cut costs and increase the profitability of our projects. By utilising the existing infrastructure we manage to recover new resources at a lower cost, thus sustaining profitable production and long-term activities on the Norwegian continental shelf (NCS)," Ivar Aasheim, senior vice president for field development on the NCS, said in a company statement.
The development concept is based on reuse of existing wells (a total of 15) from the Gullfaks platforms, and will not require any new infrastructure. The profitability of the project is expected to be very good, Statoil added.
Shetland/Lista has been producing under a test production licence since 2013. The submitted plan defines the more long-term development of the resources.
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