VNG Norge Submits $1.2B Fenja Development Plan



VNG Norge Submits $1.2B Fenja Development Plan
VNG Norge submits a field development plan for the Fenja asset in the Norwegian Sea to the Ministry of Petroleum and Energy.

On behalf of the licensees in PL586, VNG Norge has submitted a field development plan for the Fenja asset in the Norwegian Sea to the Ministry of Petroleum and Energy.

The license partners are planning to invest $1.2 billion (NOK 10.2 billion) in the development, which is expected to start output in 2021 and keep producing for 16 years. The Fenja field contains recoverable resources of approximately 100 million barrels of oil equivalents, according to VNG.

“The partnership has shown commitment when, just over three years since the discoveries were made, we are able to deliver a development plan for an economic project based on a good area solution and cooperation with the suppliers,” Atle Sonesen, managing director of VNG Norge, said in a company statement.

“Although this is the first development operatorship for VNG Norge, we have built a strong and experienced development team and are well prepared for execution,” he added.

Fenja will be developed with two subsea templates with six wells (three producers, two water injectors and one gas injector) connected to the Njord A platform for processing and storage. The development is subject to approval from Norwegian authorities.

The licensees in PL586 are VNG Norge AS (30 percent), Point Resources AS (45 percent) and Faroe Petroleum Norge AS (25 percent).



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