Wintershall Submits $1.2B PDO for North Sea Field

Wintershall Submits $1.2B PDO for North Sea Field
Wintershall Norge AS submits a $1.2 billion plan for development and operation for the North Sea Nova field.

Together with its partners Capricorn Norge AS, Spirit Energy, Edison Norge AS and DEA Norge AS, Wintershall Norge AS has submitted a $1.2 billion (NOK 9.9 billion) plan for development and operation for the North Sea Nova field to the Norwegian Ministry of Petroleum and Energy.

Wintershall says the Nova field will be developed as a subsea tie-back connecting two templates to the nearby Gjøa platform for processing and export. Gjøa will provide lift gas to the field and water injection for pressure support.

Pending final approval by the Norwegian authorities, the license partnership now enters the execution phase of the development, constructing the field ahead of planned start up in 2021.

“This is another proud day for Wintershall Norge. With the Nova investment decision, we demonstrate our commitment to Norway,” Martin Bachmann, Wintershall member of the board of executive directors, said in a company statement.

“Nova is an important landmark showing that we are prepared to take promising Norwegian assets through the whole lifecycle from discovery to development and into production. We believe in Norway and we continue to invest in high quality projects that will return value to us, our partners, our shareholders and the whole of Norwegian society,” he added.

DEA’s Norway asset manager, Eivind Lunde, labelled the Nova development as “economically robust”,

“This is key to DEA with our presence in the Greater Gjøa area. In addition, utilizing existing infrastructure is preferable environmentally. The Nova development project is another example of the industry’s willingness to invest in projects that build their concepts on tie-in solutions to existing infrastructure,” Lunde said in a company statement.

Dag Omre, managing director of Spirit Energy Norway, said Nova “fits well” with its project portfolio, which is “a good mix of operated and partner operated developments”.

Nova was discovered in 2012 and is situated in the northeastern North Sea approximately 12 miles southwest of the Neptune-operated Gjøa platform and about 74 miles northwest of Bergen. Recoverable reserves on the field are estimated to be around 80 million barrels of oil equivalent.

Wintershall owns a 35 percent operated interest in the asset, with Capricorn Norge AS holding 20 percent, Spirit Energy holding 20 percent, Edison Norge AS holding 15 percent and DEA Norge AS holding 10 percent.


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