Gulf Oil and Gas accountACCOUNT

Record Fast Track Development

Source: www.gulfoilandgas.com 9/5/2018, Location: Europe

Share |
On 2 September the Visund Nord IOR (improved oil recovery) project came on stream, two months ahead of schedule. The project has further been delivered with no serious HSE incidents and well below budget.

“It took 21 months from the licence partners chose the concept until production started. This is a new fast-track record for Equinor,” says Torger Rod, senior vice president for project development in Equinor.

Visund Nord IOR is a subsea development with two new wells in a new subsea template, which is tied back to an existing template on Visund. The oil is piped via the existing template to the Visund platform.

The project provides 13.3 million new barrels of oil to the Visund field, 6% more than originally estimated. When the investment decision was made the costs were estimated at NOK 1.5 billion. During the execution phase they were reduced to NOK 1.3 billion.

“We are delivering well within the downward adjusted budget. The project has a competitive break-even price and will be profitable even with an oil price well below the current level,” says project director Tone Kristin Borslid.

Visund Nord IOR is a fast-track development focusing on simplification, standardisation and continous improvement throughout the project phase:

“We are utilising the existing infrastructure effectively as we are routing the oil via the Visund C template which is located 70 metres away. The new template is a copy of this template. We have achieved synergies with other projects and we have even had good weather during the installations, ” she says.

She further underlines that they have never compromised on safety, which is confirmed by the HSE statistics. TechnipFMC, who also delivered Visund C, has been responsible for everything on the seabed through the EPCI contract, implying that the company has been in charge of engineering, procurement, construction and installation. The two wells were drilled by Odfjell Drilling’s Deepsea Atlantic drilling rig.

The project has now been handed over to the operations unit, providing 13.3 million new barrels of oil that will be produced via a field that will celebrate its 20th anniversary next year:

“Contributing strongly to the Visund field production, Visund Nord IOR is an example of the type of projects that will be more common on the Norwegian continental shelf in the future: Smaller developments tied back to existing infrastructure. This will allow us to develop new discoveries at a lower cost, ensuring both longer field life and jobs on existing fields,” says Gunnar Nakken, senior vice president for operations west in Equinor.

The Visund licence partners are: Equinor Energy A/S (operator) 53.2%, Petoro A/S 30%, ConocoPhillips Skandinavia AS 9.1% and Repsol Norge A/S 7.7%.

Production News in Norway >>

Angola >>  11/10/2018 - The Angolan State Minister for Economic and Social Development, Manuel Nunes Junior, the Chairman and CEO of Total, Patrick Pouyanné, and the Chairman...
Indonesia >>  11/8/2018 - Bass Oil has announced that it has produced a record monthly oil production of 27,795 barrels of oil JV share, or 15,287 barrels Bass share, from its ...

Norway >>  11/8/2018 - The Sture terminal and the Kollsnes plant resumed operations afternoon after being shut down in connection with the collision between the frigate KNM...
Argentina >>  11/6/2018 - GeoPark Limited (GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator with operations and growth platforms in C...

Libya >>  11/4/2018 - National Oil Corporation (NOC) chairman, Eng. Mustafa Sanalla, met with the CEO of Italian oil major Eni, Claudio Descalzi, at NOC headquarters on Nov...
Iran >>  10/30/2018 - The director of phase13 announced an increase in production coefficient of flexibility due to the connection of sweetening gas output line to the 6th ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

 

Oil & Gas Companies in Norway >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.