Visund North gets fasttrack development funding

Offshore staff

STAVANGER, Norway – The Visund North fasttrack development project is now funded with NOK 3.1 billion ($226 million) and production start is pegged at 3Q 2013. All of the main contracts have been awarded except the marine installations and platform modifications. These should be awarded by year-end 2011. A standard seabed template with two wells is planned. It will be produced by FMC and will be installed during the summer of 2012. The oil will be transported to Visund A through a new pipeline system, for processing on the platform. Visund is situated in block 34/8 and 34/7 and is operated by Statoil. The field is 22 km (13.5 mi) northeast of Gullfaks in the Tampen area where production began in spring 1999. Visund North is a separate subsea development about 10 km (6.2 mi) from the platform, and forms part of the existing plan for development and operation (PDO) for Visund. Production start-up is set for autumn 2013. Recoverable reserves are estimated at 29 MMboe. License holders PL120 (inside): Statoil (53.2%), Petoro (30.0%), Total (7.7%), and ConocoPhillips (9.1%). License holders PL120 (outside): Statoil (59.06%), Petoro (16.94%), Total (11.0%), and ConocoPhillips (13.0%).