Offshore staff
STAVANGER, Norway – Equinor and its partners have committed to drill three new development wells on the Fram field in the Norwegian North Sea, with the aim of doubling recovery of remaining reserves.
The wells, estimated to cost NOK1.9 billion ($233 million), should extract a further 70 MMboe of oil and gas, due to the higher gas processing capacity provided by a new NOK1-billion ($123-million) module due to be installed next month on the Troll C platform. This should enter service during the fall of 2019.
Previously, recovery of resources in the Fram area had been limited by the Troll C gas processing capacity.
The Fram West and Fram East accumulations have been developed with four subsea templates, each with four well slots. The three wells to be drilled will re-use three slots in use earlier, thereby avoiding the need for new subsea installations.
Boosting production, the three new wells will represent net earnings that at current prices will create value of a total of NOK18 billion ($2.2 billion).
Fram, discovered in 1990, came onstream in 2003. It was originally due to remain in production until 2023, with the license set to expire in 2024.
However, the new wells should extend the field's life to 2030 or longer, supported by further potential development of the area. Equinor and its partners hope to identify new exploration targets from newly acquired seismic.
New seismic data of the Fram area have been gathered, and Equinor and the partners are currently working on identifying new exploration opportunities and carrying out quality assurance of existing prospects.
They have now applied to Norway’s Ministry of Petroleum and Energy to extend the license period to 2040.
Gunnar Nakken, head of the operations west cluster, said: “By developing the Fram field we will almost double the remaining recoverable reserves and extend the life of the Fram installations. It is a great story that has been realized by a holistic development of resources close to our existing infrastructure, involving both authorities and owners of several licences.”
05/25/2018
