North Sea Snorre concept decision put back to late 2015
Dec. 2, 2014
Statoil and its partners in the Snorre oil field in the Norwegian North Sea have postponed a second-stage decision on the Snorre 2040 project from March to October 2015.
Snorre B platform in the North Sea
Offshore staff
STAVANGER, Norway – Statoil and its partners in the Snorre oil field in the Norwegian North Sea have postponed a second-stage decision on the Snorre 2040 project from March to October 2015.
They still plan to take a final investment decision in 4Q 2016, leading to start-up in 4Q 2021.
The early phase of the project, which calls for anadditional platform (Snorre C), has been extended to capitalize on the improvement potential initiated by Statoil’s technical efficiency program, and the industry’s general focus on cost efficiency.
Snorre has been in production since 1992. According to Statoil, the field has a complex reservoir but offers potential for one of the largest increases in oil recovery of any project offshore Norway.
When the original plan for development and operation was submitted, the estimated recovery rate was 25%. Currently 35% of the oil is being produced and the recovery rate from existing infrastructure is expected to reach 47% by 2040. The partners aim to increase the rate to 54% by adding the third platform and importing gas to the field.
