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Equinor submits development plan for Verdande field in Norwegian Sea

Equinor submits development plan for Verdande field in Norwegian Sea

 

Equinor has submitted a plan for development and operation (PDO) for the Verdande development, offshore Norway, to the country’s Ministry of Petroleum and Energy.

Planned to be commissioned in the fourth quarter (Q4) of 2025, the subsea development will involve a total investment of Nkr4.7bn ($478.4m) and is expected to ensure increased oil production at the Norne production vessel.

Equinor projects, drilling and procurement executive vice-president Geir Tungesvik said: “Verdande will provide important local and regional ripple effects. It will also help meet the energy demanded by European customers.”

Located at water depths of 350m to 380m, approximately 300km south-west of the city of Bodø in North Norway, the Verdande development comprises the Cape Vulture and Alve North-East discoveries.

The discoveries are estimated to hold a total of 36.3 million barrels of recoverable oil equivalent.

Equinor north exploration and production senior vice-president Grete Birgitte Haaland said: “Verdande will provide good utilisation of excess capacity on the Norne vessel, and its resources contributes to an economic extended lifespan beyond 2026.”

The Verdande development involves a subsea template tied back via new tubing to the Norne floating production storage and offloading (FPSO) vessel. The produced oil will be lifted by a tanker while the gas will be shipped to Kårstø via the Åsgard Transport pipeline.

Tungesvik added: “Based on the ripple effect study and our own calculations, Verdande will be a socio-economically profitable and economically viable project. Not least, it will contribute to increased energy efficiency for Norne.”

Equinor holds a 59.3% operatorship stake in the Verdande development. Other partners include Petoro (22.4%), Vår Energi (10.5%), Aker BP (7%), and PGNIG Upstream Norway (0.8%).

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Published: 07-12-2022

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