StatoilHydro extending Statfjord’s life
StatoilHydro said April 7 it is extending the life of the Statfjord field in the North Sea by another two years, taking gas production beyond 2020 and creating $9.10 billion in additional value.
”We are highly satisfied with every single year we can add to the Statfjord field’s productive life,” says Ståle Tungesvik, senior vice president for the operations west cluster in the Exploration & Production Norway business area. “During the late life project we have extended the production period at the Statfjord field beyond 2020. The planned field production period has been prolonged by 12 years, which is two years more than we expected when we submitted the plans for the Statfjord late life project.”
The work on extending the field’s productive life is carried out while the platforms are in operation.
StatoilHydro and the partners have now decided to invest in eight new electrical submersible pumps on the Statfjord C platform. StatoilHydro and the partners are also evaluating to invest in additional four pumps for the Statfjord B platform. The total investment for the submersible pumps on Statfjord B and C is in the range of NOK 3.5 billion, and is subject to approval by the partners.
The total investment in the Statfjord late life project is estimated at around NOK 23 billion, including the Tampen Link pipeline and the submersible pumps for Statfjord B and C. The investment estimate of the original development plan was NOK 15 billion.
“So far, the Statfjord field has generated a gross income of as much as NOK 1,200 billion,” says Mr Tungesvik. “The Statfjord late life project is forming the basis for the Statfjord field to generate great value for StatoilHydro, the partners and society for many years to come.”