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Norway’s Statoil submits Valemon plans

October 2, 2010 by  
Filed under Oil News

Norway’s Statoil said it has submitted a development and operation plan to Norwegian authorities for its Valemon gas and condensate field in the North Sea.

News wires 22 October 2010 03:10 GMT

The plan to exploit the Valemon field’s estimated 206 million barrels of oil equivalent calls for investment of some $3.4 billion by Statoil and its partners Petoro, Enterprise Oil and Total.

Statoil, the operator, said it plans to produce some 3 billion cubic metres of gas yearly from a new fixed steel platform that will send gas to the Heimdal hub platform for onward transport to markets in the UK and continental Europe.

The plan was presented yesterday to Norway’s Ministry of Petroleum & Energy.

Statoil said its Valemon plans follow on the heels of another major development plan submitted to the ministry, for the Gudrun field.

Statoil has a 64.275% license interest in the field, while Petoro has 30%, Enterprise 3.225% and Total 2.5%.

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