ConocoPhillips and its partners are targeting 90 million barrels of oil from a new North Sea development.
The US energy giant, along with companies including Var Energi, are embarking on the £890 million Eldfisk North development.
First oil from the scheme, a tieback to the main Eldfisk field in the Norwegian sector, near to the UK border, is expected in 2024.
It is expected the ConocoPhillips North Sea project could produce 50 – 90 million barrels of oil equivalent.
Var Energi said the development is expected to create 4,000 – 4,500 jobs, with more than 80% of the contracts’ value to go to Norwegian businesses.
ConocoPhillips is the operator with 35.112%, partnered with TotalEnergies (39.896%), Var Energi (12.388%), Equinor (7.604%) and Petoro (5%).
© Supplied by Var EnergiA plan for development and operation for Eldfisk North was submitted to the Norwegian Ministery of Petroleum and Energy today.
Eldfisk North will be developed as a 14-well subsea production system, tied back to the main Eldfisk Complex in the North Sea.
Var Energi vice president Orjan Jentoft said: “This is yet another growth story and key milestone in an important area for Vår Energi. The development of Eldfisk North is a perfect fit with our long-term growth plans in the North Sea.
“It is a perfect example of how we manage to utilise spare processing and transportation capacity in existing infrastructure. In addition, I’m pleased to see that the project will reduce overall greenhouse gas emissions intensity from the field and still increase resource recovery and value creation in a mature area.”
Eldfisk is an oilfield that also contains some gas, lying around 200miles from Stavanger.
It was discovered in 1970 and started production nine years later. It remains the second-largest of three producing fields in the Greater Ekofisk Area.
Eldfisk has been developed with a total of five platforms, four of which are connected with bridges (the Eldfisk Complex), while the fifth, Eldfisk 2/7 Bravo, is located about 3.7 miles to the northwest of the Eldfisk Complex.
Recommended for you
