VNG Norge submits Plan for Development and Operation (PDO) for the Fenja field in the Norwegian Sea

Stavanger, Norway, 20-Dec-2017 — /EuropaWire/ — VNG Norge has, on behalf of the licensees in PL586, submitted to the Ministry of Petroleum and Energy the Plan for Development and Operation (PDO) for the Fenja field in the Norwegian Sea. The license partners are planning to invest NOK 10,2 billion, with planned production start in 2021. The production period is expected to be 16 years.

The Fenja field is located at Haltenterassen in block 6406/12, about 120 km north of Kristiansund. The field contains recoverable resources of approximately 100 million barrels oil equivalents, mostly oil (11.0 million standard cubic meters of oil, 3.4 billion standard cubic meters of gas and 0.57 million tonnes of NGL). The figures include the Pil reservoir, while the Bue reservoir represents a possible upside in the field development plan.

“The partnership has shown commitment when, just over three years since the discoveries were made, we are able to deliver a development plan for an economic project based on a good area solution and cooperation with the suppliers. Although this is the first development operatorship for VNG Norge, we have built a strong and experienced development team and are well prepared for execution. Compared to the initial plans, we have managed to reduce the cost of the project by almost NOK 2 billion,” says Atle Sonesen, Managing Director of VNG Norge.

Fenja will be developed with two subsea templates with six wells (three producers, two water injectors and one gas injector) connected to the Njord A platform for processing and storage and export via the Njord B ship. Fenja will contribute to 9500-11,000 man years over the field’s life time.
The licensees in PL586 are VNG Norge AS (30%), Point Resources AS (45%) and Faroe Petroleum Norge AS (25%).

The development is subject to approval from Norwegian authorities.

Fenja:

When a Norwegian oil and gas field enters the development phase, it will change its name according to official guidelines.
In the Njord area names are from Norse mythology. Fenja, together with her sister Menja, were the only ones strong enough to use a magic mill. On order from the king, the sisters were set to mill salt, and since then the ocean has been salty.

SOURCE: VNG Norge AS

MEDIA CONTACT

Ulf Rosenberg
+47 928 66 300
ulf.rosenberg@vng.no