Edison halves Dvalin stake
- Business & Finance
Italian energy company Edison has reduced its stake in the Dvalin field (formerly known as Zidane), located in the Norwegian Sea, in favor of other stakeholders, Dea Norge and Petoro.
Edison reduced its stake from 20% to 10% in favor of Dea Norge and Petoro, who each acquired 5% stake. The agreements will enter into force on January 1, 2017, and are subject to governmental approval.
Edison said the development plan for the Dvalin project will be carried out by a joint venture constituted by Edison Norge, Dea Norge, the operator, and Petoro.
Dea submitted the Plan for Development and Operation for the Dvalin field to the Ministry of Petroleum and Energy in Norway in October this year.
The field will be developed with four wells subsea template, which is connected to the Heidrun platform. At Heidrun, the gas will be partly processed in a new module, before the gas is transported in a new export pipeline Polarled, where Edison also holds a 2.3% share. Polarled will take the gas to the Nyhamna onshore gas terminal where it will be processed and transported to the European market.
Dvalin field production will start in 2020. It is expected to produce 9 million cubic meters of gas per day.
Following the submission of the development plan, the field operator awarded a contract to Aker Solutions to deliver the subsea production system, maintenance, and services at the natural gas development and the contract for modules and offshore integration at the Heidrun platform to Aibel.
Days later, Danish oil company Maersk Oil gave away its 20% interest in the field to Dea and Petoro.
“Edison’s goal is to maintain a diversified portfolio and to contribute to the security of supplies through its production, as well as the development of new gas import routes,” says Marc Benayoun, EDF Group Executive Vice President with responsibility for gas and Italy and CEO of Edison.
Offshore Energy Today Staff