Equinor secures approval for Norwegian Sea project
Norway’s Ministry of Petroleum and Energy has approved a development plan for the first phase of the Equinor-operated Kristin Sør (South) project located in the Norwegian Sea.
The project is the first step in developing the resources south of the gas and condensate Kristin field, where there are several discoveries and prospects, the ministry said on Wednesday.
The investment decision for the project was made and the development plan was submitted to Norwegian authorities at the end of June 2021.
The development includes two structures, the Kristin Q segment in the Kristin field and the Lavrans field east of the Kristin field. Production from Lavrans and Kristin Q will be tied into the Kristin platform. A new subsea template will be installed at Lavrans, while at Kristin Q an already installed subsea template will be reused.
According to the plan for the Kristin Sør development, the first production is expected in 2024 and the expected production period is 11 years. The expected recoverable reserves are about 58 million barrels of oil equivalents. The gas will be exported through the pipeline to the market in Europe. The oil will be transported to the market by ship.
The investments related to the development are expected to be approximately NOK 6.5 billion or about $735 million.
The project licensees are Equinor (operator, 54.82 per cent), Petoro (22.52 per cent), Vår Energi (16.66 per cent), and TotalEnergies EP Norge (6 per cent).
Equinor has already picked Aker Solutions to deliver a subsea production system for the Kristin Sør and TechnipFMC to supply rigid pipelines, static and dynamic umbilicals, as well as pipeline and marine installation of the subsea production facilities.