Idemitsu Buys ExxonMobil Share in H-Nord Field (Norway)

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Japan’s Idemitsu Kosan Co.,Ltd. announces that its subsidiary, Idemitsu Snorre Oil Development Co., Ltd.  has acquired additional interests in PL 090 F (25%) and PL 090 G (25%) from ExxonMobil including H-Nord oil field in the Norwegian part of North Sea.

The licenses PL 090 F and PL 090 G are located approximately 5 km north of the producing Fram oil field in the northern North Sea. PL 090 G includes the H-Nord oil field which was discovered in 2007, which is currently under development.

As the field straddles Production Lincenses 090 G and 248, the field was unitised among the owners. H-Nord will be operated by Statoil. The licensees decided to develop the discovery in 2012 and production is expected to commence during in the second half of 2014. The owners have opted for a development plan involving a subsea completion tie-back to the Troll platform through the existing subsea facilities of the Fram oil field.

Recoverable reserves of H-Nord oil field are approximately 10 million barrels of oil equivalent and Idemitsu’s portion after increasing its interest is about 3 million barrels of oil equivalent.

Following the completion of the transaction the licensees’ shares will be as follows: Statoil 45% (operator), GDF Suez 15%, Idemitsu 40%.

 

[mappress]
Press Release, July 3, 2013