Investments of USD 11.58 Billion to Increase Recovery in Ekofisk Area Off Norway

The Norwegian Ministry of Petroleum and Energy today received Plans for Development and Operation (PDO) on the Ekofisk and Eldfisk fields. The projects (Ekofisk South and Eldfisk II) will entail investments in the region of NOK 65 billion(USD 11.58 billion).

-I am happy to recieve new PDOs in the Ekofisk area. 40 years ago, The Ekofisk field was the first field that came into production in Norway. These new projects will make it possible to maintain production for another 40 years from this important area, says Minister of Petroleum and Energy, Mr Terje Riis-Johansen.

The fields are located in the southern part of the North Sea, around 300 km from the Norwegian coast. The new investments will increase the recovery rate from the Ekofisk field from 49,5 percent to 52 percent, and from 22 percent to 28,5 percent from the Eldfisk field. ConocoPhillips is the operator for the projects, while Total, Eni, Statoil and Petoro are partners in the respective production license.

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Source:NPD, February 25, 2011;