Repsol Delivers New Plan for Yme Development
Repsol has submitted a revised plan for development and operation (PDO) of the Yme field to the Norwegian Ministry of Petroleum and Energy.
The revised PDO is based on re-use of existing facilities to the extent possible, a new wellhead module on top of the existing caisson and the lease of the a mobile offshore drilling- and production unit.
The existing storage tank, caisson, pipelines, subsea templates and offloading system will be reused. All existing wells will be used and further wells will be drilled.
Repsol is acting as operator of and on behalf of the partners in the Production Licence 316/316B on the Norwegian Continental Shelf. The developing consortium is made up of Repsol (55%), Lotos Exploration and Production Norge (20%), OKEA (15%), KUFPEC Norway (10%).
Overall, the total investment in the Yme New Development project is estimated at approximately NOK 8 billion, and Norwegian suppliers will account for 70% of the total.
Total Norwegian employment in the development phase is estimated to just below 12,000 man-years. Annual national employment in the operational phase is estimated to about 1,000 man-years.
The recoverable oil reserves for the Yme field are estimated at approximately 65 million barrels at 10 year’s total production. First oil from Yme is planned for the first half of 2020.