Norway-based oil company Statoil is to invest Nkr3.1bn ($538m) in fast-tracking the Visund North field development in the North Sea.
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Statoil is the operator of the oil and gas field, which is situated in blocks 34/8 and 34/7, 22km north-east of Gullfaks in the Tampen area.
Visund North is a separate subsea development located 10km from the platform and forms part of the development and operation plan for Visund.
Recoverable reserves are estimated at 29 million barrels of oil equivalent and consist mainly of oil.
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The oil will be transported to Visund A through a new pipeline system for processing on the platform.
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By GlobalDataIn addition, the development consists of a standard seabed template with two wells tied back to the Visund A platform.
The sea bed template will be produced by FMC and installed mid-2012.
Statoil, in association with authorities and partners, secured a rapid process for decision-making and the early delivery of equipment with long lead times.
All of the main contracts have already been awarded, apart from marine installations and platform modifications, which will be awarded by the end of 2011.
Development of Visund North was scheduled to start last year, with production start-up for 2013.
The Visund North decision will also help in developing other resources in the northern Visund area.
Halfdan Knudsen, Statoil senior vice-president for the Norwegian Continental Shelf fast-track development portfolio, said that 2011 was a breakthrough for fast-track developments on the shelf.
Statoil intends to bring into operation the first five fields of this fast-track development by 2012/13.
PL120 licence holders include Statoil with 53.2%, Petoro with 30%, Total with 7.7% and ConocoPhillips with 9.1%.
Caption: Statoil operates the Visund North field. Image courtesy of Kjetil Alsvik, Statoil.
