The Norwegian Parliament has given final approval for Lundin Norway’s plan for development and operation (PDO) of the Edvard Grieg field, which would involve $4bn in capital costs.
The development of the field located in the Norwegian North Sea will also include platform, pipelines and production wells with first production from the field in PL338 expected in late-2015.
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According to the company, a wholly owned subsidiary of Lundin Petroleum, the Edvard Grieg field is the first standalone development project operated by Lundin on the Norwegian Continental Shelf (NCS).
Initially, the plan was approved by the Norwegian Ministry of Petroleum and Energy in April.
The first production from the field will be approximately 100,000 barrels of oil equivalent per day (boepd) forecast gross peak production.
The platform has been designed to accommodate more than 160,000boepd, meaning that it can accommodate additional production from the nearby Draupne field.
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By GlobalDataMajor contracts that have already been awarded and subject to final PDO approval include jacket, topside, drilling and marine installation.
Lundin Petroleum president and CEO Ashley Heppenstall said: "The final approval from the Norwegian Parliament of the Edvard Grieg plan of development is a major achievement and confirmation of Lundin Petroleum’s capabilities.
"Production from the Edvard Grieg field will be the major contributor in doubling our production to 70,000boepd by late-2015."
The Edvard Grieg field is 50% owned by Lundin Petroleum, while Wintershall Norge owns 30% of it and the remaining 20% is owned by RWE Dea Norge.
Image: The Edvard Grieg field is located in the Norwegian North Sea. Photo: courtesy of Wintershall Holding GmbH.
