The Valemon gas and condensate field in the North Sea has been officially opened by Norway’s Petroleum and Energy Minister Tord Lien.
Located between Kvitebjørn and Gullfaks South, around 160km west of Bergen, the gas and condensate field is expected to generate 192m barrels of recoverable oil reserves.
The Valemon license is held by operator Statoil Petroleum (53.77%), Petoro (30%), Centrica Resources (13%) and Norske Shell (3.23%).
Once fully drilled, the field will have 10 production wells, and require an investment of NOK22.6bn ($3bn).
Valemon is the first new Bergen-operated platform since the Kvitebjørn gas and condensate field was put on stream about 10 years ago, Statoil have said.
The field is expected to reduce the development costs by using existing facilities at Kvitebjørn and Heimdal, along with existing pipelines.
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The condensate obtained from Valemon will be piped to Kvitebjørn for processing and then forwarded to Mongstad.
The gas will be sent to Heimdal for processing and then transported to the market.
Statoil executive vice-president for development and production in Norway Arne Sigve Nylund said: "Valemon is one of several new projects on the Norwegian continental shelf that contributes to value creation, activity and innovation.
"The field does not only provide jobs and spinoffs in virtue of its own operation, Valemon is also extending the life of surrounding installations.
"Valemon is thereby extending the life of Heimdal, which was scheduled to be shut down in 2014, as a gas hub in this part of the North Sea."
The Valemon topside was constructed in South Korea in the first engineering, procurement and construction (EPC) contract awarded by Statoil to an Asian shipyard.
The jacket and the living quarter have been constructed at two shipyards in the Netherlands. Up to 120 mechanical equipment packages have been delivered by Norwegian suppliers.
Statoil executive vice-president for technology, projects and drilling Margareth Øvrum said: "The South Korean shipyard and a competitive Norwegian supplier industry have, in cooperation with a competent project organisation, ensured that production starts on time and with excellent HSE results."
Image: Norwegian Petroleum and Energy Minister Tord Lien (second from left) at the opening of the Valemon field. Photo: courtesy of Harald Pettersen / Statoil.