Statoil Petroleum is set to invest in a new project in order to increase production from the Fram field in the North Sea.
The development will see partners in the Fram licence invest Nkr1bn ($122.56m) in a new gas module on the Troll C platform.
Alongside enhancing oil production and gas exports, the investment is also expected to provide conditions for further development in the area.
Statoil Petroleum tie-back and brownfield projects vice-president Siv Irene Skadsem said: “By using standardised solutions and equipment, in addition to focusing on making this a maximum lean project, and working closely with Statoil’s operations and suppliers, we have come up with a very cost-efficient and profitable gas module.”
According to the company, the investment from Statoil and its partners will enable further development of Troll C as a hub for the Troll C and Fram area.
The module is expected to improve the profitability of the Troll C installation by increasing and accelerating production through the enhanced gas capacity.
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Statoil Petroleum operations West senior vice-president Gunnar Nakken said: “The new gas module at Troll C will accelerate production from Fram by considerable and profitable volumes.
“Consequently, we will be able to mature more wells and explore for new resources in the Fram Area, which all together will make it possible to extend the economic lifetime for the field.”
In relation to the Troll C gas module, the company has awarded the engineering, procurement, construction, installation (EPCI) contract, valued at Nkr600m ($73.54m) to Aibel.
Work related to the contract has already began and start-up of the project is expected at the end of 2019.
Statoil holds 45% of the Fram licence, while ExxonMobil Exploration and Production Norway, ENGIE E&P Norge, Idemitsu Petroleum Norge own 25%, 15%, and 15% respectively.