Statoil’s new Oseberg well comes on line

OSLO, February 23, 2015 – Statoil has launched production at its Oseberg Delta 2 development in the North Sea, the Norwegian super-major said on Monday.

The company anticipates a total production of around 77 million barrels of oil equivalent from the project.

A statement released on Monday said production at Oseberg Delta 2’s first well began on Saturday. The well was drilled to 3,100 metres below the seabed and is tied back to the field’s central platforms through a subsea template.

 

The plan’s initial phase involves three wells, with production enhanced by gas injection.

The super-major reported a total investment of just under NOK7 billion ($930 million) in the project, which it said was below initial estimates.

The Oseberg field has been central to Norway’s oil history but is in decline after more than 25 years of production. The Norwegian Petroleum Directorate estimates that 142 million barrels of oil remain in the field.

Statoil has a 49.3-percent stake in the field, while fellow state-owned Norwegian company Petoro holds 33.6 percent, Total 14.7 percent and Texas-headquartered ConocoPhillips 2.4 percent.