Statoil invests in oil field upgrades

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Norway’s state oil company Statoil announced this week that it will be investing nearly NOK 20 billion (USD 2.35 billion) to extend the lifetimes of its Njord and Hyme oil fields, and hook up the new Bauge field in the Norwegian Sea.

The investments will double the longevity of Njord, which started production in 1997, and the project marks the first time a platform will be towed back to the mainland for upgrades aimed at creating more value and jobs in the oil and offshore industry, claimed Oil Minister Terje Søviknes.

The Kværner shipyard at Stord won the contract to upgrade the Njord A platform, and the storage ship Njord Bravo will also be refurbished. Statoil executive Margareth Øvrum said the company will also build a new underwater facility and drill new wells at the field.

Oil and gas from Bauge, located just 16 kilometers from Njord, will be phased in to the Njord platform. Remaining oil reserves in the Njord and Hyme fields together are estimated at 175 million barrels.

newsinenglish.no staff

  • inquisitor

    A good idea for safety issues, but do not expect dead oil to return this investment any time soon.