Statoil has brought its Valemon field on-stream in the Norwegian North Sea. Statoil is confident the condensate and gas producing field has recoverable reserves over 190 million bo/e over the lifetime of the installation.
Valemon is a high-temperature and high-pressure oil production field, and once all of the wells are operating it will cost over $3 billion. The field’s shareholders are Statoil, with a 53pc ownership stake, Petero, the state holding company with 30pc, Centrica with 13pc and Royal Dutch Shell with 3pc.
The venture is notable for being controlled remotely from the onshore operation, and the venture is the first of its kind for the Norwegian operator. Later it will transform into a more conventional unmanned production platform, once drilling is completed in 2017.
The platform is the second that the company has brought online in the past year and is the first that will be operated from Bergen in ten years.
The Executive VP for Statoil, Arne Sigve Nylund, said that Valemon was one of several projects located on Norway’s continental shelf that would provide activity, innovation and value to the area. It will also act to extend the working life of Heimdal, also operated by Statoil.
Heimdal was due to be shut down last year, but it is now going to be used as a gas storage hub, storing processed gas from Valemon while it waits to be transferred to the marketplace.
The costs of developing the Valemon are being partially offset by utilising existing assets at Heimdal and Kvitebjorn, as well as existing pipeline infrastructure.
A Video Of Valemon’s Topside Installation