To reduce CO2 footprint and extend the lifetime of the field, the plan is to electrify Draugen with power from shore from 2025, in a common solution with the Njord Field. The oil is offloaded via a floating loading-buoy and exported by tankers. The field is produced by pressure maintenance from water injection and aquifer support. The reservoirs lie at a depth of 1,600 metres, with good quality and relatively homogeneous across the field. The main reservoir is in sandstone of Late Jurassic age (the Rogn Formation) while the Western part of the field also produces from sandstone of Middle Jurassic age (the Garn Formation). Two pipelines connect the facility to a floating loading-buoy.ĭraugen produces oil from two formations. Stabilised oil is stored in tanks at the base of the facility. The field is developed with a concrete fixed facility and integrated topside and has both platform and subsea wells. The field was discovered in 1984 and the plan for development and production was approved in 1988. The Draugen Field is located in the southern part of the Norwegian Sea, at a water depth of 250 metres. In total Neptune sells its 7.56% WI in Draugen, 4.4424% WI in Brage, 3.023% WI in Ivar Aasen (OKEA taking 2.223% and MVE 0.8%), 1.2092% WI in Edvard Grieg oil pipeline and 1.8138% WI in Utsira High gas pipeline.įacts about the Draugen field and the Hasselmus Field development project MVE's acquisition is a part of a larger transaction involving OKEA. The transaction between MVE and Neptune is subject to the completion of the transaction between Neptune and OKEA and customary governmental approval and is effective from. M Vest Energy look forward to work with the other partners in the assets maximising value for both the Norwegian state and our shareholders.' #Draugen oil field license#'The license partners have a high focus on extending the lifetime of the fields, increasing reserves, and reducing the environmental footprint. We are now partners in transportation, exploration, field development and production licenses, and are well positioned for future growth.', says Jonny Hesthammer, CEO. 'M Vest Energy is very pleased to announce a transaction that will further transform the company, a journey that started with the acquisition of 5% of the Polarled gas pipeline in 2020. For 2022 the expected production is 1,700 - 1,800 barrels of oil equivalents per day. The acquisition will add reserves of 7-8 million barrels of oil equivalents with significant upside potential. In addition to the oil and gas producing fields, the transaction includes a 1.2092% WI in Edvard Grieg oil pipeline and 1.8138% WI in Utsira High gas pipeline. (Bergen, 12 November 2021) M Vest Energy AS (MVE) today announces the purchase of 7.56% working interest (WI) in Draugen, 4.4424% WI in Brage, and 0.8% WI in Ivar Aasen from Neptune Energy Norge AS ("Neptune").
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