The development of Ula Satellite Field, Oda, is 40% cheaper than anticipated, and will provide about 4,400 full time employees (FTEs) until completion of the field’s development in 2019.
So said the plan for development and operation (utvikling og drift – PUD) of Oda that Oil and Energy minister, Tord Lien, received on Wednesday.
Oda oil field will be fully developed by 2019, and contains recoverable reserves of 7.6 million standard cubic meters of oil equivalent (48 million barrels).
The operator, Centrica Norge, estimates development costs at 5.4 billion.
‘In collaboration with partners and reliable suppliers, we have worked to achieve one of the most robust projects on the Norwegian shelf, and also during a period of low oil and gas prices’, said administrative director, Dag Omre, of Centrica Norge.
Centrica suggests that more than 80 percent of the contract value of the project will go to Norwegian suppliers. Thus, Norwegian contracts will exceed 4 billion kroner from this field development.
‘This is gratifying in terms of jobs, and wealth creation in Norway. It shows that the improvement work to the supplier industry isn’t useless’, said Tord Lien.
He said he was delighted to have received a development plan for the Norwegian shelf’s fifth satellite field in a year when field production has increased.
‘Such developments provide gains in several areas; they create value from the discovery itself, from the field they connect to, and by maintaining infrastructure that provides opportunities for even more satellite developments in the future’, said Lien.
Oda is about 13 kilometers east of the Ula field, and 250 kilometers from land. The oil field was discovered in 2011, and previously named Butch.
Source: NTB scanpix / Norway Today