Frøy field development delayed due to finance crisis
2009.01.15 -
Field Development
The Frøy field partners have been awarded a 10-year licence extension. The field development plan which was submitted in late 2008 is still under review by the Norwegian Oil Ministry.
The contractor which is providing the JUDPSO has indicated that there will be delays in obtaining the necessary financing for this production facility. Accordingly it is not expected that final project sanction will occur until later in 2009. In the meantime work will focus on seeking cost reductions and identifying third party volumes that can be developed over the Frøy facility.
More Frøy Project News
PA Resources AB has signed an agreement with the shareholders to acquire the entire share capital of the British oil exploration company Scotsdale Ltd. The company is focusing on low risk exploration in North West Europe. The acquisition means that PA Resources increases its presence in the North Sea with licenses in the United Kingdom and Denmark, and potentially also in the Netherlands.
Aker Exploration has entered into agreements with the international oil company Eni Norge to acquire ownership interests in two licenses in the vicinity of the Åsgard field. The agreements further strengthen Aker Exploration’s position in the Norwegian Sea.
SCAN Geophysical ASA (SCAN) today announced that the company is
remobilising its seismic vessel, M/V Geo Searcher, to re-commence a previously-suspended
2D project offshore Pakistan for BP.
The Norwegian Petroleum Directorate (NPD) has granted ENI Norge AS a drilling permit for wellbore 34/12-1 in the North Sea.
Eni has successfully drilled the last appraisal well, encountered approximately 127 metres (419 ft) of net pay in multiple sands. The initial analysis indicates good reservoir quality.
