Norway's Ministry of Petroleum and Energy approved the new plans of Hamburg-based oil and gas company DEA for the development and operations of the Njord and Bauge fields in the Norwegian Sea, DEA announced on Wednesday.
Development plans includes upgrading the Njord A platform and the Njord Bravo storage tanker (FSU), in order to extend the lifetime of the Njord and Hyme fields, the company's press release said.
The Bauge field is planned for development and tied back to the Njord platform, taking advantage of the existing Hyme infrastructure, according to the press release.
DEA Norge holds a 50 percent interest in the Njord and 27.5 percent in the Bauge. The Njord field has been on-stream for 6,821 days, 54 wells have been drilled so far, while 10 new production wells are planned for the field, the press release shows.
Total gross capital expenditures for both fields will be around €2 billion or 19.8 billion Norwegian Kroner. The start-up of production is expected in the fourth quarter of 2020, press release said.
“The approval of the plans for development and operations (PDO) marks an important milestone for the projects. Njord and Bauge are important fields on the Norwegian Continental Shelf and key fields in DEA’s portfolio,” Hans-Hermann Andreae, managing director of DEA Norge said in the press release.
“The project targets to keep Njord in production until 2040, and both this development and the extended lifetime are important for the Norwegian oil and gas industry,” Andreae added.
By Muhsin Baris Tiryakioglu