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Statoil goes for Gullfaks licence, suspends Scarabeo 5

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Staff writer ▼ | July 2, 2015
Statoil
Energy business   Scarabeo 5 is suspended due to overcapacity in its rig portfolio

Statoil and its partners submitted an amendment to the Plan for Development and Operations (PDO) for the Gullfaks licence to the Ministry of Petroleum and Energy for phase 1 of the Shetland/Lista development.

Phase 1 of the development is expected to add 18 million barrels of oil equivalent, and will help increase the resilience of the area for continued operation of the Gullfaks platforms in the North Sea.

The development concept is based on reuse of existing wells (a total of 15) from the Gullfaks platforms, and will not require any new infrastructure. The profitability of the project will thus be very good.

Shetland/Lista has been producing under a test production licence since 2013. The submitted plan defines the more long-term development of these resources. This, however, is only the first phase of the development, which involves depressurisation down to bubble point pressure in the reservoir.

Investment costs are estimated at NOK 900 million.

Unrelated to this, Statoil has decided to suspend Scarabeo 5 due to overcapacity in its rig portfolio. The suspension will take effect once Scarabeo 5 has completed drilling of a well on the Kristin field in the middle of August, and will last until 1 March 2016.


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