Valemon field gets Norway nod

Rubber-stamp: Oil & Energy Minister Ola Borten Moe

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Steve Marshall

, Steve Marshall

 08 April 2011 12:36 GMT

Statoil has been given the green light by Norway’s Oil & Energy Ministry to develop its Valemon field in the North Sea, with production start-up targeted in 2014.

The Norwegian operator is looking at investments of about Nkr20 billion ($3.6 billion) on the field’s steel platform, export pipelines and development drilling.

It is closing in on placing an award for the platform topsides, with three yards understood to be in the running, according to an Upstream report today.

Partners Statoil, as operator, Enterprise Oil, Total and state-owned Petoro, had struggled to come up with a commercially viable solution to develop the field, which was discovered in 1985.

Valemon, which lies in the northern North Sea, has estimated recoverable reserves of 26…

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