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europe

Monday, 08 September, 2008, 00:10 GMT | more prices >>

Statoil lines up Alve development

By Upstream staff

Norwegian energy group Statoil said today it has submitted a development and operation plan for the Alve gas and condensate field in the Norwegian Sea.

Statoil said it plans to spud the first well on 1 August and first gas is scheduled to begin in December 2008. The total investment for the project is Nkr2.4 billion ($374.2 million).

Statoil said that Alve will be phased in via a tie-back to the Norne field.

"The development will secure good and continuous exploitation of available capacity on the Norne production ship and in the Aasgard transport gas trunkline," said Jostein Gaasemyr, operations vice president for the field.

Statoil is the operator on Alve with a 75% share. The other licensees are Danish Oil & Natural Gas (15%) and Norsk Hydro (10%).