Norwegian energy major Equinor has submitted a plan for development and operation (PDO) for the Verdande subsea development to the country’s Ministry of Petroleum & Energy in a bid to secure higher production on the Norne floating production, storage and offloading vessel, the company said.
Equinor and its field partners expect the Nkr4.7 billion ($473 million) development in the Norwegian Sea to be brought on stream in the fourth quarter of 2025.
Verdande lies in water depths of between 350 and 380 metres, around 300 kilometres south-west of the city of Bodo in northern Norway and holds estimated recoverable reserves of 36.3 million barrels of oil equivalent, according to Equinor.
Under the PDO, Verdande will be operated and maintained as an integrated part of the Norne FPSO, with the subsea development aiming to secure “important oil volumes” for the production vessel.
“Verdande will provide important local and regional ripple effects. It will also help meet the energy demanded by European customers,” said Equinor’s projects, drilling and procurement executive vice president Geir Tungesvik.
Senior vice president for exploration and production north Grete Birgitte Haaland added: “Verdande will provide good utilisation of excess capacity on the Norne vessel, and its resources contributes to an economic extended lifespan beyond 2026.”
Equinor holds a 59% operating stake in the Verdande licence, with partners Petoro holding 22.4 %, Vaar Energi 10.5 %, AkerBP 7% and PGNIG 0.8 %.