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The Sea Lion Extension Plan for the North Sea has been approved. Investments are expected to exceed NOK 19 billion. SV believes that the case should be reviewed by Parliament
The Ministry of Oil and Energy approved Thursday the amended plan of development and exploitation (PDO) for the development of the field Snorre, known as the Snorre Expansion Project (SEP).
Underwater development is the largest recovery project on the Norwegian continental shelf today. The SEP includes the installation of six wells with 24 wells attached to the platform Snorre A.
According to Tekniske Ukeblad, it is more than 10 years since the field development plan should have been delivered, but this only happened before Christmas last year. Among other things, Statoil (now Equinor) and Petoro disagreed with what would be the best solution.
25 years of additional life
– I am very pleased to approve Snorre's expansion development plan today. The project is an investment that brings 25 years of production to Snorre and will contribute to the community for a long time, "said Terje Søviknes (Frp), Minister of Petroleum and Energy.
The Snor field is located in the Tampen area, in the northern part of the North Sea, about 150 kilometers west of Florø. At the start of production in 1992, the expected lifespan was estimated between 2011 and 2014. It is now estimated that the field will be profitable up to and including 2040.
SV: Send the question to Storting
SV Lars Haltbrekken recalls: that oil developments whose investment cost is greater than 20 billion NOK – or cases in which other social considerations imply – must be treated by the Storting. He is asking the Minister of Petroleum and Energy for a petition on this subject, which was rejected earlier this year.
– In the analysis of the impact of Snorre's expansion, investment costs were estimated at more than 22 billion. Later, the revised investment facility was raised to NOK 19.3 billion, which is just below the Storting limit. This, along with the increase in greenhouse gas emissions, should have been enough for the minister to settle the matter, "says Haltbrekken in a comment to NTB.
Thousands of man-years in the project
Equinor Energy is an operator and holds a 33.3% stake in Snorre Unit. The others are Petoro (30%), ExxonMobil Exploration and Production Norway (17.4%), Idemitsu Petroleum Norway (9.6%), DEA Norway (8.6%) and Point Resources (1.1%).
Equinor estimates that a large part of the contracts will go to Norwegian suppliers
"The national effects on the employment of development are estimated at about 23,000 man-years in the project phase", says the communiqué from the Ministry of Petroleum and Energy.
(© NTB)
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