Norsk Hydro expects to be able to earn massive amounts by prolonging Oseberg
oil field’s lifespan with eight years.
Foto: Erik Johansen
(Scanpix)
The Oseberg field is one of the giants on the Norwegian shelf, but the
production is winding down at the main field. The operator at Norsk Hydro
planed originally to close down during year 2020, but now the lifespan may
be prolonged with five to eight years, reported the Norwegian paper
Stavanger Aftenblad.
During this period, the oil companies may get 1- 1.5 billion barrels more
than first estimated. With the oil prices today, this oil may have a market
value of NOK 450 billion (USD 65.2 billion), equalling half of that Norway
currently has in the Norwegian Governments Petroleum Fund.
New technology, increased exploration, and cost cuts are the most important
factors.
«We are going to vacuum the area around Oseberg to locate all additional
resources,» said Tore Torvund, head of Hydro’s oil and gas development.
«Geological work has revealed new search models, and a considerable number
of smaller structures that may contain oil.»
The license period for Oseberg ends 2031. Norsk Hydro stated that it is
possible to locate values in the Oseberg area also after this point in time.
bil/caravan
