Talisman Energy Norge AS and license partners in PL 316, Revus Energy and Pertra, have today submitted the Plan for Development and Operation (PDO) for the Yme Field in the North Sea to the Ministry of Petroleum and Energy. According to estimates, the field will produce 50 – 60 million barrels of oil, dependent on future oil prices. Investment cost estimates are in excess of NOK 4 billion.
PL 316 is located in the Egersund Basin and was awarded in the 18th Licensing Round in 2004. License holders are Talisman Energy Norge AS (operator, 70%), Revus Energy (20%), and Pertra (10%).
The Yme field was discovered in 1986. The operator at that time, Statoil, produced approximately 50 million barrels from 1996 until permanent abandonment of the field in 2001. When the field was shut down during a period characterized by very low oil prices, less than 20% of the in-place reserves had been produced.
This is the first time in Norway that an abandoned field is being redeveloped. The Yme
Field will be redeveloped with a total of 12 production and injection wells. The production platform will consist of a jack-up unit with a subsea storage tank. First production is planned for January 2009. The expected maximum production for the Yme Field is 40,000 barrels of oil per day.
A Letter of Intent has been issued to Single Buoy Moorings Inc. (SBM) for the provision and lease of a new-build production facility. The drilling of production wells will commence in the summer of 2008 using the jack-up rig ”Mærsk Giant”.
CEO of Pertra, Erik Haugane.says,
The planned redevelopment of additional reserves from the Yme Field demonstrates that the new oil companies on the Norwegian Shelf are already making significant contributions to Norway’s total petroleum economy. The plan has been generated in its entirety by companies established on the Norwegian Shelf subsequent to an initiative launched by the authorities in 2000 which aimed at increasing the diversity of participants on the NCS”