Unitized development of Draupne and Luno (now Ivar Aasen and Edvard Grieg)

This article originates from the news archive of Det norske.

7. October 2011

The Ministry of Petroleum and Energy has asked the licensees in Draupne and Luno for a unitized development of the two fields. The rationale is that both society and licensees can expect substantial savings with a unitized development solution.

The distance between the two fields is 8 kilometers. The Ministry has made the licensees in PL 001B (Draupne) and PL 338 (Luno) aware that they cannot expect the Ministry´s approval of the plan for development and operation (PDO), unless the benefits of a unitization have been realized.

Erik Haugane august 2007CEO of Det norske, Erik Haugane, says that a unitized development could make both projects more profitable and mitigate risk for all licensees. Det norske will, as operator of Draupne, initiate a constructive collaboration with Lundin Petroleum, the operator of Luno. The goal is to rapidly progress towards a PDO for a unitized development of the two fields.

The Draupne field is expected to produce 143 million barrels of oil and gas. The licensees are Det norske oljeselskap (35%), Statoil (50%) and Bayerngas (15%).

Contacts:
Chief Operating Officer (COO), Øyvind Bratsberg, +47 90 93 41 53
VP Investor relations, Knut Evensen, +47 95 07 76 22

About Det norske:
Det norske oljeselskap ASA (DETNOR) specialize in extracting petroleum resources on the Norwegian Continental Shelf (NCS). We are an ambitious company with significant exploration activity. Recently we have taken part in some major discoveries, Aldous being the single most important. We now face several development projects, among them Jette as operator, and Draupne.

Det norske has its headquarter located in Trondheim, and offices in Oslo and Harstad. As of today we are more than 160 employees. Det norske is listed on the Oslo Stock Exchange with the ticker “DETNOR”.