The Norwegian Petroleum Directorate (NPD) has given ExxonMobil Corp. (NYSE: XOM) permission to continue using subsea facilities on the Sigyn Field in the North Sea from the end of 2017 until the end of 2022, NPD said in a news release.
The subsea facilities include wells and a subsea template, a pipeline to Sleipner A, and an umbilical for controlling and monitoring of wells.
NPD said ExxonMobil, which holds a 40% interest in the field with partner Statoil holding the rest, indicated in its application that current estimates show production until year-end 2022.
A new development well drilled in 2016 contributed to the field’s extended lifetime. The field encompasses the deposits Sigyn Vest, which contains gas and condensate, and Sigyn Øst, which contains light oil, NPD said in the release. Production started in 2002.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.