Norwegian authorities have approved the application for start-up of the Spirity Energy-operated Oda Field in the North Sea.
Plans are for the subsea development to start production in February or March, the Norwegian Petroleum Directorate said in a news release Jan. 7.
Total investments for the development are estimated at NOK 5.5 billion (US$645 million).
Oda Field reserves are estimated at 5.2 million standard cubic meters of oil equivalents. This includes about 31.5 million barrels of oil.
Produced gas from the subsea development will be sold to the Ula licensees for use as injection gas for alternating water and gas injection (WAG) on the Ula Field. Oil will be exported via the Ekofisk Field to the Teesside terminal in the U.K.
Recommended Reading
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
Aramco Reports Second Highest Net Income for 2023
2024-03-15 - The year-on-year decline was due to lower crude oil prices and volumes sold and lower refining and chemicals margins.
Kissler: OPEC+ Likely to Buoy Crude Prices—At Least Somewhat
2024-03-18 - By keeping its voluntary production cuts, OPEC+ is sending a clear signal that oil prices need to be sustainable for both producers and consumers.
Buffett: ‘No Interest’ in Occidental Takeover, Praises 'Hallelujah!' Shale
2024-02-27 - Berkshire Hathaway’s Warren Buffett added that the U.S. electric power situation is “ominous.”