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Sunday 27 January 2019
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Investing NOK 2.3 billion to recover more oil from Gullfaks

Investing NOK 2.3 billion to recover more oil from Gullfaks

The Gullfaks partners have decided to drill seven new wells and thereby improve oil recovery by 17 million barrels with good profitability. On behalf of the licence partners, Equinor’s executive vice president for Development and Production Norway, Arne Sigve Nylund, presented an amended plan for development and operation (PDO) to the minister of petroleum and energy, Kjell-Børge Freiberg, at the Sandefjord Conference today.

“Our ambition is to maintain profitable production from the Norwegian continental shelf (NCS) for several decades. Wells that can be drilled fast and at a low cost, near existing infrastructure, will be a major contributor,” says Nylund.

The wells will be drilled in the Shetland Group, a carbonate reservoir that lies above the main reservoir at the North Sea Gullfaks field.

Drilling on Gullfaks is challenging due to the carbonate reservoir. A well test in 2012 proved however that also this reservoir had an oil production potential. The Gullfaks partners have therefore invested more than NOK one billion in production wells in this formation since 2013, which have so far produced more than six million barrels of oil from Shetland/Lista phase 1.

As this reservoir could potentially produce more oil by use of water injection, the authorities requested the Gullfaks partners to submit an amended PDO in 2019.

The Gullfaks partners (Equinor, Petoro and OMV) are now ready to recover even more resources by use of water injection and new production wells in the Shetland/Lista phase 2 development. A total of seven horizontal wells is planned to be drilled by use of existing drilling facilities on Gullfaks.

“These formations that used to pose a challenge are now due to producing at a break-even below USD 30 per barrel – I find that to be a nice bonus from Gullfaks,” says Nylund.

The oil from Shetland/Lista is a small contribution to the total Gullfaks reserves, but a major contributor to the remaining field potential.

Furthermore, the project deepens our knowledge of carbonate reservoir production, which can be used in other parts of the world.

Source : Link

Pasargad Energy Development Co. (PEDC) is an independent energy company based in Iran. PEDC is an integrated energy company whose activities span the entire value chain including exploration, production, refining, petrochemicals marketing, power generation & renewables as well as new high-tech venture capitalizing. Our headquarter is located in Tehran. PEDC is present across the Iranian continental shelf and international market through its subsidiaries. We create value for our shareholders through active investment, high-level monitoring of our projects, building world-class partnership and managing our risks effectively and making balanced portfolio. Meantime, we contribute to the sustainable development of the energy sector and communities in our country. PEDC’s competitiveness relies upon our values-based performance culture, with a strong commitment to transparency, cooperation and continuous operational improvement. As a wholly owned subsidiary of the Pasargad Financial Group, with Pasargad Bank being a distinctive shareholder, we owe our success to our experience, management knowledge and strong local/international partnerships since 2008. PEDC is committed to maintaining sustainability and being recognized as the strategic partner of choice in Iran’s energy and petrochemical sector.​

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  • Investing NOK 2.3 billion to recover more oil from Gullfaks
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