Exploration & production company VNG Norge has decided on the preferred development solution for the Pil & Bue discoveries, located in license PL586 in the Norwegian Sea.
VNG is the operator of the license with 30% interest, Spike Exploration Holding also has 30% while Faroe Petroleum Norge holds 25%, and Pure E&P Norway 15% stake.
Faroe Petroleum said on Friday that the partners in the Pil & Bue discoveries have decided that a subsea development solution tied back to the Njord platform in the Norwegian Sea is the preferred concept for development of the Pil & Bue discoveries.
Three competing concepts were considered in the process leading to the final selection by the license partners. A subsea installation tied back to the Njord platform has emerged as the best option and with the full support of the Njord partners, Faroe said.
Partners in Njord include Statoil Petroleum, 20% & operator; Engie E&P Norge 40%; DEA Norge 30%; Faroe Petroleum Norge 7.5%; and VNG Norge 2.5%.
Going forward, the development solution will be matured through the Front End Engineering Design (FEED) stage towards a formal field development plan.
The Njord production platform is currently in Kvaerner’s Stord facility in Norway undergoing extensive modifications in order to increase materially its operating life and accommodate a number of new satellite field tie-back developments including Pil & Bue.
Graham Stewart, CEO of Faroe Petroleu, commented: “I am very pleased to announce that the Njord facilities have been chosen for the development of the material Pil & Bue discoveries. This is a significant step in the maturation of these high quality discoveries and the fact that they will be tied back to infrastructure we know well, and are joint venture partners in, further consolidates one of our core areas in Norway. We look forward to cooperating with our partners on the Njord license as we progress this important project towards development.”