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.
Fortuna Resources CEO says company is doing just fine getting oil out.
Egypt expects investments of at least $750 million to $800 million in the first stage of exploration in the 12 concessions, Petroleum Minister Tarek El Molla said during a press conference.
The drilling campaign is estimated to cost about US$1.2 billion.