Wintershall, the oil and gas firm BASF has agreed to sell to DEA, and its partners will spend 9.9 billion crowns (US $1.22 billion) to develop the Nova Field in the Norwegian Sea, Norway’s oil ministry said on May 16.
“Nova will be developed as a subsea tieback connecting two templates to the nearby Gjøa platform for processing and export,” Wintershall said in a news release. “Gjøa will also provide lift gas to the field and water injection for pressure support. Power for the Nova Field comes via the Gjøa platform from shore.”
The field, which is estimated to hold 80 million barrels of oil equivalents, is expected to start production in 2021, the ministry said.
Operator Wintershall has a 35% stake in the license, Capricorn Norge, which belongs to Cairn Energy, has 20%, Spirit Energy has 20%, Edison of Italy has 15% and DEA holds the remaining 10%.
Drillers cut nine oil rigs in the week to March 22, bringing the total count down to 824, the lowest since April 2018, Baker Hughes, a GE company (NYSE: BHGE), said in its weekly report.
The independent U.S. energy producer aims to take a final investment decision on the $20 billion project in the coming months, having signed up long-term buyers for its LNG.
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