Statoil and co-owners ExxonMobil and Bayerngas have decided to cease production.
The reason is that there is little oil and gas in the reservoir, and at current prices, it is not profitable to drill new wells. Production will be discontinued by the end of October this year.
Volve has produced three years longer than planned and delivered about 9.5 million barrels of what was expected by the filing of the development plan.
Read also: Ten fields approaching the last oil
– We are very proud of the Volve has delivered for us. Nearly ten million barrels in the ‘bonus production’ beyond what we expected at start in 2008 has provided additional income to communities as well as companies. In the development plan, we assumed a break-even at $ 18 a barrel, so this has been a very cost effective field for some years with favorable market prices, says director Morten Eek in Statoil.
When Volve started drilling in May 2007 and came into production the following year, was expected life of three to five years. Now the field has produced over eight years. In total, Volve achieved a recovery rate of 54 percent.
Conclusion of Volve approved by MPE. Plugging of wells will begin in June and completed by the end of the year. Then, too, the rig Maersk Inspirer and Navion Saga storage vessel leave the field.
Subsea removal is scheduled summer 2017.
No comments:
Post a Comment