the Operator of the Bow and Arrow field, VNG Norge, announced today that the company chooses Njord as an association for the field.
Njord is the time to upgrade at Stord, but should be back in production again at the end of 2020.
also Read: Has already spent a billion on the Njord remodeling
VNG and the other license owners have used plenty of time to decide on the conceptual solution. The two other options was to link the field to Draugen or independent production.
Bow and Arrow was found in 2014, and was one of the year’s biggest oil discoveries on the Norwegian continental shelf.
TK know that the license owners in both the Njord and Draugen have worked hard to get the Bow and Arrow-the license for its installation. The choice will mean a significant service life extension for the Njord platform.
- I am very happy with the choice of Njord for the development of the resources of the Bow and Arrow discoveries. This is an important step to mature these findings, and the fact that it is tied to the infrastructure we know well, consolidates one of the key areas in Norway, says the chief executive of Faroe Petroleum, Graham Stewart, in a press release.
Faroe Petroleum is among medeierne in Bow and Arrow license.
Partners in PL586 looking forward to a good cooperation with the operator, and the partnership for the Njord license. In the coming months, the development solution will be developed further towards a formal decision about the continuation (BOV/DG2), type VNG Norge in a press release.
In the application for impact assessment for Bow and Arrow type VNG Norge that a undervannsløsning with tie-in to Njord will have investment costs of up to 15 billion, and it will cost 300 million a year to operate.
discovery contains for Bow and Arrow license is between 90 to 200 million barrels of oil equivalent.
VNG is operator of the license and owns 30 percent. Faroe Petroleum owns 25 per cent, while Point Resources owns 45 per cent.
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