News listings

energy-pedia development and production

Norway flagNorway

Europe / Caspian / CIS >>> Norway

Norway: Edvard Grieg reserves increased by 50 MMboe and plateau production extended to late 2023


29 Sep 2020

Photo - see caption
Photo - see caption
Edvard Grieg reserves increased by 50 MMboe and plateau production extended

Lundin Energy has announced that due to the continued outperformance of the Edvard Grieg field, the gross proved plus probable (2P) reserves have been increased by approx. 50 million barrels of oil equivalent (MMboe), lifting the gross 2P ultimate recovery for the field to 350 MMboe. The expected plateau production period from the Greater Edvard Grieg Area, which also includes the Solveig Phase 1 and Rolvsnes Extended Well Test (EWT) developments, has been extended by a further year to late 2023.

The Edvard Grieg field continues to outperform, with the water production levels significantly lower than anticipated, which is supported by a recently completed 4D seismic survey that provides excellent imaging of the movement of water in the reservoir and shows the water injection flood front to be further away from the production wells than predicted, indicating increased oil-in-place in the field. An updated reservoir model has been completed, incorporating these latest results, which supports increased reserves and an extension to the plateau production period.

Edvard Grieg gross 2P reserves are increased by approx. 50 MMboe (33 MMboe net to Lundin Energy), lifting the gross 2P ultimate recovery for the field to 350 MMboe, representing an increase of 90 percent from the original PDO. These additional reserves are significantly value accretive as no additional investment is required, above the planned infill well programme. The reserves estimates have been audited by ERCE.

The gross 2P ultimate recovery for the Greater Edvard Grieg Area, which includes Edvard Grieg, as well as the Solveig Phase 1 and Rolvsnes EWT developments, is increased to 410 MMboe. These additional reserves extend the plateau production period for the Greater Edvard Grieg Area by a further year, to late 2023, representing a five-year extension from the original PDO.

There is significant further upside in the Greater Edvard Grieg Area, where the total gross ultimate resource potential is estimated to be 800 MMboe, which includes upsides to existing fields and unrisked prospective resources. Several attractive exploration targets have been identified within tie-back distance to the existing facilities, with the operated Merckx prospect in licence PL981, scheduled for drilling in the fourth quarter 2020. The aim is to progressively mature these opportunities in order to keep the facilities full beyond 2023.

Nick Walker, COO of Lundin Energy, said:

'Since Edvard Grieg first oil in 2015, the field has year on year exceeded our expectations both from a reservoir as well as an operational performance perspective. What has been achieved at Edvard Grieg epitomises the best of Lundin Energy, through the application of subsurface expertise, cutting-edge technology and operational excellence, combined with a determined and entrepreneurial approach to operatorship. This reserve increase and plateau extension is incredibly value accretive, as it comes with limited additional investment. I’m confident, that as we continue to explore in the Greater Edvard Grieg Area, it will grow further and drive material additional value to the partnership and Norway.'

Original article link

Source: Lundin Energy





Bookmark and Share


A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 363

Completed Deals

Completed Upstream Deals: 5791

Company Profiles

Current Company Profiles: 2737

Corporate Activity

Current Corporate Activity articles: 3541

Companies Looking

Current number of articles: 442

Company Sales

Current Company Sales articles:1438

Geostudies

Current Geostudies articles: 754

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

KL Publishing
Government of South Australia
Union Jack Oil 149
Rose & Assocs 149
SLR Consulting logo
Geoespace
OPC
Bayphase
energy365
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com