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Lundin $4.2 billion Edvard Grieg oil field development approved

Lundin Petroleum received the formal approval from the Norwegian Ministry of Petroleum and Energy to proceed with the $4.2 billion plan development and operation (PDO) of the Edvard Grieg oil field.

The Edvard Grieg oil field was previously called  Luno and is located in the Norwegian North Sea close to the Tellus discoveries, 180 kilometers west of Stavanger, Norway.

It is the first of several developments on Utsire Hight in North Sea.

Lundin owns 50% of the Edvard Grieg oil field, Wintershall 30%, and RWE 20%.

The capital expenditure of the Edvard Grieg oil field development is estimated around $4 billion and includes:

 – An Offshore platform with a design processing capacity of 120,000 b/d in combination with the nearby Draupne production operated by Det Norsk.

 – A series of pipeline

 – 15 production wells to be drilled from a jack-up drilling rig.

 – The connections between the Edvard Grieg platform and the Draupne platform located 10 km to the northwest of Edvard Grieg platform in PL001B.

The oil from Edvard Grieg oil field will be processed and transported in a new pipeline to the Grane area and further via the Grane oil pipeline to the Sture terminal for sale.

The proposed development solution for the Draupne field is a platform which will transport partly processed oil and gas to the Edvard Grieg platform for stabilization and export of Oil&Gas.

The facilities on the Edvard Grieg platform will be prepared for power from shore when capacity and technical solutions are available in order to be connected to the long term subsea electrical system of the area as shown below.

Lundin awarded a:

 – Letter of intent (LoI) to Kvaerner for the engineering, procurement and construction (EPC) of the jacket for the Edvard Grieg platform

 – Contract to Rowan Companies Inc. for a jack-up rig to drill the Edvard Grieg wells.

The contracts for the topside and marine installations will be awarded in due course.

The completion is expected in late 2015

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