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2017-12-20 19:05:00

REPSOL'S INVESTMENT NOK 8 BLN

REPSOL'S INVESTMENT NOK 8 BLN

NPD On Tuesday, operator Repsol submitted a new Plan for Development and Operation (PDO) for the Yme field in the North Sea. More eight billion kroner will be invested in the development. The planned start-up is 2020.

The plan is to develop Yme using existing facilities that were installed on the field during the development in 2007. Production is planned from the leased jack-up drilling and production facility, Mærsk Inspirer. It will be modified and adapted to operations on Yme.

The expected future recoverable oil resources from Yme are 10.3 million standard cubic metres (Sm3) – corresponding to 65 million barrels of oil.

"The objective of our petroleum management policy is to ensure the greatest possible value creation for society from the petroleum resources on the Norwegian shelf. The Norwegian Petroleum Directorate takes a positive view of new initiatives from the industry that can contribute to increasing socio-economic value creation, including the initiative to exploit the value potential in Yme," says Tove Francke, assistant director of Development and operations, North Sea south.

Over the next few weeks, the Norwegian Petroleum Directorate will conduct the normal process of reviewing the decision basis, while also assessing financial, technical and resource-related risks associated with the project.

Yme was a producing field from 1996 to 2001, after which the field was shut down and the facilities removed. It was no longer profitable to operate the field. A new PDO for Yme was approved in 2007.

Yme was originally developed with a jack-up production facility and a storage vessel for one of the structures, Gamma. The other structure, Beta, was developed with subsea wells.

Due to structural faults, this facility could not be used, and it was removed in 2016 without initiating production on the field.

A total of nine wells will now be re-used and six new wells are planned. The strategy is to produce from horizontal wells with pressure support from water injection and water-alternating-gas injection. All produced water and all gas will be re-injected into the reservoir.

The existing facilities on Yme comprise a caisson, a subsea oil storage tank, pipelines and a connection between Gamma and Beta, manifold and subsea template with three slots on Beta, subsea loading system for oil from the storage tank, and wells on both Gamma and Beta.

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Earlier:

 REPSOL & GAZPROM DEAL
2017, July, 5, 12:05:00

REPSOL & GAZPROM DEAL

Spain’s Repsol has agreed to establish a joint venture with Russian oil company Gazprom Neft, in the latest move by a European oil and gas company to deepen co-operation with Russia despite western sanctions targeting the country’s energy sector.

 

 REPSOL VS SINOPEC: $5.5 BLN
2016, June, 22, 18:00:00

REPSOL VS SINOPEC: $5.5 BLN

The claim relates to a U.K. joint venture between the Chinese and a Canadian firm which the Spanish oil producer acquired last year.

 

 

 REPSOL NET INCOME €572 MLN
2016, May, 5, 18:35:00

REPSOL NET INCOME €572 MLN

Adjusted net income was 572 million euros, compared with 928 million in the same quarter of the previous year, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF, subsequently used for the acquisition of Talisman.

 

 STATOIL & REPSOL TRANSACTIONS
2015, December, 11, 19:45:00

STATOIL & REPSOL TRANSACTIONS

Statoil and Repsol announce transactions in Norway, UK, US and Brazil

 

 

 

 REPSOL WILL SELL $7.1 BLN, CUTS 38%
2015, October, 19, 19:10:00

REPSOL WILL SELL $7.1 BLN, CUTS 38%

Repsol SA said Thursday it will sell €6.2 billion ($7.1 billion) of noncore assets through 2020 as part of a cost-cutting drive, which also includes a significant cut in oil-exploration spending.

 

 REPSOL WILL DOWN 22%
2015, October, 15, 19:30:00

REPSOL WILL DOWN 22%

Spanish oil major Repsol said on Wednesday its net profit could fall by up to 22 percent in 2015, hit by low crude prices and a loss of value of some of its North-American assets which will trigger a big impairment charge in the third quarter.

 

 

Tags: NORWAY, OIL, GAS, INVESTMENT, REPSOL

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