Lundin Energy introduced that as a result of continued outperformance of the Edvard Grieg subject, the gross proved plus possible (2P) reserves have been elevated by roughly 50 million barrels of oil equal (MMboe), lifting the gross 2P final restoration for the sector to 350 MMboe1, 2. The anticipated plateau manufacturing interval from the Greater Edvard Grieg Area, which additionally consists of the Solveig Phase 1 and Rolvsnes Extended Well Test (EWT) developments, has been prolonged by an additional 12 months to late 2023. The Edvard Grieg subject continues to outperform, with the water manufacturing ranges considerably decrease than anticipated, which is supported by a lately accomplished 4D seismic survey that gives wonderful imaging of the motion of water within the reservoir and reveals the water injection flood entrance to be additional away from the manufacturing wells than predicted, indicating elevated oil-in-place within the subject. An up to date reservoir mannequin has been accomplished, incorporating these newest outcomes, which helps elevated reserves and an extension to the plateau manufacturing interval. Edvard Grieg gross 2P reserves are elevated by roughly 50 MMboe (33 MMboe web to Lundin Energy), lifting the gross 2P final restoration for the sector to 350 MMboe1,2, representing a rise of 90 p.c from the unique PDO. These extra reserves are considerably worth accretive as no extra funding is required, above the deliberate infill properly programme. The reserves estimates have been audited by ERCE3. The gross 2P final restoration for the Greater Edvard Grieg Area, which incorporates Edvard Grieg, in addition to the Solveig Phase 1 and Rolvsnes EWT developments, is elevated to 410 MMboe2. These extra reserves prolong the plateau manufacturing interval for the Greater Edvard Grieg Area by an additional 12 months, to late 2023, representing a five-year extension from the unique PDO. There is critical additional upside within the Greater Edvard Grieg Area, the place the entire gross final useful resource potential is estimated to be 800 MMboe, which incorporates upsides to current fields and unrisked potential sources. Several enticing exploration targets have been recognized inside tie-back distance to the prevailing services, with the operated Merckx prospect in licence PL981, scheduled for drilling within the fourth quarter 2020. The goal is to progressively mature these alternatives as a way to hold the services full past 2023. Nick Walker, COO of Lundin Energy, stated: “Since Edvard Grieg first oil in 2015, the sector has 12 months on 12 months exceeded our expectations each from a reservoir in addition to an operational efficiency perspective. What has been achieved at Edvard Grieg epitomises one of the best of Lundin Energy, by way of the appliance of subsurface experience, cutting-edge know-how and operational excellence, mixed with a decided and entrepreneurial strategy to operatorship. This reserve improve and plateau extension is extremely worth accretive, because it comes with restricted extra funding. I’m assured, that as we proceed to discover within the Greater Edvard Grieg Area, it’ll develop additional and drive materials extra worth to the partnership and Norway.”
(Source and picture: Lundin)
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