Faroe Petroleum, the unbiased oil and gasoline Company focusing principally on exploration, appraisal and manufacturing alternatives in Norway and the UK, has introduced that the Norwegian Minister of Petroleum and Energy has permitted the plan for the event and operation (PDO) of Fenja discipline.
The Fenja oil discipline is positioned 33 km southwest of the Njord manufacturing facility. The discipline will probably be developed with three oil producers, two water injectors and one gasoline injector, which will probably be transformed to a gasoline producer through the gasoline blow-down part in direction of the top of discipline life.
The operator, VNG Norge AS, estimates that the sphere incorporates gross recoverable assets of 97 MMboe, and is comprised predominantly of oil. Fenja is predicted to return on stream in 2021, with a deliberate discipline lifetime of 16 years.
In February 2018, Faroe Petroleum introduced that it had executed a transaction with Suncor Energy Norge AS for the sale of a 17.5% working curiosity within the Fenja growth for a money consideration of $54.5 million. The Fenja PDO approval is the principal situation precedent to completion of this transaction. Faroe retains a 7.5% working curiosity within the Fenja growth.
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