Verdande: Securing Higher Production on the Norne Vessel

Source Company Press Release
Company Equinor ASA, Aker BP ASA, Petoro AS, PGNiG SA, Var Energi ASA
Tags Country: Norway, Financial - Costs & Metrics: Capital Expenditures, Upstream: Drilling Activity, Upstream News
Date December 06, 2022

Equinor has, on behalf of the partnership, submitted the plan for development and operation (PDO) for Verdande to the Ministry of Petroleum and Energy.

The subsea development secures important oil volumes to the Norne production vessel. Verdande will be put on stream in the fourth quarter of 2025.

“Verdande will provide important local and regional ripple effects. It will also help meet the energy demanded by European customers,” says Geir Tungesvik, Equinor’s executive vice president for Projects, Drilling & Procurement.

Comprising the Cape Vulture and Alve North-East discoveries, Verdande is located in the Norwegian Sea at water depths of 350-380 metres, around 300 kilometres south-west of the city of Bodø in North Norway.

The discoveries were proven in 2017 and 2020 respectively and contain a total of 36.3 million barrels of recoverable oil equivalent.

“Verdande will provide good utilization of excess capacity on the Norne vessel, and its resources contributes to an economic extended lifespan beyond 2026,” says Grete Birgitte Haaland, senior vice president for exploration and production north in Equinor.

Ripple effects

The Verdande investments total NOK 4.7 billion (2022-value).

“According to a ripple effect study carried out by Bodø Science Park the national employment effects of the Verdande development are calculated at close to 1300 full-time equivalents, distributed on three years in the development period from 2023 to 2025,” says Haaland.

Verdande will be operated and maintained as an integrated part of Norne. This includes activities at the supply base in Sandnessjøen, the helicopter base in Brønnøysund and use of local companies in engineering services and fabrication in North Norway.

Development solution

The Verdande development is based on well-known technology from similar satellite developments at the Norne field. The development solution consists of a subsea template tied back to the Norne vessel via a new tubing. The oil will be lifted by a tanker and the gas will be piped via Åsgard Transport to Kårstø.

“Based on the ripple effect study and our own calculations Verdande will be a socio-economically profitable and economically viable project. Not least, it will contribute to increased energy efficiency for Norne,” says Tungesvik.

Verdande licence owners: Equinor Energy AS – operator - (59.3 %), Petoro AS (22.4 %),  Vår Energi ASA (10.5 %),  Aker BP ASA (7.0 %), PGNIG Upstream Norway AS (0.8 %).

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd