Norway sanctions Yme redevelopment in the North Sea
Repsol Norge has attained approval for its revised development plan for the Yme field in the southeastern Norwegian North Sea from Norway’s Ministry of Petroleum and Energy.
According to partner OKEA, the redevelopment should add 65 MMbbl of production, at an estimated cost of NOK8.2 billion ($1.043 billion): much of this will be spent prior to first oil, targeted for the end of 2019.
An initial Yme PDO was approved in 2007, but events thereafter led the previous partnership to abandon the redevelopment.
In summer 2015, OKEA initiated a project aimed at reversing that decision and worked with the other licensees to devise a new development plan involving use of the production jackupMærsk Inspirer, in combination with existing wells and subsea installations.