Volve development approved

The Norwegian Council of State has approved the plan for development and operation (PDO) of Statoil's Volve discovery in the North Sea. Statoil will produce oil from this field using the Mærsk Inspirer jackup rig with the Navion Saga tanker for storage. Associated gas from Volve will be piped to Statoil's Sleipner A platform for final processing and export.

Offshore staff

The Norwegian Council of State has approved the plan for development and operation (PDO) of Statoil's Volve discovery in the North Sea. Statoil will produce oil from this field using theMærsk Inspirer jackup rig with the Navion Saga tanker for storage. Associated gas from Volve will be piped to Statoil's Sleipner A platform for final processing and export.

"We've chosen a stand-alone development for Volve, which makes it possible to phase in additional resources later," says Svein Løining, Volve project manager.

Total development and operating costs for Volve are put at roughly NKr7 billion, with investment accounting for just under NKr2 billion of that sum. Plans call for Volve to come onstream in the spring of 2007, with the field expected to produce for 4-5 years.

Recoverable reserves are put at 70 MMbbl and 1.5 bcm. Plateau output should be 50,000 b/d.

4/22/05

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