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Norway government reports on status of major projects

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Oilfield Technology,

As reported by Reuters, Norway's Ministry of Petroleum and Energy has reported in the country's state budget on the status of major projects that are currently undergoing development or have recently started operation.

Thirteen of Equinor’s projects are on this list. Eight of the company's projects have reduced costs since submitting their plans for development and operation, one project remains unchanged, while four projects have reported higher costs.

Equinor said the investment forecast for the Martin Linge field had risen to 56.1 billion Norwegian crowns (£5.01 billion) from an estimated 47.1 billion, with its start-up delayed until 3Q20 from 1Q20.

“Martin Linge is a complex project, and the scope of work has increased. This means increased costs and somewhat more time before we can start production,” Equinor said.

The 256 million boe field in the northern part of the North Sea was originally estimated to cost 30 billion crowns, when French company Total submitted development plans to the Norwegian government in 2012.

Equinor took over operating the field in March 2018 after buying a 51% stake from Total for US$1.45 billion. It now has a 70% stake in the field’s license, and state-owned Petoro holds the rest.

Government budget documents released on Monday also showed the cost of Equinor’s project to redevelop the Njord field in the Norwegian Sea would increase by 4.4 billion crowns to 20.3 billion crowns compared with the previous estimate a year ago.

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