Engie E&P increases resource estimate on Cara discovery

11/2/2017

LA DÉFENSE, France -- Engie E&P, the operator of the Cara-license (PL 636) in the Norwegian sector of the North Sea, is increasing the resource estimate. Engie E&P now estimates that the Cara discovery contains 56 to 94 MMboe.

Cara is a gas and oil discovery in PL636 in block 36/7, located approximately 14 km from the ENGIE E&P operated Gjøa facilities. The original volumes were estimated to be between 4.5 and 12 million standard cubic meters of recoverable oil equivalent, which corresponds to 25 to 70 MMbbl. This made Cara the second largest discovery on the Norwegian continental shelf in 2016, according to the Norwegian Petroleum Directorate.

Increase in volumes

ENGIE E&P now estimates the volumes of the discovery to be in the range of 9 to 15 million standard cubic meters of recoverable oil equivalent. This corresponds to 56 to 94 MMbbl.

"Since the discovery in 2016, we have analyzed the expanded data acquisition conducted during drilling and testing of the well. This has resulted in increased volumes, which gives us an improved economy and a more robust field development project," said project manager of Cara, Siri Lunde in Engie E&P.

Tie-back to Gjøa

This week, the Cara-licence reached the so-called "Concretization Decision", which is the feasibility decision gate in the Norwegian petroleum system. At this stage, the licensees have identified at least one technical and economically feasible concept that provides a basis for initiating studies that should lead to concept selection by 1st November 2018.  The suggested concept involves a tie-back to the Engie E&P operated Gjøa-facilities.

Expected start-up of production at the Cara field is being targeted for late 2020/2021.

License partners in PL 636: Partners in PL636 are: Idemitsu Petroleum (30%), Pandion Energy (20%), Wellesley Petroleum (20%), ENGIE E&P (30%, Operator).

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