Equinor invests in Fram field, nearly doubling remaining reserves

5/25/2018

STAVANGER -- Equinor (formerly Statoil) and its partners make investments in Fram field that will almost double remaining reserves.

Last autumn the Fram license partners decided to invest more than NOK 1 billion in a new gas module on Troll C, and now they have decided to drill three new wells on the field for NOK 1.9 billion.

The three wells will give 70 MMbbl of new oil and gas, thanks to higher gas processing capacity on Troll C.

The installation preparations for the gas module started early in May, and the installation work on the platform will commence in June. Start-up of the new gas module is expected in the autumn of 2019.

Accelerating the recovery rate

The new gas module will enable accelerated recovery of resources in the Fram area, which has previously been limited by the Troll C gas processing capacity.

Fram field consists of four subsea templates, each comprising four well slots. The three wells to be drilled will reuse three well slots that were in use earlier, thereby eliminating the need for new subsea installations.

“The investments open up new possibilities in the Fram area. When the gas module is ready, we will be able to accelerate the recovery rate in the Fram area. Since we will reuse our subsea installations we will curb costs and thereby achieve high project profitability,” says Gunnar Nakken, head of the operations west cluster.

Boosting production, the three new wells will represent net earnings that at current prices will create value of a total of NOK 18 billion.

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