Equinor starts Martin Linge oil and gas field, development costs double
Norway's Equinor (EQNR.OL) started production at its oil and
gas field Martin Linge in the North Sea near the maritime border with Britain,
the company said on Thursday.
The field holds an estimated recoverable resources of about
260 million barrels of oil equivalent (boe), and is expected to produce around
115,000 boe per day when reaches its peak in 2022.
"Martin Linge is an important contribution to Norwegian
oil and gas production. Thanks to new infrastructure in this area it will be
possible to realise new discoveries in the future," it said.
Natural gas from Martin Linge will be exported via pipelines
to St Fergus terminal in Britain, while crude oil will be exported with shuttle
tankers, Equinor said.
The field's production facilities are also supplied with
power from shore via 163-kilometre long alternating current (AC) cable, helping
to reduce greenhouse gas emissions, while its wells and processing equipment
are operated from an onshore control room, it added.
The field was originally planned to start in 2016, but its
startup has been postponed several times, including due to a fatal accident at
a shipyard in South Korea and problems with pre-drilled wells.
As a result, the development costs have doubled to 63
billion Norwegian crowns ($7.29 billion) from an original estimate of 31.5
billion crowns, Equinor said.
Equinor operates the field and holds a stake of 70%.
Norway's state-owned Petoro holds the rest.
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