By the OGJ Online Staff
HOUSTON, Sept. 17 -- Statoil AS has downgraded estimated reserves of its Svale field in the Norwegian Sea to 50 million bbl from the previous 80 million, and will therefore postpone filing a plan of development and operation to the authorities.
Previously, Statoil had said it would develop Svale, on production license 128, as a satellite to its nearby Norne floating production vessel (OGJ Online, Aug. 14, 2000). The reduced estimate means the development solution does not meet Statoil's return-on-capital requirements.
The test and analysis results from exploration well 6608/10-6 and appraisal well 6608/10-7 caused Statoil to scale down Svale's estimated oil reserves.
Statoil and its partners are considering tying back other prospects to make the project more profitable.