By OGJ editors
HOUSTON, Feb. 22 -- Statoil has submitted to the Norwegian Ministry of Petroleum and Energy a plan for development and operation of the Volve discovery on Production License 046 in the North Sea.
Volve, expected on stream early in 2007, has reserves of 70 million bbl of oil and 1.5 billion cm of gas. Production is expected to peak at 50,000 b/d and last 4-5 years.
Associated gas from Volve will be piped to Statoil's Sleipner A platform for processing and export.
Statoil plans to produce the field from the Mærsk Inspirer jack up and use the Navion Saga tanker for storage. It plans to drill three production wells along with three wells for water injection and two wells for water production.
Statoil has a 49.6% share in the licenses. ExxonMobil Corp. has 30.4%, and Total SA and Norsk Hydro ASA hold 10% each.
