By OGJ editors
HOUSTON, Mar. 11 -- Statoil ASA has increased its investment estimate for the Kristin project in the Norwegian Sea by 1.4 billion kroner to 20.8 billion kroner.
The estimate includes an extraordinary project reserve of 500 million kroner because uncertainty persists about drilling and completion work for the complex reservoir more than 4,500 m beneath the seabed. Plans call for production to start Oct. 1.
"Kristin is the most demanding reservoir ever developed on the Norwegian continental shelf," said Terje Overvik, executive vice-president for Statoil's Exploration & Production Norway. "This is the first time wells are being drilled in such demanding formations from a floating rig."
At 900 bar, its pressure and 170° C. temperature are higher than in any other field developed on the Norwegian continental shelf to date. The reservoir is to be produced through 12 subsea wells, with a production capacity of 126,000 b/d of condensate and 18 million cu m/day of rich gas.
Kristin's platform is under construction at Aker Kvaerner's Stord Verft yard south of Bergen, and is expected to leave during March. It will be fully complete at tow-out.
In addition to operator Statoil, which holds 46.6% interest in Kristin, other licensees are Petoro AS 18.9%, Norsk Hydro AS 12%, ExxonMobil Corp. 10.5%, Agip SPA 9%, and Total SA 3%.
