Uchenna Izundu
International Editor
LONDON, Jan. 19 -- Volund oil and gas field, on the Norwegian Continental Shelf 7 miles south of the Alvheim development on Production License 150, will come on stream in the second quarter of 2009, discovery operator Marathon Oil Co. said Jan. 19. Marathon holds a 65% interest in Volund, and Lundin Norway AS has a 35% stake.
Norway has approved Marathon's development plan for the field, which holds estimated gross risked resources of 40-50 million boe. Volund will be a subsea tieback to the Marathon-operated Alvheim floating production, storage, and offloading vessel. The field will include three producing wells and one water-injection well. Oil will be incorporated into the Alvheim blend and exported via shuttle tankers, and associated gas will be exported via the Alvheim-to-SAGE pipeline.
Alvheim will start oil and gas production during the first quarter. It accesses PL 203, PL 088BS, and PL 036C on the Norwegian Continental Shelf. Marathon holds a 65% share. Its partners are ConocoPhillips Norge AS 20% and Lundin Norway AS 15%.
Contact Uchenna Izundu at [email protected].