UPDATE 1-Statoil to develop Gudrun field for $3.6 bln

Thu Feb 18, 2010 10:35am EST

Related Topics

* High pressure, high temperature reservoir in North Sea

* First production seen in 2014

* Aker Solutions wins 420 mln crown Gudrun contarct

OSLO, Feb 18 (Reuters) - Norway's Statoil (STL.OL) said it and its field partners have submitted a development plan for the Gudrun oil and gas field in the North sea envisaging investments worth some 21 billion Norwegian crowns ($3.56 billion).

Statoil said Gudrun, near the Sleipner field, contains some 132 million barrels of oil equivalent, with crude accounting for about two-thirds of the amount.

Gudrun, where production is due to start in 2014, has high reservoir pressure and temperature, calling for the use of specialised technology that Statoil used on its Kvitebjoern and Kristin fields on the Norwegian continental shelf.

"Today's solution builds on the availability of tested technology for high pressure and temperature fields," Statoil's Executive Vice President Oeystein Michelsen said in a statement.

"It also utilises spare capacity in existing infrastructure. And the platform and transport solution adopted here provides a good basis for developing other oil and gas fields in the area." As part of the field work, Statoil awarded Aker Solutions AKSO.OL with a 420 million Norwegian crown engineering, procurement and construction contract.

The development plan envisages the Gudrun platform with 16 well slots and seven production wells. The other slots can be used for additional drilling to boost recovery from Gudrun or for wells from other fields. Power to the platform will be supplied by cable from the Sleipner East platform.

Discovered in 1974, Gudrun is located on the PL 025 licence in which Statoil has 46.8 percent and is the operator, Marathon (MRO.N) holds 28.2 percent and GDF Suez (GSZ.PA) 25 percent.

(Reporting by Oslo newsroom)

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