Norwegian energy giant Equinor has today announced it has gained approval for the development and operation (PDO) for the Snorre Expansion Project worth nearly £1.8 billion.
Approved by Ministry of Petroleum and Energy, it’s believed that the deal may increase recovery from the Snorre field by almost 200 million barrels and extend the field life beyond 2040.
The development is the biggest project undertaken in terms of “improved recovery” on the Norwegian North Sea.
Equinor say the project involves “a comprehensive subsea development, upgrading of the Snorre A installation, increased gas injection and gas import for injection”.
Margareth Øvrum, Equinor’s executive vice president for Technology, Projects and Drilling, said: “Equinor has worked closely with partners and suppliers to realise the development. I am pleased that the plan for development and operation has been approved.
Last year, Equinor, formerly Statoil, committed to a 25-year investment on the North Sea’s Snorre Field.
The Norwegian operator submitted plans for development and operation (PDO) of the Snorre Expansion Project. The field was originally expected to last until 2011. Under Statoil’s strategy it will continue to produce beyond 2040.
“The project will provide jobs in many places along the Norwegian coast and operation of the Snorre field for 25 more years,” says Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway.