Start-up at the long-awaited Tyra redevelopment off Denmark is now expected in Q1 next year, according to project partner BlueNord.
Announcing its Q3 results on Wednesday the Norwegian producer – formerly known as Noreco until earlier this year – issued a lengthy update on the state of the redevelopment project
It is the largest project carried out on the Danish Continental Shelf to date and is expected to increase net production at the field by approximately 90%, unlocking gross reserves in excess of 200 million barrels of oil equivalent (boe)
The revised timeline comes after covid-related delays affected work on a process module, with the group last year pushing back production start-up to winter 2023/2024.
BlueNord credited “significant progress” during the last quarter, with all subsea work now completed to reconnect the satellite fields to the Tyra hub.
Leak testing has also been completed on the most complex systems and good progress was made on the remaining critical process system required for gas export, it reported.
As a result, the group said first gas is now expected in “early Q1 2024” and plateau production in “Q2 2024”.
This “accelerated ramp-up” means plateau production will be reached earlier than thought, enabled in part by the revised start-up strategy which will it said would allow more efficient execution of the remaining work necessary to reach plateau.
BlueNord now expects Tyra will deliver greater volumes during 2024 than it initially forecast, and is currently reviewing Tyra’s contribution to its production base from next year.
“We expect strong production to be a continuing theme, driven by proactive optimization work carried out by the operator,” said CEO Euan Shirlaw
“As we get closer to first gas, it has become clear that completing more work prior to the introduction of hydrocarbons will result in a significantly shorter ramp-up to plateau production. BlueNord is therefore announcing today a revised start-up strategy where we expect to achieve first gas in early Q1 2024 and plateau production in Q2 2024.
“This will see greater volumes than previously expected being delivered by Tyra in 2024, and consequently our long-term production profile is currently under review.
“Once onstream, Tyra will help us deliver our goal of producing over 55mboe/d net by 2025 and, in doing so, be positioned to provide a material return of capital to our shareholders.”
The company recorded pre-tax profits of $32 million in Q3, on revenues of $200m.
Production remained at the higher end of estimates at 24,700 barrels of oil equivalent per day (boepd).
A new infill well at the company’s Halfdan field spudded in June is also expected to contribute volumes from early 2024 rather than Q4 2023 as previously expected.