Norwegian oil and gas major Statoil ASA (STO) said
Thursday that with its partners it has made the investment decision for a joint
oil export solution for the Edvard Grieg and Ivar Aasen fields in the Norwegian
North Sea.
MAIN FACTS:
-The
oil will be transported via a 43-kilometre oil pipeline from Edvard Grieg to
the Grane oil pipeline, and then on to Sture.
-The transport solution is a precondition for developing the Edvard Grieg
(operated by Lundin) and Ivar Aasen (operated by Det norske oljeselskap)
fields.
-Edvard Grieg is scheduled to start producing in 2015 and Ivar Aasen in 2016.
-The new pipeline will be called the Edvard Grieg oil pipeline.
-Statoil is a partner in both fields and operator for the joint venture for oil
transport.
-A plan for installation and operation (PIO) has been submitted to the
Norwegian Ministry of Petroleum and Energy.
-The PIO is expected to be approved this autumn.
-Pipeline production will be completed in 2013.
-Pipeline coating will be completed in 2014.
-Installation of new connection point in the Grane oil pipeline will be carried
out in connection with the planned shutdown of Grane in the spring of 2014.
-Pipeline installation in the summer of 2014 and tie-in operations in 2015, so
it will be ready for the start of production in the autumn of 2015.
-At GMT
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