Statoil opens new gas field in North Sea

A new gas field has officially been opened in the Norwegian North Sea.

Norway’s Petroleum and Energy Minister Tord Lien cut the ribbon on the Valemon gas and condensate field yesterday.

The expected recoverable reserves from the field are estimated at around 192 million barrels of oil equivalent.

Energy company Statoil expects to invest around NOK 22.6 billion (£2bn) when all 20 production wells have been drilled.

Condensate from Valemon will be piped to Kvitebjørn for processing and forwarded to Mongstad while the gas will be transported to Heimdal for processing and then sent to the market, according to Statoil.

“Valemon is thereby extending the life of Heimdal, which was scheduled to be shut down in 2014, as a gas hub in this part of the North Sea,” Arne Sigve Nylund, Executive Vice President for Development & Production in Norway said.