The very first license on the Norwegian continental shelf, PL 001, or Balder, was granted in 1965. This was also the first discovery of oil offshore in Norway (1967).
Balder wasn’t put into production until 1999 and has since been producing using the production vessel Jotun FPSO. The ship is now being taken ashore for upgrading, Vår Energi reports.
Vår Energi has previously stated that they want to extend the life of Norway’s oldest license to 2045.
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In addition to the Jotun FPSO upgrade, 13 new production wells will be drilled, as well as one well for water injection in the field. A total of 136 million barrels of oil equivalents will be extracted.
Vår Energi will present the future potential of the Balder field during the NCS Exploration – Recent Discoveries conference in Stavanger 14 – 15 October 2020.
– We are proud to continue the PL 001 legacy, and by utilizing existing infrastructure, we contribute to good resource management. There is still uncertainty about how the Covid 19 pandemic will affect the project, but the goal is to start production in the latter half of 2022, says Kristin Kragseth, CEO of Vår Energi.
Balder, including Ringhorne, produces oil from several separate deposits in sandstones of the Jurassic, Eocene and Paleocene ages. Balder produces from the Heimdal and Hermod formations, and from injectites above them.
The reservoirs has good to very good quality and lies at a depth of 1 700 meters.