Thursday, July 28, 2011
GDF Suez
GDF Suez announced an important milestone in the development of its portfolio of exploration & production assets. The operations are located in a mature area in Norway.
The Group acquired an additional 20% share in the offshore Njord field and in Noatun discovery in Norway, from ExxonMobil Exploration & Production Norway AS. GDF Suez E&P Norge AS therefore becomes the first shareholder in this license with a 40% interest, alongside Statoil (20%, operator), E.ON Ruhrgas (30%), Faroe Petroleum (7.5%) and VNG (2.5%).
Jean-Marie Dauger, Executive Vice President of GDF Suez, in charge of the Global Gas & LNG Business Line, explained, "These [...] operations highlight the GDF Suez E&P's strategy and successful implementation: a balanced portfolio with a strong presence in mature areas, such as Njord in Norway."
The Njord area in the Norwegian Sea is very active. The North-West Flank which is part of the Njord license is currently being drilled from Njord whilst the fast track development Hyme (ex Gygrid) recently approved by the Ministry of Petroleum and Energy will be tied back to and processed at the Njord facilities. The start of the Low Pressure Production project on the Njord field in 2013 will increase the recovery rate and extend the life of the field, in production since 1997. Entered in the licence late 2000, GDF Suez intends to speed up development of other discoveries in this area, thus expanding the life time of the Njord platform then used as a hub for the area. The transaction is subject to approval from the Norwegian Authorities.
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