VNG Norge is targeting a final investment decision on its Pil and Bue development in the Norwegian Sea by the end of this year.
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Map of Pil & Bue, from VNG. |
Pil and Bue ("arrow" and "bow" in Norwegian) are due to be developed as a subsea tie-back to the nearby (33km) Njord platform. Front end engineering and design studies have started and a formal decision of continuation of the project lodged with Norwegian authorities.
“The decision demonstrates the ability to move the Pil & Bue project ahead. We look forward to maturing the project further towards the final investment decision and submitting the PDO by the end of the year,” Atle Sonesen, managing director of operator VNG Norge said.
Pil and Bue are in PL 586, with a total estimated resources of 90-200 MMboe. Pil is estimated to hold 7.5-14.9 MMcum of recoverable oil and condensate, and 3.7-5.9 Bcm of recoverable gas. Bue has estimated resources of 1.5-2.6 MMcum of recoverable oil equivalent.
VNG is the operator with 30% stake. Partners include Faroe Petroleum (25%) and Point Resources (45%).
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