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Equinor Awards Aibel Oseberg Portfolio Agreement

Gasoil News - Published on Fri, 10 Jul 2020

Image Source: Aibel Oseberg
On behalf of the Oseberg partners, Equinor has awarded Aibel a portfolio agreement for the Oseberg fields for the period 2020-2026. The aim of the portfolio agreement is to ensure a holistic approach to planning and execution of projects at the Oseberg fields. Furthermore, Equinor has awarded Aibel a front-end engineering and design contract for the Oseberg Gas Capacity Upgrade and Power from Shore project as the first call-off under the portfolio agreement. The value of the FEED contract is around NOK 120 million. The objective of the OGP project is to maximize Oseberg asset value through timely low-pressure production and increased gas export, and to reduce the Oseberg carbon footprint by partly electrifying the Oseberg field centre and Oseberg South with power from shore. Increased gas capacity through the OGP project will increase the value of future tie-ins to Oseberg. Equinor and partners are working towards a final investment decision in late 2021.

Upon a final investment decision by Equinor and its partners and a final regulatory approval in the OGP project, Equinor has the possibility to exercise a call-off for engineering, procurement, construction and installation.

Oseberg partners: Equinor Energy AS (49.3% - operator), Petoro AS (33.6%), Total E&P Norge AS (14.7%), ConocoPhillips Skandinavia AS (2.4%). Having sold around 2.9 billion barrels of oil, Oseberg is Norway’s third largest oil producer throughout the times, following Statfjord and Ekofisk. Since production start in 1988 the Oseberg field has generated an estimated revenue of more than NOK 900 billion, corresponding to NOK 85 million per day.

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Posted By : Yogender Pancholi on Fri, 10 Jul 2020
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