Update on the Tyra Redevelopment Project
Friday 6 November 2020
Norwegian Energy Company ASA (“Noreco” or “the Company”) announces today the following update on the Tyra Redevelopment Project:
As a consequence of the ongoing COVID-19 pandemic, first production from the Tyra Redevelopment is expected in Q2 2023 instead of 2022 as previously communicated.
The project remains on track to be delivered within budget
Due to COVID-19, local governmental imposed restrictions at the fabrication yards have impacted the schedule of the new Tyra topsides, including through the global supply chain delivering key components for the topsides. As a direct consequence of this impact the installation of the four new topsides is rescheduled from 2021 to a 2022 installation-window. First production from the redeveloped Tyra is then expected in Q2 2023.
Facts:
Noreco is a North Sea E&P company and the second largest producer in Denmark with a 36.8% ownership in The Danish Underground Consortium (“DUC”).
The DUC is a partnership between the operator Total (43.2%), Noreco (36.8%) and Nordsøfonden (20%).
The Tyra Field is the largest gas condensate field in the Danish Sector of the North Sea. Its facilities process more than 90% of the gas produced in Denmark, as well as the entire gas production of the DUC.
Due to seabed subsidence, the Tyra field required a redevelopment, a project that was sanctioned by the DUC in 2017.
The Tyra Redevelopment consists of three main elements: Removal and decommissioning of the prior Tyra platforms, reuse and 13 meters extension of the current jackets at six platforms that will have new topsides and a new process platform and a new accommodation platform. The project is, to date, the largest project carried out on Danish Continental Shelf.
When back in operation, Tyra is expected to reach peak production of approximately 60,000 boepd.