Thursday 20 May 2021

Spirit Energy has together with three other oil companies selected a concept for developing six discoveries in a joint unitisation project on Haltenbanken in the Norwegian Sea. The development concept is a subsea tie-back to Åsgard B platform, utilising existing facilities and infrastructure.

The Haltenbanken East project will be developed as a unit between four different licences and comprises six discoveries and three prospects with a combined volume in the order of 100 million barrels of oil equivalent (mmboe), mostly gas.

Gunn Gadeholt, Asset Manager at Spirit Energy, said: “These discoveries were basically considered stranded assets – it would not have been economically viable to develop any of them on their own. The unitisation approach will unlock the potential and deliver value both in the development- and production phases of the project. It’s a smart solution that we and our partners can be proud of.”

The project is planned to be executed in two phases. The first will consist of drilling of six wells to five of the discoveries. The second phase includes the last discovery and three prospects, planned to be drilled as side-tracks from existing wells.

Robust economics

Gadeholt said: “Haltenbanken East delivers robust economics and is a good strategic fit for Spirit Energy. The objective of the next phase is to mature the project towards a final investment decision and a Plan for Development and Operations (PDO) to the Norwegian authorities."