OKEA to invest NOK 568 million in Gjøa P1 project. - OKEA

OKEA to invest NOK 568 million in Gjøa P1 project.


The Gjøa license operator, Neptune Energy Norge, has today submitted development plans for the P1 project. This is a re-development of the P1 segment of the Gjøa field. First production is expected in late 2020/early 2021. Total recoverable resources are estimated to be 32,6 million barrels of oil equivalents (boe). P1 is expected to yield around 24,000 boe/d at maximum production.

OKEA AS is a 12% license holder of the Gjøa (PL153) Field. Gjøa P1 will add close to 4 million boe of reserves to OKEA and almost 3000 boe/d in production.

The P1 segment is covered by the original Plan for Development and Operation (PDO) for Gjøa, hence an Application for exemption from PDO is today submitted to the Norwegian Authorities.

The field will be developed as a tie-back solution, connecting a subsea template to the nearby Gjøa platform wherefrom the production will be controlled, processed and exported into existing pipelines for oil and gas respectively.

Estimated overall capital expenditure of the Project is NOK 4 732 million, whereas OKEAs part is NOK 568 million.

Ola Borten Moe, Senior Vice President Business Development of OKEA, says: “The sanctioning of this project development represents an important milestone for OKEA, proving that our participation and involvement contributes to further activities and resource development in already developed areas on the Norwegian Continental Shelf. The P1 project will also add valuable production to OKEA and further increase our growth ability going forward.”

About the Gjøa Field (PL 153)
The Gjøa field is located 65km southwest of Florø and was discovered in 1989, and a PDO was delivered and approved by the Norwegian Authorities in 2007. The field is developed with five subsea templates tied to the Gjøa Semi-Submersible platform for processing and export. Production commenced in 2010. Oil is exported by pipeline to Mongstad and gas by pipeline to St. Fergus in the UK. The Gjøa P1 segment is located in the northern part of the Gjøa field.

License partners: Neptune Energy Norge (30%, operator), Petoro (30%), Wintershall Norge AS (20%), OKEA (12%) and DEA (8%)

For further information:
Ola Borten Moe, SVP Business Development
+47 916 721 25