Increased interest in H-Nord

4. juli 2013

Increased interest in H-Nord

Idemitsu has acquired additional interest in PL 090 F (25%) and PL 090 G (25%) from ExxonMobil.

The licenses are located approximately 5 km north of the Fram field. PL 090 G includes the H-Nord oil field which was discovered in 2007 and is currently under development. As the field straddles PL 090 G and 248, it was unitised among the owners. H-Nord will be operated by Statoil.

The licensees decided to develop the discovery in 2012 and production is expected to commence during in the second half of 2014. The owners have opted for a development plan involving a subsea completion tie-back to the Troll platform through the existing subsea facilities of the Fram oil field.

Recoverable reserves of H-Nord oil field are approximately 10 million barrels of oil equivalent and Idemitsu’s portion after increasing its interest is about 3 million barrels of oil equivalent.

Participating interest       Before   After
   Idemitsu Petroleum Norge AS (IPN)       15 %  40 %
   Statoil Petroleum AS (operator)  45 %  45 %
   ExxonMobil E&P Norway  25 %  -
   GDF SUEZ E&P Norge AS  15 %  15 %
 Water depth  360 m    

Click to see map: H-Nord Field Location Map