Talisman Energy Plans to Redevelop Yme Field in Norway

abarrelfull wrote on 22 May 2012 13:11
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Jan. 11, 2007)

Talisman Energy Norge AS, a wholly owned subsidiary of Talisman Energy Inc. (TSX:TLM) (NYSE:TLM), has announced plans to redevelop the Yme field on the Norwegian Continental Shelf.

"We expect that Norway will be a significant contributor to Talisman's production growth over the next five years and beyond," said Dr. Jim Buckee, President and Chief Executive Officer. "The Yme redevelopment is a good example of our creative thinking, using an innovative production concept to economically recover a significant amount of oil. Our development projects at Rev and Yme are expected to add over 40,000 boe/d of production, net to Talisman, in 2009. We plan to participate in eight exploration and 10 development wells in 2007, in what will be our most active year in Norway to date."

The Yme field was discovered and originally developed by Statoil and produced from 1996 to 2001. The field was abandoned in a time of low oil prices after having produced 51 million barrels of oil (15% recovery of original oil in place). The production license was subsequently relinquished and a new license group in PL316 consisting of Talisman Energy Norge AS (70% and operator), Revus Energy ASA (20%) and Pertra ASA (10%) has been formed to redevelop the field. The PL316 license is located in Block 9/2 and 9/5, approximately 100 kilometres from the Norwegian coastline.

Total development capital for the project is expected to be approximately C$770 million, the bulk of which will be for wells and subsea equipment. Talisman has selected a leased mobile production unit with storage (MOPUstor) as the preferred production facility. MOPUstor comprises a jack-up production facility sitting on top of a steel storage tank on the seabed, which offloads to shuttle tankers.

The development is expected to produce approximately 70 million barrels of proved plus probable reserves over its life. The facilities may also host future production from other discoveries in the Egersund Basin. First oil is scheduled for early 2009 and the field is expected to produce approximately 26,000 bbls/d net to Talisman in 2009.

The MOPUstor platform will be provided by Single Buoy Moorings Inc. (SBM). Drilling for the first phase of the development will be conducted using the Maersk Giant. The plan includes a total of 12 production and injection wells, of which five will be completed subsea.

• Talisman Energy Plans to Redevelop Yme Field in Norway

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