Estimated to cost between £500m and £600m, the Oda field is located in shallow water approximately 13km east of the producing Ula field in the Norwegian North Sea.
The development project involves a 4-slot seabed template with two production wells, and one water injection well, which is planned to be tied back to the Ula platform.
Oil produced from the field will be transported to the Teesside Terminal in the UK whereas the gas will be sold at the platform to Ula for re-injection into the Ula reservoir to improve recovery.
Faroe Petroleum CEO Graham Stewart said: “Following the successful Hyme development, Oda is the second Norwegian subsea tie-back development that Faroe has participated in, located in one of the Company’s core areas.
“Interests in the Ula and Oselvar fields, recently acquired by Faroe as part of the package of assets acquired from DONG Energy, provide further synergies and upside alongside Oda, where Faroe will benefit from enhanced recovery from gas injection in the Ula field along with tariff income and financial compensation from Oda owners as an Oselvar owner.”
Production from the field is scheduled to commence in 2019. The field is expected to reach a peak production capacity of 35,000bbl/d and gas production of about 35,000 barrels of oil equivalent per day.
Centrica operates the Oda field with 40% stake while other partners include Suncor Energy Norge with 30%, Faroe Petroleum 15% and Tullow Oil Norge 15%.
Image: Illustration of Oda field development Norwegian North Sea. Photo: courtesy of Centrica plc.
