Investing in Tofte development

March 10, 2005, 09:30 CET

The Tofte discovery made by Statoil in the Norwegian Sea during January 2004 is to be tied back to the group’s nearby Kristin platform.

This field was found while drilling the first production well on Kristin, and is not included in the original plan for development and operation of the latter.

The cost of developing the discovery with a single well drilled from one of the Kristin seabed templates is put at NOK 655 million.

Recoverable reserves in Tofte are estimated to be five billion cubic metres of gas and 18 million barrels of condensate.

“This development makes good use of our infrastructure,” says Nina Udnes Tronstad, operations vice president for Kristin. “That means it will be highly profitable.”

Licensees in Tofte are the same as for Kristin, with Statoil holding 41.6 per cent, Petoro 18.9 per cent, Hydro 14 per cent, ExxonMobil 10.5 per cent, Eni nine per cent and Total six per cent.