Verdande: Securing higher production on the Norne vessel
Equinor has, on behalf of the partnership, submitted the plan for development and operation (PDO) for Verdande to the Ministry of Petroleum and Energy.
The subsea development secures important oil volumes to the Norne production vessel. Verdande will be put on stream in the fourth quarter of 2025.
“Verdande will provide important local and regional ripple effects. It will also help meet the energy demanded by European customers,” says Geir Tungesvik, Equinor’s executive vice president for Projects, Drilling & Procurement.
Comprising the Cape Vulture and Alve North-East discoveries, Verdande is located in the Norwegian Sea at water depths of 350-380 metres, around 300 kilometres south-west of the city of Bodø in North Norway.
The discoveries were proven in 2017 and 2020 respectively and contain a total of 36.3 million barrels of recoverable oil equivalent.
“Verdande will provide good utilization of excess capacity on the Norne vessel, and its resources contributes to an economic extended lifespan beyond 2026,” says Grete Birgitte Haaland, senior vice president for exploration and production north in Equinor.
Ripple effects
The Verdande investments total NOK 4.7 billion (2022-value).
“According to a ripple effect study carried out by Bodø Science Park the national employment effects of the Verdande development are calculated at close to 1300 full-time equivalents, distributed on three years in the development period from 2023 to 2025,” says Haaland.
Verdande will be operated and maintained as an integrated part of Norne. This includes activities at the supply base in Sandnessjøen, the helicopter base in Brønnøysund and use of local companies in engineering services and fabrication in North Norway.
Development solution
The Verdande development is based on well-known technology from similar satellite developments at the Norne field. The development solution consists of a subsea template tied back to the Norne vessel via a new tubing. The oil will be lifted by a tanker and the gas will be piped via Åsgard Transport to Kårstø.
“Based on the ripple effect study and our own calculations Verdande will be a socio-economically profitable and economically viable project. Not least, it will contribute to increased energy efficiency for Norne,” says Tungesvik.
Verdande licence owners: Equinor Energy AS – operator - (59.3 %), Petoro AS (22.4 %), Vår Energi ASA (10.5 %), Aker BP ASA (7.0 %), PGNIG Upstream Norway AS (0.8 %).
Facts about Verdande
- Drilling start scheduled for the fourth quarter of 2024.
- Production start in the fourth quarter of 2025.
- CO2-intensity of the Verdande development is calculated at 1.6 kg CO2 per barrel of oil equivalent.
- The production will make the Norne vessel more energy efficient per unit of production.
- The field name comes from Norse mythology. Verdande is one of the three Norns, the Fates, who spin the threads of fate for humans and gods at the foot of Yggdrasil.
- The production facilities at the Norne field comprises the Norne production vessel and a total of 15 subsea templates including 52 wells (production and injection).
- Production at the Norne field started on 6 November 1997, consequently the field recently celebrated 25 years on stream.
Latest news
Equinor third quarter 2024 results
Equinor delivered adjusted operating income* of USD 6.89 billion and USD 2.04 billion after tax in the third quarter of 2024. Equinor reported net operating income of USD 6.91 billion and net income at USD 2.29 billion. Adjusted net income* was USD 2.19 billion, leading to adjusted earnings per share* of USD 0.79.
Equinor to commence fourth tranche of the share buy-back programme for 2024
Equinor will on 25 October 2024 commence the fourth and final tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the third quarter results 24 October 2024.
Key information relating to cash dividend for third quarter 2024
Key information relating to the cash dividend to be paid by Equinor ASA for third quarter 2024.