Fenja (Pil) - PL586
|Norwegian Sea (NO)||7.5% equity||Vår Energi AS (45%)
Neptune (30% and operator)
Exploration well 6406/12-3 S encountered a gross hydrocarbon-bearing reservoir section of approximately 135 metres of oil and 91 metres of gas in the Jurassic Rogn Formation. This formation has proved to be a very effective reservoir at the Shell operated Draugen Oil Field, located 60 kilometres to the north east. A successful side-track to prove the lateral extent of the Pil discovery was announced in May 2014 followed by a successful side-track into the neighbouring Bue Oil and Gas Prospect announced in July 2014.
Work on the Fenja (formerly Pil & Bue) development is continuing. A subsea tie-back to Njord A was selected as concept (DG2) in February 2017. FEED work has been completed and the Plan for Development and Operation (PDO) was approved by to the Norwegian Ministry of Petroleum and Energy in April 2018. As detailed in the PDO, the operator Neptune, expects total gross recoverable reserves from the Fenja development of approximately 97 million barrels of oil equivalent (72% of which is oil).
The field will be developed with three oil producers, two water injectors and one gas injector which will be converted to a gas producer during the gas blow down phase towards the end of field life. Fenja is expected to come on stream in Q1 2021.
In February 2018, the Company announced the sale of a 17.5% working interest in the Fenja development to Suncor Energy Norge AS, retaining a 7.5% interest, for cash consideration of $54.5m. This transaction completed in May 2018.