OSLO (Reuters) - Spain’s Repsol (REP.MC) and Germany’s VNG presented separate plans on Tuesday to develop two Norwegian oil and gas fields for a combined 18.2 billion Norwegian crowns (£1.62 billion), Norway’s Ministry of Petroleum and Energy said.
VNG’s Fenja oil and gas field in the Norwegian Sea, a collection of discoveries previously known under the names Pil, Bue and Boomerang, will cost 10.2 billion crowns ahead of a startup in early 2021, the company told a news conference.
Fenja’s recoverable resources were estimated at 100 million barrels of oil equivalent. VNG owns 30 percent of the field while Point Resources has 45 percent and Faroe Petroleum (FPM.L) 25 percent.
Repsol’s Yme oilfield in the North Sea is expected to cost 8 billion crowns and will begin production in the first half of 2020, with recoverable resources of 65 million barrels and peak production seen at 50,000 barrels per day, the operator said.
Repsol owns 55 percent of Yme, while Lotos Exploration (LTSP.WA) holds 20 percent, OKEA AS 15 percent and KUFPEC Norway 10 percent.
While Yme is expected to produce for 10 years, Fenja’s output is seen lasting 16 years, the companies said.
Reporting by Henrik Stolen, writing by Terje Solsvik, editing by Gwladys Fouche