March 20th, 2019

SPIRIT ENERGY STARTS OIL PRODUCTION ON THE ODA FIELD

March 20, 2019

On 16 March, Spirit Energy started oil production on the Oda field, almost five months earlier than the original plan. The project has also come in under budget, with development costs reduced by around 15%.
The Oda field is Spirit Energy’s first development as operator on the Norwegian Continental Shelf. When the Plan for Development and Operation (PDO) for the field was submitted to the authorities in November 2016, production start was scheduled for 1 August 2019 and total investment costs were estimated at 5.4* billion kroner (£485 million).
The most recent calculations indicate that the project will be delivered at a price of around 4.6* billion kroner (£413 million) – an improvement of nearly 15%. Important reasons for the cost cuts include efficient drilling of production wells and a new type of cooperation with suppliers.
“Norway is a key region for our business and we have now reached production start for our first development project as operator on the Norwegian Shelf, without serious incidents. When we are also well ahead of schedule and well below budget, there is every reason to be proud,” says managing director Rune Martinsen in Spirit Energy Norway AS.
Spirit Energy discovered Oda in 2011 in the southern part of the Norwegian sector of the North Sea. The field is developed with a subsea template tied in to the Ula platform, 13 kilometres away.
The oil is exported to Ekofisk and then onward in Norpipe to the Teesside terminal in the UK. The gas from Oda is injected into the Ula reservoir to improve oil recovery from the Ula field.
The subsea connection between Oda and Ula is an innovative solution, with reuse of equipment on the Ula platform.
“Reuse is a smart approach in the oil industry. Oda would have been more expensive if we had not used equipment that was already offshore. Now, the economic case for the Oda field is strong,” says Martinsen
Oda’s recoverable reserves are estimated at about 33 million barrels of oil equivalent, of which 95 per cent is oil. Peak daily production is expected to reach nearly 35,000 barrels.
Spirit Energy Norway AS is the operator for Oda, with an ownership interest of 40%. The partners are Suncor Energy Norge (30%), Faroe Petroleum (15%) and Aker BP (15%).
Spirit Energy was created in 2017 following the combination of Centrica’s Exploration & Production business and Bayerngas Norge AS.

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