(MENAFN- Trend News Agency)
BAKU, Azerbaijan, May 8. The final investment
decision (FID) for the offshore block PL293 in Norway is
tentatively set for 2026, however this may change depending on
pre-development plans, Japan's INPEX Corporation told Trend .
INPEX earlier announced today that its subsidiary INPEX Norway
Co., Ltd. (INPEX Norway) has discovered oil and gas columns as a
result of drilling the 35/10-8S exploration well from March until
April 2022 at offshore block PL293 in the Kingdom of Norway.
'Data analysis and evaluation will be conducted going forward.
As is standard with hydrocarbon discoveries, the evaluation process
will involve appraisal, development planning and FEED,' said the
company.
INPEX Norway, which is co-owned by INPEX (50.5 percent) and
Idemitsu Kosan Co., Ltd. (49.5 percent), has a 10 percent
participating interest in the block through its Norwegian
subsidiary INPEX Idemitsu Norge AS (IIN). The block is located in
the Norwegian North Sea about 15 kilometers west of the Fram Oil
Field, which has been in production since 2003 and in which IIN has
a 15 percent participating interest. As a result of drilling the
well, INPEX confirmed an oil column approximately 20 meters thick
with excellent reservoir properties in a reservoir different from
those found in the surrounding oil and gas fields. The company also
confirmed the presence of gas in an associated reservoir.
INPEX will proceed with the analysis of the data obtained
through its exploration work and evaluate opportunities for
development. The block lies in an area with a concentration of oil
and gas fields such as the Fram Oil Field and related production
facilities, enabling early development and production by connecting
to existing infrastructure.
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