Sunday, 28 May 2023 03:11 GMT

INPEX Announces Timeframe For FID On New Discovery In Norway (Exclusive)

(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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