Release date: 2 January 2013
“The start-up of Skarv is a key operational milestone for BP, adding new production from one of our core higher-margin areas,” said Bob Dudley, BP group chief executive.
The Skarv field is approximately 210 kilometres west of the Norwegian coast in water depths of approximately 350-450 metres. Discovered in 1998, the field has an estimated ultimate recovery of around 100 million barrels of oil and condensate and over 1.5 trillion cubic feet of rich gas.
The field development includes a new highly-advanced FPSO (floating production, storage and offloading vessel) purpose-built for harsh waters, five subsea drilling templates, and an 80-kilometre 26-inch gas export pipeline connected to the Gassled transportation system, allowing export to markets in Europe.
The field will ramp up production and is anticipated to reach around 125,000 barrels of oil equivalent per day (boe/d) monthly average rate (30,000 boe/d net to BP) within the first six months of production and an expected maximum daily rate of approximately 165,000 boe/d (40,000 boe/d net BP) by year end.
Rebecca Wiles, BP Norway managing director, said: “Skarv will be a very important hub for BP in Norway, contributing significantly to our production growth from Norway and representing an important new source of gas to Europe.”
“The field’s development has already created many jobs and business activities at Helgeland. With its expected field life of 25 years, Skarv will continue to be an important contributor to local business activities.”
Together with the continuing operation of the Ula and Valhall fields, the Skarv development underlines BP’s long-term commitment to growing its business in Norway.
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The U.S. Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only reserves that are estimated in accordance with SEC definitions. We use certain terms herein, such as ‘estimated ultimate recovery’ that SEC guidelines strictly prohibit us from including in filings with the SEC. In addition, forward-looking statements about production included herein may not be based on estimates of proved reserves as defined by SEC guidelines. US investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800--0330 or by logging on to their website at www.sec.gov.