NORWAY NEWS RELEASE JULY 1 2019
Stavanger – ConocoPhillips and its partners in the Tor Unit have submitted the Tor II plan for development and operation to the Ministry of Petroleum and Energy. The Tor II project is a redevelopment of the Tor field, which was on production from 1978 through 2015.
The Tor II project is one of several development opportunities in the Greater Ekofisk Area that enable continued efficient operations towards 2050.
The project scope is a two-by-four slot Subsea Production System (SPS) with eight production wells. The SPS is planned to be connected to the Ekofisk Complex by multiphase production and lift gas pipelines to existing risers at the Ekofisk 2/4 M wellhead platform. Controls and utilities are provided through a service umbilical from the same existing platform. The new greenfield facilities will be located approximately one kilometer west of the original Tor platform with no connection to the shut-in facilities.
Seven production wells are planned to be drilled in the Tor formation. In addition, a pilot well is planned to test long-term productivity in the Ekofisk formation. Resource potential for the Tor II project is in the range of 60-70 million barrels of oil equivalent.
Total capital investments are in the range of NOK 6.0-6.5 billion (USD 600-800 million) gross and first production is targeted toward the end of 2020. The selected development concept has robust economics and a cost of supply below USD 30.
“Having produced the Tor field for 37 years, we are proud to continue to extend development enabling a production lifetime beyond 60 years,” said Trond-Erik Johansen, president, Norway & North Africa. “Tor II is a robust project utilizing available Greater Ekofisk Area capacity for processing and transportation.”
About the Tor Field and Tor Unit
The Tor field, discovered in 1970, is a unitized chalk field located in licenses PL018 and PL006 in blocks 2/4 and 2/5, about 13 kilometers northeast of the Ekofisk field. The original development comprised a single manned production platform, Tor 2/4 E, from which oil and associated gas was exported, via pipeline, to the Ekofisk Complex from 1978 until year-end 2015, when the platform lifetime expired.
Operator ConocoPhillips Skandinavia AS currently holds 30.66 percent ownership of the Tor Unit, while the remaining stake is held by Total E&P Norge (48.20 percent), Vår Energi (10.82 percent), Equinor Energy AS (6.64 percent) and Petoro AS (3.69 percent).
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About ConocoPhillips
ConocoPhillips is the world’s largest independent E&P company based on production and proved reserves. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 17 countries, $71 billion of total assets, and approximately 10,800 employees as of March 31, 2019. Production excluding Libya averaged 1,318 MBOED for the three months ended March 31, 2019, and proved reserves were 5.3 BBOE as of Dec. 31, 2018. For more information, go to www.conocophillips.com.
Contact
Stig S. Kvendseth (media)
+ 47 52 02 12 01 +47 959 45 177
stig.s.kvendseth@conocophillips.com
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