Dallas, TX, November 02, 2010 --(PR.com
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The Skirne field is an offshore gas and condensate field situated in Production License 102, block 25/5. It lies 24km east of the Heimdal gas field in the Norwegian sector of the North Sea. It is located around 140kmnorth-west of Stavanger, Norway. The water depth of the field is around 120m (390 feet) and the Skirne deposit is at the depth of around 2,370m. Total E&P Norge AS is the operator of the field. It is a part of the multinational French Oil and Gas Company named Total. The company has emerged as a major player on the Norwegian Continental Shelf.
Total E&P Norge AS holds the major equity stake in the field with 40% equity share. The other equity partners in the field are: Petoro AS, Centrica Resources Norge AS and Statoil Petroleum AS. Centrica Resources Norge AS acquired a 20% interest in the Skirne field from Marathon Petroleum Norge AS in 2008.
The Skirne field includes the Byggve deposit. The production at the Skirne field (including Byggve deposit) started in March 2004. The Skirne field produces natural gas and condensate. The field produces condensate with gravity of 52.9°API.
The field started production from the wildcat wellbore 25/5-3, which is still producing. The field has produced around 231.11 billion cubic feet of gas and 8.8 million barrels of condensate until 2009. The current production (2010) is estimated to be 33.60 billion cubic feet of natural gas and 1.1 million barrels of condensate.
The life of the field is expected to be around nine years with complete abandonment by the end of 2012. The field is expected to generate $703m in revenues (undiscounted) during its remaining life (starting January 1, 2010) and is expected to yield an Internal Rate of Return (IRR) of around 21.35%.
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Original Source: Commercial Asset Valuation Market
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