January 7, 2019 / 8:45 AM / 2 years ago

Norway's Oda field reserves estimate cut by 30 percent -NPD

OSLO, Jan 7 (Reuters) - Reserves at Norway’s Oda field, which is operated by Spirit Energy, have been reduced by 30 percent, the Norwegian Petroleum Directorate (NPD) said on Monday.

The field, which is expected to start operations in February or March, is now estimated to hold 33 million barrels of oil equivalents, down from an estimate of 48 million boe from main shareholder Centrica in a development plan submitted to Norwegian authorities in 2016.

Centrica owns 69 percent of Spirit Energy while Germany’s Stadtwerke Muenchen holds the remaining 31 percent.

An NPD spokesman said the estimate was the latest figure available, while the operator was continuing to assess the size of the reserves.

The field, which is located in the southern part of the Norwegian sector in the North Sea, will be developed using a subsea tieback facility linked to the Ula field operated by Aker BP.

The partners in the Oda licence, which also include Aker BP, Suncor Energy and Faroe Petroleum, plan to sell gas for injection at Ula, and export oil to Teesside in Britain. (Reporting by Nerijus Adomaitis; editing by Jason Neely)

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