Project Profile
Location: Off the coast of the North Sea, in blocks 25/2, 25/3, 25/5 and 25/6
Water Depth: 120 metres
Start-up Year: Was in production from 1995 to 2001 but was set down
The Froy Field is located off the coast of the North Sea, at a water depth of 120m. Det Norske Oljeselskap (50%) and Premier Oil Norway (50%) jointly own the field. Located in Production License 364 (PL 364) in blocks 25/2, 25/3, 25/5 and 25/6. Froy is currently being redeveloped by Det Norske which acquired the licence in 2005.
The field was in production from 1995 to 2001, with Elf as the operator. It produced approximately 35mbbls of oil during this period, equalling 18% of the reserves. Elf shutdown the field in 2001 due to several reasons including reservoir related technical challenges and recovery rates falling below expectations. It was originally developed in 1995, as a satellite to the Frigg field, using a remotely controlled unmanned wellhead platform. However, recovery rates were significantly lower than initially expected. The Frøy oil field was abandoned in 2001 by the previous operator in a much lower oil price environment and due to the imminent abandonment of the nearby Frigg field to which it was tied back.Premier Oil were awarded a 50% non-operated interest in licence PL364 which contains the Frøy field in the 2005 APA licensing round. In 2008, Premier and Det Norske submitted the Plan for Development and Operation (PDO) to the Ministry of Petroleum and Energy and agreed a ten-year extension to the licence. Commercial discussions are ongoing with the operator and with other field owners in the area with a view to moving the project forward.
Operators:
Det Norske Oljeselskap: Operator with 50% interest
Premier Oil: 50% interest