Norway grants more life to Spirit's Vale field
Norway's Petroleum Safety Authority has granted Spirit Energy consent to continue producing from facilities at the Vale gas and condensate field beyond their original lifespan, the regulator reported on May 11.
Spirit will now be able to continue using the facilities until June 11, 2023 in order to recover remaining reserves, the PSA said. Previously the field was expected to cease operations in either 2021 or 2022. The Norwegian Petroleum Directorate has said Value can continue producing as long as the Heimdal facility is available.
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Value was brought on stream in 2002 and produced 70mn m3 of gas and roughly 1mn barrels of oil equivalent of liquids last year. Spirit operates the field with a 50% interest, while Polish companies Lotos and PGNiG have shares of 25.8% and 24.2% respectively.