Offshore Shipping Online

A publication for the offshore shipping industry published by Clarkson Research

  • Offshore Intelligence Monthly
  • Menu

    Petrojarl I wins extension on Glitne field

    Contracts, Tenders and Rates // March 14, 2003
    PGS has announced that Statoil, acting as operator for the Glitne license (PL 048B and PL 029B) has confirmed plans to drill at least one new production well in the Glitne field in 2003. As a result, PGS expects that its Petrojarl I FPSO will remain on contract with the Glitne license well into 2005.

    In the context of this decision, certain modifications to the production contract with the Glitne license have been agreed. PGS estimates that these changes will result in an increase in revenues of approximately $80 million from January 1, 2003 forward.

    The Glitne license is situated in Norwegian blocks 15/5 and 15/6, and is produced under Production Licenses PL 048B and PL 029B. License partners to Statoil (58,9%) are TotalFinaElf (21,8%), Det Norske Olsjeselskap (10%) and Dansk Olie- og Naturgas Norge(9,3%).

    More articles from this category

    More news