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Point Resources: PDO for Fenja approved

The Ministry of Petroleum and Energy has given the licensees in PL586 the seal of approval for the Plan for Development and Operation (PDO) for the Fenja field in the Norwegian Sea. Point Resources AS holds a 45% ownership interest in the field, while VNG Norge AS is operator with a 30% interest.

The Fenja field contains recoverable resources of approximately 100 million barrels of oil equivalents, mostly oil.  Fenja will be developed with two subsea templates and six wells, connected to the Njord field, at a total cost of more than NOK 10 billion. The field is expected to produce for 16 years.

“We are pleased that an important milestone for the development project has been reached”, says Morten Mauritzen, CEO of Point Resources AS.

Further details available from the Ministry’s website (Norwegian only).