Hydro extends rig contract on Troll
(Jan. 20, 2004) Hydro has singed a contract to extend the hire of the drilling rig West Venture from Smedvig Offshore AS. The value of the contract is just under one billion Norwegian kroner.
 WEST VENTURE: The extended period of hire is from 1 August 2004 to 31 July 2006, with the option of a further five year extension. |
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West Venture was hired in 2000 to drill production wells on the Troll field. The development of advanced drilling and well technology has contributed to Troll Oil now being the highest oil producer on the Norwegian continental shelf, with a daily production level of around 400,000 barrels.
Today Hydro produces oil from 101 wells on the Troll field, 28 of which are three-branch wells. These help have lower drilling costs and allow greater recovery of the oil reserves.
Hydro is planning to have two drilling rigs in activity on Troll Oil in the near future to keep up high production and value creation from the field.
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