Bridge Energy Wins Approval for Victoria Phase 2

 Bridge Energy ASA has today announced the approval of the second phase of development of the Victoria Field in the North Sea. Bridge was granted the approval by the  UK Department of Energy and Climate Change (DECC).

The approval grants Bridge the rights to initiate the Victoria Phase 2 project, furthering the development of the Victoria field, first developed in 2008. The field, which is owned and operated by Bridge, lies in Licence P033 in Block 49/17 in the Southern North Sea. The Victoria field is a subsea tie-back to the the Viking BD facilities operated by ConocoPhillips.

Bridge reports that the field currently yields around 7,500 million standard cubic feet per day (mmscfd) or approximately 1,250 boepd. 

"The Phase 2 project is a further subsea well tied back approx. 70 metres to the existing Victoria subsea infrastructure," a statement says. "The well is planned to be a horizontal well, which will be hydraulically fracture stimulated and should add approx. 1,700 boepd production."

Bridge expects first gas production to begin by the end of 2012/early 2013, depending on rig availability for the project.

Bridge UK’s Managing Director Jim Brunton said that, with the Victoria Phase 2 approval, the company expected production levels to reach 3,700 boepd by the end of next year.

"This news combined with the recent announcements of  the Duart acquisition and the extension to our Debt Facility is a major step forward in meeting our stated plans for delivery of production growth," he said.

"Subject to rig availability, we will be producing approx. 3,700 boepd by the end of 2012 from the Victoria, Duart and Victoria Phase 2 fields which will further facilitate our exciting exploration programme in 2012 and beyond."