The Vale gas condensate field in the Norwegian sector of the North Sea started producing on May 31st, in line with the Plan for Development and Operation approved by the authorities in spring 2001.
Vale has estimated reserves of approximately 2.5 billion cubic meters of natural gas and 21 million barrels of gas condensate. The plan calls for approximately 1.6 million cubic meters of gas and 2,600 cubic meters (16,500 barrels) of condensate to be produced daily via the nearby Heimdal Gas Center.
Vale is a satellite field development and consists of a subsea template with well slots and a 16 kilometer long pipeline to the Heimdal Center. Total investments came to about NOK 800 million (US $100 million), including modifications on Heimdal, drilling, the subsea template and pipelines.
Norsk Hydro is the operator and has a 28.53 percent stake in Vale. Other owners include Marathon (46.90 percent), TotalFinaElf (24.24 percent) and Ugland (0.32 percent).