Jul. 2012 - Statoil has received consent from the Petroleum Safety Authority Norway to use West Elara (490' ILC) jackup at the Valemon field. The consent relates to the hook-up of West Elara to the jacket, drilling and installation of 30-inch conductors in the planned first 12 wells and drilling well B-20 for injection of drill cuttings and mud in the Utsira formation. The planned start-up date is July 15, 2012.

Jun. 2012 - Statoil reported that the Valemon jacket was successfully delivered and installed on the field, which lies in the Norwegian sector of the North Sea. The 9,000-ton steel jacket was carried out as planned and the project remains on schedule. The jacket, which was built by Heerema Fabrication Group in Vlissingen in the Netherlands, was transported from the shipyard and out to the field by the crane barge Thialf. Development of Valemon involves a fixed platform with a steel jacket for the separation of gas, condensate and water. The rich gas will be transported via a new pipeline to the existing pipeline from Huldra to Heimdal for further processing. The condensate will be piped to the Kvitebjørn platform for stabilization and further transport via the Troll oil pipeline to the Mongstad refinery. At peak production, Valemon is expected to deliver roughly 86,000 barrels of oil equivalent per day. The field is expected to come on stream in the fourth quarter of 2014 and has a life expectancy of 11 years.

Feb. 2012 - Technip has received two subsea contracts under the Diving Frame Contract from Statoil for the Asgard, Gudrun & Valemon projects. The Asgard contract includes deepwater testing of the Pipeline Repair System, remote hot-tap equipment, preparation work and installation of protection structures. Work will be executed in 2012. The Gudrun and Valemon contract includes installation and tie-in of spools and power cable and also a Morgrip midline tie-in, all performed by divers. The work will be executed in 2013 and 2014.

Nov. 2011 - Samsung Heavy Industries awarded Technip an engineering services contract for Statoil’s Valemon gas and condensate field. The contract covers detailed design, procurement engineering and follow-on engineering support for the Valemon fixed platform topsides. The contract is scheduled for completion in the second semester of 2012.

Nov. 2011 - Statoil and Total have signed a sales and purchase agreement for the company to acquire Total's full stake in the Valemon unit. The 2.5 percent (5 percent in PL 193B and carve-out of PL 193) interest will be swapped for a 2 percent share in Hild (PL 040, PL 043 and PL 043 BS) to Total. Statoil will increase its ownership in the Valemon unit to 66.78 percent. The company said the Valemon project is progressing according to plan, with first production slated for 4Q14. Production is expected to peak at 68,000 boepd. Partners in the project consist of Petoro (30 percent) and Enterprise (3.225 percent). Valemon resides in the Norwegian sector of the North Sea between Kvitebjorn and Gullfaks South, roughly 99 miles (160 kilometers) west of Bergen.

Jul. 2011 - BP has evacuated personnel from its Valhall oil platform in the Norwegian sector of the North Sea after a fire erupted, stated Reuters. The fire started in a compressor on the production platform in the oil field on Wednesday. "No persons are injured and no one is missing," BP spokesman Jan Erik Geirmo told state broadcaster, NRK. "We see this as a serious incident." The company has closed the field's production until further notice. The Valhall oil field lies in the Norwegian sector of the North Sea on Blocks 2/8 and 2/11 in 230 feet (70 meters) of water. Hess currently owns 64% of the Valhall field, while BP holds the remaining 36%.

Jun. 2011 - The Norwegian parliament has approved Statoil's plan for development and operation of the Valemon gas and condensate field in the North Sea. Production will begin in 2014. Valemon holds roughly 206 million barrels of oil equivalents - including 26 Bcm of gas, 5 MMcm of condensate and 1 MMcm of natural gas liquids. The partners will spend nearly US $3.6 billion (NOK 20 billion) to develop the project, which includes a fixed platform with a steel jacket for the separation of gas, condensate and water. The unmanned platform will receive control from the Kvitebjorn platform when drilling operations end in 2016/2017. Produced gas will go through an existing pipeline from Huldra to Heimdal, a hub which sends produced gas to European markets. The condensate will go to Kvitebjørn for stabilization and further transport to the Mongstad refinery in Hordaland. Statoil estimates that, at peak, Valemon will produce roughly 3 Bcm of gas annually. Valemon resides in the Norwegian sector of the North Sea between Kvitebjorn and Gullfaks South, roughly 99 miles (160 kilometers) west of Bergen. Statoil operates the field holding a 64.275%; Total holds 2.5%; Enterprise Oil Norge holds 3.225%; and Petoro holds 30%.

May. 2011 - Samsung Heavy Industries has entered into an agreement with Grenland Group for delivery of detailed engineering and fabrication services for the topside on Statoil's Valemon wellhead platform. The project commenced and is due for completion in February 2014. Fabrication of the platform's flare tower will be executed in the Grenland Group yard in Tonsberg. Valemon is located on Block 34/10 in the Norwegian sector of the North Sea. Serving as operator of the field is Statoil, holding a 64.275%; Total holds 2.5%; Enterprise Oil holds 3.225 and Petoro holds the remaining 30%.

May. 2011 - Statoil awarded Samsung Heavy Industries a contract to construct topsides for the Valemon platform in the North Sea. The contract is worth an estimated US $417 million (NOK 2.3 billion). The contract covers engineering, procurement and construction (EPC) of the topsides and living quarters, as well as an option to mate the topsides with the steel jacket. The Valemon field will have a fixed steel platform to separate gas, condensate (light oil) and water. The topsides will have facilities for partial processing and export of un-stabilized condensate and rich gas. Valemon is expected to commence gas production in 2014. Estimated to contain roughly 206 MMbbl of oil equivalent, Valemon is located on Block 34/10 in the Norwegian sector of the North Sea. Serving as operator of the field is Statoil, holding a 64.275%; Total holds 2.5%; Enterprise Oil holds 3.225 and Petoro holds the remaining 30%.

Oct. 2010 - Statoil has submitted a plan for development and operations of the Valemon gas/condensate field to the Ministry of Petroleum and Energy with the goal to commence production in 2014. The field's development calls for a fixed steel platform to separate gas, condensate (light oil) and water in the wellstream. Gas from the field will be exported via an existing pipeline to a hub and then onwards to markets in the UK and continental Europe. Statoil also awarded a letter of intent to Heerema Vlissingen BV for the construction of a steel jacket for the Valemon platform. An additional contract was also awarded to Heerema for the transportation and installation of this structure. The jacket is scheduled for completion in the spring of 2012. Valemon is located on Block 34/10 in the Norwegian sector of the North Sea.