BlueNord: Update on Tyra Redevelopment Project
Oslo, 6 May 2024: Reference is made to stock exchange notices published on 18 April 2024 and on 29 April 2024 by BlueNord ASA ("BlueNord" or the "Company") related to the operational occurrence with the IP compressor (“Intermediate Pressure (IP) gas compressor”) temporarily impacting the commissioning of the new Tyra (“Tyra II”) facilities during the ramp-up and testing period. The investigation now confirms that the technical issue relates to the transformer delivering power to the Intermediate Pressure (IP) gas compressor.
The operator, TotalEnergies, has concluded that the transformer for the IP gas compressor needs to be repaired which will impact the timing of the ramp-up to maximum technical capacity. The repair work is ongoing and a dedicated team is in parallel developing options to partially resume gas export from Tyra II as soon as possible. The commissioning of the Tyra II facilities, including re-instatement of satellite fields and wells, is progressing well.
The operator expects, based on the current situation, that there will from time to time be minimal residual export volumes flowing through the Tyra hub for the commissioning and entering the export system during May and June. Subject to the conclusions of the preliminary investigation being confirmed, the operator expects restart of gas export from Tyra II in July and for the volumes being exported to increase through Q3 2024. The operator expects Tyra II to have reached full technical capacity in Q4 2024.
As a result BlueNord has its Q2-Q4 2024 production guidance under review and expects to update the market with a revised guidance in connection with its scheduled Q1 2024 results tomorrow, 7 May 2024 at 07:00 CEST.
Reference is also made to the REMIT notification issued by TotalEnergies on 6 May 2024: Postings (gashub.at) (https://www.gashub.at/remit/postings.xhtml).
This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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Contact:
Cathrine Torgersen, Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: cathrine.torgersen@bluenord.com
About BlueNord ASA
BlueNord is a strategically important European oil and gas company that specialises in producing and developing energy resources, and in activities which support the energy transition. The Company has a 36.8 percent interest in the Danish Underground Consortium (DUC) that is responsible for oil and gas production in the Danish North Sea. BlueNord is listed on the Oslo Stock Exchange and trades under the ticker "BNOR". For further information, please visit: www.bluenord.com.