Background

The portfolio of producing assets on the Norwegian Continental Shelf (NCS) is dominated by mature fields entering tail production. As this represents a new phase for many operators and partners, the development of a strategy for such fields causes the need for new thinking and approaches. In our project example, the licensees needed assistance with the process of updating the asset strategy for the field. Rystad Energy was in a good position to assist the license group due to our in-depth knowledge and understanding of the NCS but also because of our specific insight into individual field opportunities and challenges through our continuously updated research products (NCS Business Development Atlas) and databases (UCube).

Approach

Rystad Energy supported the license group by reviewing existing plans and conducting in-depth individual interviews with key people from the licensees to understand their views on the situation and opportunities for the field. Prior to the interviews, Rystad Energy prepared a key value driver analysis to understand how value is created for the field, including cost improvements/curtailment, reserves growth, production acceleration/uptime, third-party tariffs, and deferred abandonment. After the interviews the key value driver analysis was finalized and core findings documented, including a long list of opportunities for further discussion and prioritization by the partnership.

Result

The final delivery included Rystad Energy preparing and facilitating the discussion of the strategy module in the license meeting, where specific tasks and targets for the field were agreed upon.

Mature Field Production, Economics and Drilling Activity