BACKGROUND

Gassled is a joint venture that owns gas processing plants and gas pipelines in Norway and other Norwegian markets. The original owners of Gassled were E&P companies that engaged in the infrastructure investments in order to bring gas resources to the European market. Recently, several of the owners of Gassled decided to divest their participating interests (like ExxonMobil in 2009, Total and Statoil in 2011). These ownership interests were sold to financial investors. For these transactions to take place, a detailed valuation of Gassled JV was necessary. The revenue part is tariffs paid by shippers of gas. The most important value driver is future NCS gas production and consequential utilization of Gassled infrastructure.

APPROACH

In UCube Rystad Energy has production profiles of all fields and discoveries in Norway (and the rest of the world). The database also includes estimated volumes from yet-to-find resources (exploration licenses). By allocating all fields, discoveries, and yet-to-find resources to the relevant pipelines in the Gassled system, the throughput of gas can be estimated. Additional elements need to be included: bookings (on an annual basis shippers book more capacity than actually used), capacities in specific pipelines, actual bookings already made, and interdependencies between different parts of infrastructure.

RESULT

The result is a detailed and robust assessment of demand for bookings through the whole system. Finally, this can be visualized through Rystad Energy’s Cube Browser comparing historic production of each field, future production, bookings, and capacities for each part of the system. An example of this is shown to the right.

Area A Stafjord Rich Gas: Assessment of Booking Forecasts