February 2018

 NCS E&P Update

RYSTAD ENERGY PRODUCT HIGHLIGHTS

• NCSAtlas: provides monthly up-to-date information on licenses and field activities on the Norwegian Continental Shelf, including area-by-area reviews, exploration drilling activity, reserves/resources benchmarks, production profile outlooks and monthly feature topics (e.g. asset transaction).

NCSAtlas Insights
February 2018

• Recent transactions
• NCS opex update

Future Well Count

Johan Sverdrup area insight

CONTACT

NCS@rystadenergy.com

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Key NCS Takeaways February 2018 

M&A

  • Suncor has entered into agreement with Faroe Petroleum to acquire 17.5% in the Fenja field for USD 54.5 million and 2P reserves of 17 MMboe

  • Repsol has completed a transaction with Total to acquire its 7.7% interest in the Visund field with effective date 1.1.2017 including reserves of 29 million boe 

  • Aker BP has disclosed the deal value of Pandion’s 10% acquisition in the Valhall field at USD 170 million, a premium compared to the AkerBP payment to Hess of 500 million USD for 64.05% exclusive tax loss carry forward 

Exploration

  • The new coalition government with the Conservatives, Progress and Liberal party have agreed not to do an impact assessment on the Lofoten and Vesterålen area

  • Wellesley is planning for an aggressive 3 well campaign in the Grosbeak area located between Gjøa and Troll C using Transocean Arctic based on 2017 APA award

  • Lundin revealed its view on prospectivity at Mandal High with the Oppdal/Driva prospect sporting a pre-drill estimate of 434 MMboe and a chance of success of 30%, making it perhaps the most promising exploration well for 2018

Field Developments

  • Lundin have upgraded the reserves on the Edvard Grieg field with 51 MMboe to 274 MMboe, an increased by 47% since PDO. The Alta and Gohta resources in the Barents Sea have been reduced to a range of 115 to 390 million boe from the previous 216-584 MMboe

  • Lundin also downgraded resources at Filicudi, the biggest discovery of 2017, to 23 MMboe from the initial range of 35-100 MMboe

  • Statoil has reduced Johan Sverdrup investments by 28% or 35 billion NOK to 88 billion NOK. Resource range increased to 2.1-3.1 billion boe yielding a break even of 15 USD/boe

Please contact us regarding Rystad Energy NCS Atlas for more details.