August 2015 NCS E&P Update

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Light on the Horizon -
The Norwegian Continental Shelf now and in future

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• 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
August 2015

• Cape Omega - Noreco transaction
• Farm-in transaction analysis

Future Well Count


Norne area insight


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Key NCS Takeaways August 2015

  • The Ministry of Petroleum and Energy announced its decision on the final Johan Sverdrup unitization after the partners failed to unanimously agree on a split. New shares are (February split in parenthesis): Statoil 40.0267% (40.0267%), Lundin 22.6% (22.12%), Petoro 17.36% (17.84%), Det Norske Oljeselskap 11.5733% (11.8933%) and Maersk Oil 8.44% (8.12%). As such the PL265 share of Johan Sverdrup was weighted down 0.8% by the Ministry compared to the temporary split from February. This represents a value transfer of USD 80 million according to UCube.
  • Cape Omega entered the NCS by acquiring Noreco's 15% interest in the producing field Oselvar. The consideration was NOK 201 million. Oselvar is a late life field tied back to BP operated Ula with approximately 5 MMboe remaining reserves according to NPD. Cape Omega is a HitecVision backed late-life focused E&P company.
  • The partners in Yme have decided not to pursue further developments of the troubled project. Planning will commence to remove remaining infrastructure, plug and abandoned wells and relinquish licenses. Current partners in Yme are operator Repsol 60%, Lotos 20%, Kufpec 10% and Sequa 10%.
  • Gas/condensate discovery in Statoil’s Julius prospect adjacent to the King Lear discovery from 2012 in the Southern North Sea. Recoverable resources estimated at 15-75 MMboe. Julius is likely to be part of a future development of King Lear which now has a total resource range of 85-275 MMboe. Partners in the discoveries are Statoil (77,8%) and Total (22,2%).
  • Drill decision in PL705 containing the Napoleon North prospect. Together with the drill decision in PL603 (Kissy prospect) the exploration activities around Aasta Hansteen are expected to continue in 2016.


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