• 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).
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Key NCS Takeaways December 2015
Statoil and Repsol made a swap where Repsol get a 15% share in the Gudrun field. Statoil get 31% share in Alfa Sentral (UK license), 13% share and operatorship in Eagle Ford (US shale) JV and operatorship of the BM-C-33 license in Brazil’s Campos basin.
DETNOR acquired Premier Oil Norge AS for MUSD 120. The transaction includes a 50% share in the operated Vette, Mackerel and Herring discoveries and the non-operated Frøy field plus 7 exploration licenses in the North Sea. Tax balances and tax losses of 1 BN NOK are also included in the transaction. The gives a transaction price of discovered resources close to zero.
Cape Omega closed its acquisitions of Noreco and Bayerngas’ interest in Oselvar. The newcomer also acquired 2,895% in Gassled from Conoco Phillips and DONG.
DEA operator of Zidane have communicated plans to deliver PDO for Zidane in 2016. The development concept is a sub sea tie-back to Heidrun.
The Edvard Grieg field started production on November 28th on time, but 9% above PDO cost based on the 2016 National budget numbers.
The 23rd license round had 26 companies applying down from 36 in 22nd round. Majors BP, Chevron, COP and Shell all applied. Statoil and Shell have indicated drilling in 2017. ENI, Total, XOM, Repsol, VNG, Suncor and Engie were amongst companies not applying.
Discovery in the Syrah prospect in well 35/11-18 & and sidetrack 18A in PL248 located vey close to he Vega field. Recoverable oil volumes estimated to be between 6 and 19 MMbbl.
Transocean entered a new contract for Transocean Arctic with DETNOR for drilling in the Alvheim area with a rig rate of USD 179,000 per day.
SSB 4Q 2015 Estimate of Oil & Gas Investments
The investment level in 2014 collected in 4Q 2014 was BNNOK 219. The investment level for 2015 collected in Q4 2015 is BNNOK 193. This is at the same level as the 3Q 2015 estimate for 2015, but down 11.8% compared to 2014. The investment level for 2016 is 171 BNNOK, which is 9.3% lower than reported for 2015 in 4Q 2014. Exploration spend is down 35.2% for 2016 compared to previous reported number.