• 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).
NCS Newsletter Subscription: If you are not yet a subscriber to this email, please fill out the subscription form.
Key NCS Takeaways January 2016
Noreco ASA entered agreement with Djerv Energy AS to divest its Norwegian subsidiary Noreco Norway AS. The portfolio includes the Gohta discovery and some exploration licenses and tax pools. The owners of Djerv Energy will be a US based investment fund (70%) and Noreco ASA (30%).
Noreco Norway AS entered agreement with CapeOmega to divest its 4.36% share in the Enoch license.
North Energy agreed to acquire Explora Petroleum ASA for USD 2.5 million. The portfolio includes the Grosbeak discovery in PL 378 and exploration licenses.
Tellus and Wintershall agreed not to complete the NOK 4.6 bn transaction including the assets Knarr, Veslefrikk, Ivar Aasen, Maria and Yme.
OKEA entered agreement with Repsol to acquire its 60% share in the Yme license. The agreement is contingent on a new PDO being submitted and approved by the government.
CapeOmega entered agreement with Repsol to acquire 10% interest in the Brynhild field.
Statoil acquired 11.93% of the shares in Lundin Petroleum for SEK 4.6 bn (USD 450 mm). Lundin’s two largest assets are the 22.6% share in Johan Sverdrup and 50% share in the operated Edvard Grieg field.
PDO submitted for Oseberg Vestflanken 2 (OV2) with reserves of 110 mmboe and planned production start in 2Q 2018. The field will be developed using and unmanned wellhead platform with 10 drilling slots. The platform will not have helicopter deck, lifeboats or accommodation facilities. This is the first time for such a lean facility in Norway, and the concept is also referred to as “subsea on a stick.” OV2 is the first of three phases for developing the remaining resources in the Oseberg area.
Concept select passed for the Trestakk development located west of Tyrihans. PDO expected in 2017 and the reserves are approximately 75 mmboe. The field will be developed with five wells as a subsea tie back to Åsgard A. The investments have been reduced by 30% since last year.
Small oil discovery in PL 338C well 16/1-25S Rolvsnes located south of Edvard Grieg. The well encountered 30 meter of oil in fractured basement and pressure recordings indicate communication with discovery in well 16/1-12. Resources are estimated to 12 to 44 mmboe.
Small non-commercial gas discovery in PL 708 well 7130/4-1 Ørnen located 85km North East of Berlevåg.