• 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 January 2017 • 2016 Summary • Recent Transactions
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Key NCS Takeaways January 2017
Kufpec has entered into agreement with Total to acquire Total’s interest in Sleipner field, Gungne and Utgard as well as 15% in the Gina Krogh development.
Dea has entered into agreement with Engie to acquire 20% in the Njord field and 10% in the Hyme field. The deal also includes 10% in Snilehorn, 15% in the Noatun and 20% in the Nordflanke discoveries. The reserves are 45 mmboe.
Delek Group has acquired Dana’s share of 13.18% in Faroe Petroleum. Delek is Israel’s largest integrated energy company.
Gazprom has entered a swap agreement with OMV that includes Gazprom acquiring 38.5% of the shares in OMV Norway.
Lundin made a discovery in well 7220/6-2 Neiden that is located 60 km northeast of Alta and 20 km east of Johan Castberg discoveries. The resources discovered are in the range of 25-57 mmboe.
Statoil announced a commercial oil and gas discovery in the Cape Vulture prospect close to its operated Norne field in the Northern Norwegian Sea. The resources are estimated at 20-80 MMboe. Statoil has indicated that the discovery has derisked several similar prospects in the area which might be subject to follow up drilling.
APA 2016 was announced with 56 licenses awarded to 29 companies. 35 awards are in the North Sea, 17 in the Norwegian Sea and 3 in the Barents Sea. Most work commitments involve a drill-or-drop decision while PL894, with Wintershall as operator, has a firm well commitment.
Ivar Aasen started production on time and budget. The reserves are 186 mmboe. Another 18 mmboe can be added in Phase 2 with development of the Hanz discovery.
Maersk Oil plans to shut-in the Tyra field in Denmark on October 1st 2018 due to subsidence of the chalk reservoir. 90% of Danish gas is routed through these facilities. Also implies Trym shut down.
OPEC met with non-OPEC countries who agreed to a 558 kbbl/d output cut, contingent upon OPEC’s ability to meet their output targets. In Rystad Energy base case, it is assumed that only 40% of the cuts will be implemented.