January 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
January 2018

• 2017 review
• APA17 analysis

Future Well Count

Snorre area insight

CONTACT

NCS@rystadenergy.com

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Key NCS Takeaways January 2018 

M&A

  • CapeOmega has entered into an agreement with DEA to acquire it’s interest in Polarled 4.79%, Gassled 0.08% and Nyhamna 1.06%

Exploration

  • 75 licenses were awarded in APA 2017; 45 in the North Sea, 22 in the Norwegian Sea and 8 in the Barents Sea. 5 commitment wells compared to 1 in APA 2016
  • APA 2018 areas are out on hearing with Norwegian Sea extended with 47 blocks and Barents Sea with 56 blocks
  • Aggregation of communicated drilling plans for 2018 indicates activity back at 2013-2015 levels of more than 45 wells to be completed

Field Developments

  • Wintershall started production on the Maria field 20% below budget and 1 year ahead of schedule
    Wintershall is planning to deliver PDO for Nova (Skarfjell) in 1H 2018. Nova will be a subsea tieback to Gjøa.

  • AkerBP submitted 3 PDO’s including Ærfugl (Snadd) subsea tieback to Skarv, Skogul (Storklakken) subsea tieback to Alvheim and Valhall West Flank at a combined cost of 15.5 billion NOK.

  • Statoil submitted PDO for Snorre Expansion, a 19 billion NOK subsea development tieback to Snorre with production start expected in 2021.

  • Repsol has submitted PDO for redevelopment of Yme using Maersk Inspirer at cost of 8 billion NOK and production start 2020

  • VNG has submitted PDO for Fenja (Pil&Bue) subsea tieback to Njord at cost of 10.2 billion NOK and production start 2021

  • AkerBP and Statoil are working to make concept select on NOAKA (North of Alvheim, Krafla, Askja)in Q1 2018. Choice is between a standalone field center with tie-ins or using 2 unmanned platforms tied back to Oseberg

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