March 2015 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
March 2015

• Cost compression in the E&P industry
• NPD resource accounts
• Results from recent drill-or-drop deadlines


Future Well Count


Oseberg south area insight



CONTACT
NCS@rystadenergy.com


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Key NCS Takeaways March 2015
  • Johan Sverdrup partners submitted Plan for development and operations (PDO). Expected start-up end 2019 with production for 50 years. Resources 2.3 billion boe according to NPD. All partners did not agree on the ownership split as Det norske did not sign. The final ownership share will now be decided by the government based on the split as signed by the other partners: Statoil 40,02%, Lundin 22,12 %, Petoro 17,84%, Det norske 11,89% and Maersk 8,12 %..
  • NPD resource account for year end 2014 released: Reserves growth for oil (250 mmboe) partly due to Troll, Grane and Ivar Aasen, reduction for gas (17 bcm or 107 MMboe) partly due to Ormen Lange subsea compression project removed from reserves. Total recoverable resources decreased by 130 mmboe due to 12 discoveries that have been reassessed to low likelihood of development.
  • Krafla appraisal increase volume estimate to 50-81 mmboe with Krafla North prospect. In total 140-220 mmboe have been discovered in this area south of Oseberg since 2011 with Krafla Main, Krafla West, Askja West, Askja East and Krafla North. Statoil is the operator with partners Svenska and Det norske.
  • Oseberg Delta 2 started production. The field is tied back to Oseberg, part of Statoil’s fast-track portfolio, 77 MMboe. Operated by Statoil.
  • Proposal of financial restructuring of Noreco approved. USD 1.98 billion of total 3.18 billion in debt converted to equity. After conversion existing shareholders are left with 8% of the shares.
  • A large number of drill-or-drop decisions were due in February. 2 drill decisions, 11 relinquishments and 28 postponements have been observed with 22 decisions still unknown.



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Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy advisory and research products for E&P and oil service companies, investors and governments. We are headquartered in Oslo, Norway, with additional research teams in India. Further presence has been established in the UK (London), USA (New York & Houston), Russia (Moscow), for Africa as well as South East Asia.