March 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
March 2018

• NPD resource account update
• Breakeven improvements

Future Well Count

Alvheim area insight

CONTACT

NCS@rystadenergy.com

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Key NCS Takeaways March 2018 

M&A

  • Shell has put its stakes in Draugen, Gjøa, Kvitebjørn and Valemon up for divestment. Draugen is one of Shell’s three operated producing fields on the NCS

  • Both Statoil’s acquisition of Martin Linge and Total’s merger with Maersk Oil were completed

  • Faroe has divested 13.3% share in the Fogelberg discovery to an undisclosed counterparty

  • CapeOmega acquired Edison's stakes in Polarled and Nyhamna of 2.4% and 1.1% respectively

  • Statoil management has proposed to rename the company to Equinor subject to approval at the General Assembly

Exploration

  • High quality discovery by Aker BP in the Frosk prospect proving 30-60 MMboe oil in high quality reservoir close to Alvheim. Follow up activity expected according to Aker BP

  • High activity with seven ongoing wells, several with ongoing process beyond communicated dry well cases. Tethys is likely a discovery based on the ongoing appraisal side track and Balderbrå has drilled beyond its 39 days dry case

Field Developments

  • NPD resource account update revealed an increase in year-over-year reserves for comparable fields of 1.2 billion boe

  • Skarv, Snorre and Johan Sverdrup saw the biggest increases with combined upgrade at 536 MMboe while Valemon was yet again downgraded another 24 MMboe

  • For discoveries it was Lavrans and Ivory that saw the most impactful changes with significant resource upgrades at 93 MMboe and 21 MMboe respectively making both discoveries clear development candidates

  • Statoil approved the Askeladden phase of Snøhvit which will develop another 21 bcm of gas to help keep the Melkøya LNG facility operate at 100% capacity

  • Statoil is looking at developing the 1996 Nøkken discovery via Gullfaks infrastructure

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