• 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 November 2015 • Recent transactions
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Key NCS Takeaways November 2015
DEA acquired E.ON Norway for BnUSD 1.6 including net cash and tax value. This portfolio includes 43 license and assets like Skarv, Njord and Hyme with a production of 45 kboe/d in 2015.
DETNOR acquired Svenska Petroleum Exploration AS for MUSD 75. The transaction includes a tax loss carry forward of MNOK 130, 13 licenses and discoveries like Krafla/Askja, Frigg-Gamma-Delta, and Fulla-Lille Frigg.
DETNOR acquired Premier Oil’s Norwegian subsidiary for MUSD 120 million. This includes a tax loss carry forward of MNOK 1 000 which indicate an asset value close to zero. Vette and Frøy are the main assets in the portfolio.
Tellus acquired a 15% share in Gina Krog from Total for BnNOK 1.4 before tax and with an effective date of 1.1.2015 this implies a price close to zero for the asset. Tellus also acquired a 0.554% share in Ivar Aasen from OMV for up to MNOK 45.
Statoil acquired 24% share of the UK part of the Alfa Sentral discovery in the Sleipner area from First oil for MNOK 126.5 with gas & condensate resources of 46 mmboe and expected FID 2016/2017
LOTOS acquired a share in Sleipner area from ExxonMobil for MUSD 160 including the fields Sleipner Øst & Vest, Gungne, Loke and Alfa Sentral.
Centrica passed concept select for the Butch development. The field will be developed as a subsea tie-back to Ula also reusing some of the Oselvar facilities. Butch has resources of 27-51 mmboe.
The Aasta Hansteen project with delayed start up from 2017 to 2018 with updated cost 16% above the PDO estimate.
Statoil presented plans for Johan Castberg with concept select 2016, sanction in 2017 and production start 2022.
Statoil started production on the world’s first subsea wet gas compression on the Gullfaks Sør field with increased recovery of 22 mmboe and on the Aasgard field with increased recovery of 300 mmboe.
The PL 642 Hagar prospect and PL 586 Blink prospect in the Pil & Bue did not discover any hydrocarbons.
The MPE has proposed to expand the TFO with 56 areas for next year to include new areas south west of the Lofoten area and in the northern part of the Barents Sea.