NCSSolution: 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).
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Key NCS Takeaways October 2018
Wintershall and DEA are set to merge after the final agreement was signed. The new entity will have a 2018 production of around 140,000 barrels of oil equivalents per day (boepd) in Norway with a global production north of 600,000 boepd
Lundin and Equinor have agreed to harmonize Edvard Grieg and Luno II partnerships via Lundin’s acquisition of 15% in Luno II and Equinor receiving compensation in cash and 20% share of the PL825 Rungne prospect
Chevron has exited the NCS by divesting its PL859 license share to DNO. This follows similar divestments in Denmark and the UK signaling the exit of the supermajor from the Northwest Europe basin
Lundin announced a successful Alta long-term production test which likely has derisked and advanced project development of the challenging karstified carbonate reservoir. An operator resource update expected in early 2019
Equinor announced a successful appraisal of the Cape Vulture discovery increasing mid-point resources from 50 to 60 million boe. Development will likely be as a tie-back to the Norne FPSO
The Nova PDO has been approved
The National Budget update has revealed a further NOK 5 billion cost overrun at the Martin Linge project with start-up now estimated in Q1 2020 versus the original Q4 2016 estimate