Exploration and Production/Development
By the end of 2018, Repsol had the mineral rights to 25 blocks in Norway: 10 exploration blocks, with net surface of 717 Km2 and 15 production/development, with a net surface area of 311 Km2. In 2018, Repsol acquired interest in 2 production/development blocks (Visund field). Moreover, 3 offshore exploratory blocks were awarded to Repsol, 2 of which will be operated by the company.
Net production in 2018 was 6.2 Mbbl of liquids and 23.1 Bcf of natural gas, with a total net production equivalent 10.3 Mboe (28,163 boe/d). The estimated net proven reserves for liquids and natural gas at the end of the year were 51.3 Mboe.
Participation in Visund and Mikkel, YME development plan approved, and new exploration blocks:
- Repsol has purchase 7.7% of the Visund field from Total. The field is located in Norway’s North Sea. Operated by Equinor, the field is a crude and gas reservoir located 22 kilometers off the Norwegian coast. In September, two months before initially scheduled, the first well in the secondary recovery project “Visund Nord IOR (improved oil recovery)” has started production.
- The Norwegian authorities have approved the Development Plan in the YME field (located in blocks PL 316 y PL 316B in the Egersund basin), which was submitted at the end of 2017 by the consortium led by Repsol as operating company.
- Additionally, drilling in the well 15/03- 11 (Sigrun) in the North Sea in license PL 025 (Gudrun) has been completed. This license is explored by the consortium made up of Equinor (36% WI and operator), Neptune Energy (25%), OMV (24%), and Repsol (15%). Currently, a discovery with possible development tied in to the Gudrun field is being assessed to determine its potential for profitability. Sigrun is located 10 kilometers south-east of the field, and 225 kilometers to the west of the Stavanger port.
- Repsol has also obtained 3 new exploration blocks in the sea basins of Egersund and South Viking Graben - as operator in two of them, PL-909 and PL-910 (with 70% and 61.11% interest, respectively), and in consortium with OMV (operator) in the third bloc - PL-913 - with 50% interest. In January 2019, the Norwegian Minister for Oil and Energy announces that Repsol Norge would be awarded interest in three new exploration licenses, and an extension on one already existing one. In February 2019, Repsol has announced that the company has reached an agreement with Total to purchase 7.65% interest in the Mikkel field in Norway, which currently produces 50,000 barrels of oil equivalent per day, in total.
of mineral rights
equivalent per day