Repsol reinforces its position in Norway, a strategic country for the oil company, with the award of three new exploration and production concessions, thus raising to 30 blocks its mining rights in the Nordic country. During the licenses assignment process carried out by the Norwegian Government, in addition of having been awarded these concessions where it will act as the operator in two of them, the oil and gas multinational chaired by Antonio Brufau has also been granted the extension of a concession that it already had, according to information published by Europa Press.
Specifically, Repsol has been awarded two licenses in the North Sea. In one of them the company has a 40 % stake and will be the operator, while it holds a 30% stake in the other. In addition, it will also act as the operator of another concession located in the Barents Sea where it has a 70% stake. Likewise, the company has managed to extend the concession it already had in a license located in the North Sea, where the oil company´s participation accounts to 50%.
With these new awards, the company strengthens its position in Norway, one of the countries with the most hydrocarbon resources and most stable in the world, in addition to being highly valued by the sector for its high standards of operational quality.
Norway’s current production amounts to about 30,000 barrels of oil equivalent per day. Of the 30 blocks over which Repsol has mining rights in the Nordic country, 12 of them are exploration and the other 18 are production / development. The company’s reserves in the Scandinavian country amount to over 53 million barrels of oil equivalent.
Upstream activity of Repsol in Norway
The oil company has a 55% stake in the consortium formed by Lotos Exploration and Production Norge AS (20%), Okeas AS (15%) and Kufpec Norway AS (10%). In 2017 Repsol presented a new development and operation plan to reactivate production at the Norwegian Yme oilfield project, abandoned since 2001, which is expected to provide 65 million barrels of oil in the next ten years.
The Gudrun field is located 50 kilometers north of Sleipner, at a depth of approximately 110 meters. Gudrun is developed through a steel-covered facility and first-class processing, linked to Slepiner A, through two pipelines installed: one for oil and one for gas. In the Sleipner A facility, oil and gas are processed and exported. The main operator is Statoil Petroleum AS (36%) and it has the participation of Repsol Norge AS (15%), GDF Suez E & P Norge AS (25%) and OMV (Norge) AS (24%). During 2017, Gudrun exceeded production expectations, reaching values close to 66% of net production in the country as a whole.
In February 2018 Repsol expanded its Upstream business, thanks to the agreement reached with Total to acquire the 7.7% stake that the French oil company has in the Visund field. Located in the Norwegian waters of the North Sea, it produces 120,000 barrels of oil equivalent per day. With this operation, the oil company increased its production in Norway by 40%, reaching approximately 30,000 barrels of oil equivalent per day. Repsol jointly operates with Statoil, which, as operator, controls 5.2%; Petoro, with 30%; and ConocoPhillips, with 9.1 %.