Det norske Hits Pay in Norwegian Sea

- Det norske Hits Pay in Norwegian Sea

Tuesday, September 13, 2011
Det norske oljeselskap ASA

Det norske oljeselskap ASA, operator of PL 482, is in the process of completing exploration well 6508/1-2 on Skaugumsåsen. The well is located about 10 kilometers south of the Norne field in the Norwegian Sea.

The well encountered an 18 meter gas column and a 23 meter oil column.

Preliminary estimates of the discovery indicate recoverable volumes of 1 million Sm3 oil equivalents. Further studies are necessary in order to determine if the discovery is economically viable.

This is the first exploration well in license 48, which was part of the Awards in Predefined Areas (APA) 2007.

Well 6508/1-2 was drilled by the semisubmersible Aker Barents rig.

Partners in PL 482 include: Det norske (65 percent and operator), Petoro 20 percent and Skagen44 AS 15 percent.

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Det norske Submits First PDO as Field Operator

- Det norske Submits First PDO as Field Operator

Monday, September 05, 2011
Det norske Oljeselskap

Det norske will present a plan for development and operation (PDO) of Jette to the Minister of Petroleum and Energy Ola Borten Moe, Monday. The PDO will be submitted on behalf of the partners in the Jette Group, which in addition to Det norske includes Petoro, Dana Petroleum and Bridge Energy.

Erik Haugane, CEO of Det norske, said it is a big and important decision for the company to submit a PDO for Jette. "This is a small development relative to other North Sea-projects, but it is our first field development as operator. We believe it is best to start off with a small-scale development before moving on to bigger projects, like Draupne. In a few years, we could also become a significant operator of field developments off Norway."

Jette is a small field located in the North Sea, just east of the Jotun Field. Jette will be produced with two horizontal wells, tied back to the Jotun floating production storage and offloading vessel (FPSO). Jette is a very good example of what the government describes as time-critical resources.

"Even though Jette is a small development, it still represents value for the companies and the Norwegian society. Det norske believes that oil companies should also take on these projects," said Haugane

First oil in 2013

Jette contains about 14 million barrels of oil equivalents, based on a 30 percent recovery rate. Daily production the first year will be approximately 14 000 barrels, of which some 9 000 barrels will accrue to Det norske. Estimated development costs of Jette is approximately 2,5 billion NOK. Given the current oil price, Jette may generate gross revenues of 8 billion NOK. Operational costs are lower compared to typical operating costs of stand-alone developments and therefore enhancing the profitability of the development. Production startup is set to 1st quarter 2013.

Through a share issue last week, Det norske strengthened its equity ahead of developing Jette. Field development and operation will be led by Det norske in Trondheim, while daily monitoring of operations is carried out by ExxonMobil.

The partners in Jette are Det norske (63.3 percent, operator), Dana Petroleum (19.2 percent), Bridge Energy (6.0 percent) and Petoro (11.5 percent).

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Det norske to Spin Bit in Southern North Sea

- Det norske to Spin Bit in Southern North Sea

Friday, August 05, 2011
Det norske oljeselskap ASA

Det norske received Petroleum Safety Authority Norway's (PSA) consent to drill the Ulvetanna prospect, with exploration well 3/4-2S, yesterday. The prospect is located in block 3/4 in production license 356 in the southern North Sea.

The well will be drilled with the jack-up rig Maersk Guardian. Planned start-up is in the end of the third quarter of this year.

The main objective of the drilling is oil in the Ekofisk- and Tor formations. The well will be drilled to a depth of approximately 3,050 meters. Water depth in the area is 51 meters.

Det norske is the operator of the license with a 60 percent stake. Repsol entered the license last year, and has 40 percent stake. The license was awarded in APA 2005.

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Det norske Sells Stake in North Sea

- Det norske Sells Stake in North Sea

Tuesday, July 05, 2011
Det norske oljeselskap ASA

Det norske oljeselskap has sold a 15 percent interest in production license 450 to North Energy.

The license is located in block 7/12 in the North Sea, southwest of the Ula field. Drilling of the prospect Storebjørn is planned for in the fourth quarter of 2011 with the jack-up rig Maersk Guardian.

Det norske is the operator, and will after the transaction hold a 60 percent interest in the license. Partners are North Energy with a 15 percent interest, and Dana Petroleum Norway with 25 percent.

The sale is part of Det norske's continuous effort to diversify and optimize its exploration portfolio. The agreement remains subject to government approval.

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Det norske, Partners Sign Agreement for Block in Barents Sea

- Det norske, Partners Sign Agreement for Block in Barents Sea

Friday, June 10, 2011
Det norske oljeselskap ASA

Det norske and partners DONG and Edison have signed agreements for production license 613 at the Ministry of Petroleum and Energy.

Production license 613 was awarded in the 21st licensing round. The license is located in the northern part of Loppa High in the Barents Sea. The license covers blocks 7322/10 and 11.

The work program that the companies have now committed themselves to, includes acquisition of 3D seismic over the area. The decision to drill an exploration well must be taken within three years. Acquisition of seismic is planned to start already this year, and the first partner meeting will take place as early as next week.

Work with this license will be placed at Det norske's office in Harstad.

Licensees in PL 613:

• Dong E&P Norge (operator) 40 percent
• Det norske oljeselskap 35 percent
• Edison International Norway 25 percent

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Det norske Awarded License in Barents Sea

Det norske Awarded License in Barents Sea

Monday, April 18, 2011
Det norske oljeselskap ASA

Det norske has been awarded a new license in the Barents Sea in 21 licensing round. Production license 613 is located in blocks 7322/10 and -11 in the central part of the Barents Sea. The license was Det norske's first priority in this allocation round. In total the Government offers 12 new licenses in the Barents Sea

Dong E & P is the operator of the license with a 40 percent stake. Det norske and Edison International are partners with respectively 35 and 25 percent stake. The work program for the license acquisition of 3D seismic over the area. Within three years from granting, the license must decide to drill an exploration well or hand back the license. If drilling is decided, the well must be drilled within five year from the grant.

This year's round was announced on June 23. 94 blocks, 43 in the Norwegian Sea and 51 in the Barents Sea were offered, with a deadline in November 2010. Of these, the Government has decided to offer 24 licenses to 29 companies

Det norske Sells Stake in Garantiana

Det norske Sells Stake in Garantiana

Thursday, April 07, 2011

Det norske oljeselskap ASA

Det norske has sold a 20 percent interest in production licenses 554 and 554B to Svenska Petroleum Exploration, reducing its interest from 40 to 20 percent.

As consideration, Svenska Petroleum Exploration will carry part of the expenses related to the first exploration well to be drilled in either PL 554 or PL 554B.

The North Sea licenses are located due east of the Snorre field and were awarded in the APA 2009 and APA 2010 licensing rounds. The agreement includes the Garantiana prospect, scheduled for drilling in 2012.

This transaction should be seen as part of Det norske's continuous work to diversify and optimize its exploration portfolio. Following the transaction, Bridge as operator will hold 60 percent, while partners Det norske and Svenska will hold 20 percent each. Final agreement is subject to government approval.

Det norske Delays Froy Field Development

Det norske Delays Froy Field Development

Friday, April 01, 2011

Det norske oljeselskap ASA

As a result of the decision made by Det norske, a plan for development and operations (PDO) for the Froy field will not be filed this year, and it has not been decided when such a plan will be submitted.

Froy Platform

The plan was to submit a PDO in the autumn 2010 with a FPSO concept. However, this was delayed in order to evaluate the possibility of using simultaneous water and gas injection, rather than water injection only as a production strategy. The results from these studies indicated that SWAG only had a marginal impact on project economics.

The Froy field development, where the partnership already in January 2008 decided to push forward with the project, has been delayed several times. These delays have opened new development alternatives, which Det norske finds prudent to explore.

COO Oyvind Bratsberg said that the company has major field developments ahead as an operator, "Det norske will over the coming years develop from a pure exploration company into a exploration, field development and production company. Going forward the company will concentrate its resources on the Draupne field development and smaller developments, such as Jetta. Froy will be developed at a later stage, and possibly with a different development solution."

Froy holds about 60 million barrels of recoverable oil. Det norske is operator for Froy and holds 50 percent. Premier Oil Norge is the only partner in the license with 50 percent.