In 2017, our presence
in Norway was focused
on our Upstream business
- Production / development
As of December 31st, 2017, we owned mineral rights in Norway to 23 blocks: 7 exploration blocks with a net surface area of 1,444 km2 and 16 production/development blocks with a net surface area of 324 km2.
Net production in 2017 amounted to 5.8 mbbl of liquids and 12.6 bscf of natural gas, with a total equivalent net production of 8.0 mboe (21,918 boe/d). The proven reserves of liquids and natural gas at the end of the year were estimated at 11.8 mboe.
- In December, Repsol submitted a revised Plan for Development and Operation (PDO) for the Yme field to the Norwegian Ministry of Petroleum and Energy. Repsol participates in the development consortium with a stake of 55%. The start of production for this new project is expected to take place in the first half of 2020.
- In 2017, the Gudrum field (where Repsol has a 15% stake after the agreement reached with Statoil in December 2015 in exchange for a 13% stake in Eagle Ford in the United States) exceeded production expectations, accounting for nearly 66% of Repsol's net production in the whole country.
- February 1st, 2018 the announcement was made that an agreement was reached with Total in Norway to acquire the 7.7% stake that this company has in the Visund field, located in the Norwegian waters of the North Sea. The Visund field, operated by Statoil, is an oil and gas deposit located 22 kilometers from the Norwegian coast. In 2017, it reached an average production of over 120,000 barrels of oil equivalent per day.
Net surface area
of mineral rights
Information on net production, net proved reserves, and mineral rights
as of December 31st, 2017