Norway has had a run of oil and gas exploration discovery success which has served to underline the lack thereof for its UK neighbour.
This week Wellesely Petroleum, along with partner DNO, announced the Carmen well is believed to be the largest find in Norwegian waters in a decade.
Analytics firm Esgian noted this comes following a run of other successes for Norway, which dominated global finds in H1.
These include:
-Obelix Upflank find from Equinor – a gas discovery of 12.6-69.2m boe
-Two discoveries at the Troll field – Rover Sor and Heisenberg – also from Equinor
-OMV’s Eirik well which yielded an oil discovery
-Aker BP’s Ost Frigg Beta/ Epsilon, the longest exploration well drilled in the NCS, with an estimated 53-90 million boe.
Esgian said the “high levels of exploration activity are expected to continue in Norway through the Autumn, with a total of just under 40 wildcat and appraisal wells expected to be drilled in the country this year”.
The UK
That compares to a run of bad fortune for the UK, which Esgian said “lags far behind”.
“When compared to Norway, the UK’s drilling efforts haven’t achieved a lot of success this year.”
The firm noted disappointment at BP’s Ben Lawers and TotalEnergies’ Benriach, both in the west of Shetland.
TotalEneriges’ Isabella discovery encountered hydrocarbons earlier this year but the commerciality hasn’t been disclosed.
There has been success with the 300bcf Pensacola from Shell and Deltic in the southern North Sea, while other targets await ahead.
“Looking ahead, the 400-ft jackup Valaris Norway is expected to drill the Devil’s Hole Horst appraisal well in the UK Central North Sea this summer.
“A couple of other exploration wells, Shell’s Selene and Parkmead’s Skerryvore, are scheduled to be drilled in the second half of 2024.”
Other markets and wells to watch
South America has come in second, after the North Sea (mainly Norway) for H1 discoveries, said Esgian, while Namibia has emerged as an exploration hotspot.
“When it comes to the second half of the year, TotalEnergies’ Nara-1 well off Namibia is one to keep an eye on as well as Eni’s Nabte off Mexico, North Sea Natural Resources’ Devil’s Hole Horst off the UK, and DNO’s Norma off Norway.”
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