Statoil is on the hunt for its next Johan Sverdrup – this time on the UK divide of the North Sea, according to its exploration manager Tom Dreyer.
Tom spoke to Energy Voice after the Norwegian operator made out as one of the biggest winners in the 28th UK North Sea licensing round. The major industry player snapped up 8000sq km of acreage, winning all of the 12 licences it applied for.
The opportunities amassed by the firm on the UK side of the North Sea, strategically located on near its Mariner and Bressay projects, leave it all to play for, according to Tom.
The first step in the process is to apply the techniques leveraged to unearth Johan to targets identified in the UK North Sea.
“We have a history of being successful in very mature areas,” he said.
“We have identified a couple of areas that we could use that same process initially. We would use the data and deploy the meteorology we used to find Johan Svedrup in the UK.
“If you compare the UK side and the Norwegian side of the North Sea they are not that dissimilar.
“The reserves should be there, however, every easy and obvious opportunity has been tested.
“You really have to go out of your way and come up with more subtle projects.
“We have five or 10 opportunities in the UK and some of these could have the potential to be at least half of Johan.
“We are cautiously optimistic in having two more major successes over the next five years.
“We reckon that we have amassed the acreage which could yield between five and 10 similar opportunities.”
The firm is already committed to drilling two exploration wells next year – both awarded in last year’s bid.
Tom added Statoil could be ready to drill an additional two exploration wells on the back of yesterday’s winnings as early as 2016, but warned it depended heavily on the future make-up of the UK’s fiscal regime.
He added: “We are committed to drilling two wells from our previous allotment next year but the key for us and what we want to do includes an element of improvement from the UK fiscal regime.
“We know the UK regulator is working with the fiscal regime on several aspects. If changes were to happen then we would be able to commit to even more wells.”
In terms of its on-hold, multi-billion dollar Bressay project, more favourable fiscal changes geared toward incentivising ultra-deep, heavy oil wells would see the scheme come to fruition much quicker, according to the production manager.
But for today, Statoil remains committed to cultivating its UK North Sea business.
Tom added the firm has made a strategic effort to better balance the operator’s assets on both sides of the divide.
“We were pretty unbalanced across the North Sea three years ago,” he said.
“If you looked at map everything was focused on the Norwegian side.
“We have a lot of concepts we have not seen tested and want to see each one tested.”
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