Test production from the Rolvsnes or Edvard Grieg South (EGS) discovery offshore Norway is expected to start in 2019, according to Rex International Holding, which holds a 30% stake in the license through subsidiary Lime Petroleum.
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Map of PL338C, from Rex. |
Rex says development feasibility studies are being carried out on the Lundin-operated discovery, which was made in December 2015, in license PL338C.
According to Rex, a recent Gaffney, Cline & Associates report put gross contingent, un-risked (3C) resources in the PL338C license at up to 77.9 MMbbl and up to 78.7 Bcf of natural gas (3C).
Måns Lidgren, CEO of Rex International Holding, said the firm’s Rex Virtual Drilling technology was used to de-risk the find. The technology, which looks at attributes of seismic data not usually looked at with other methods, using algorithms, has also been used to select and build a cluster of investments in the Utsira High area, which is close to the Johan Sverdrup field and Ivar Aasen development.
With pipeline infrastructure in place, there is a fast-track path to potential commercialization, says Lidgren. “Lime Norway also holds a 20% interest in license PL815, where the undrilled Goddo prospect is believed to be a geological continuation of the EGS discovery, as well as a 30% stake in license PL818 comprising the Orkja prospect, within easy tie-back distance to the Ivar Aasen field,” he says.
The EGS discovery was made in December 2015 in 100m water depth on the Utsira High, and is the second discovery in license PL338C. The first discovery was made in exploration well 16/1-12 in 2009, which proved a 42m oil column in fractured granitic basement.
Rex has been using its proprietary RVD technology has proven to be highly accurate in predicting dry wells. The firm is using the technology to explore other areas in the North Sea, Norwegian Sea, and Barents Sea.
Lime Norway holds a 20% interest in license PL841 in the Norwegian Sea, alongside operator Edison Oil (40%), Statoil (20%) and the Norwegian government-owned Petoro (2%). The block had previously been explored in the 1990s. Rex says current technologies, including RVDv3, indicate that a well drilled then was a missed discovery. RVDv3 will be used to determine whether commercialization is now viable. The group’s other license in the Norwegian Sea is PL762, which covers the entirety of the Vagar prospect, is also currently being evaluated using RVDv3.
In the Barents Sea South region, Lime Norway holds a 20% of the PL850 license, east of the Goliat producing oil field.
Lime Norway team CEO Terje Hagevang said: “Our vision is for Lime Norway to be an oil producing company, with oil reserves of more than 100 MMbo and at least 10 concessions prospected with Rex Virtual Drilling. We are working towards these aspirations.”
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