Total has sold its 22.2% stake in King Lear to PGNiG. This follows AkerBP's acquisition of Equinor's 77.8% stake in the field in October 2018 for USD250 million.
In October 2018, AkerBP noted that King Lear is one of the largest undeveloped discoveries in Norway and that it planned to develope the field as a satellite to Ula. Ula is operated by AkerBP (80% with DNO as 20% partner) and the tie-back will improve capacity utilisation at the Ula facilities. Importantly, King Lear will also provide signifcant gas volumes for injection into the Ula field for increased oil recovery. Net recoverable resources at King Lear is estimated at c.100mmboe and is gas weighted.
PGNiG notes that the development of the field is planned to commence in 2021 with first production in 2025.
The King Lear development has stalled since its initial discovery as it was originally expected to be part of the Greater Ekofisk Area project which would have seen King Leat, Tommeliten Alpha and Tor tie back to Ekofisk. However gas processing capacity constraints at Ekofisk meant the project was not sanctioned.
With PGNiG entry into King Lear, and also ownership of Tommeliten Alpha (acquired from Equinor in October 2018) could see the latter now being routed to King Lear.
0 comments:
Post a Comment