TOTAL - Norwegian Continental Shelf License 554

Project Status

As of mid February 2011, Bridge Energy, the Oslo Axess-listed oil and gas exploration and production company, has signed an agreement with Total E&P Norge for the farm-down of a 40% working interest in PL554 on the Norwegian Continental Shelf.

The agreement assumes transfer of operatorship to Total E&P Norge. Completion of the transaction is subject to consent by the license partners, the Ministry of Petroleum and Energy and the Ministry of Finance. 

PL554 covers Block 34/6, which was awarded as part of APA 2009 in February 2010. A drill or drop decision was required within one year of award, with drilling within three years of award.Block 34/6 contains the exploration prospects Garantiana and Angulata, which are located on trend with the Visund field in the North Sea Tampen area and consist of stacked reservoirs of Brent, Cook, Statfjord and Lunde. The prospects are partly dependant on sealing faults. 

If successful, any commercial discovery could be developed as a sub-sea tie-back to the Visund A or Snorre B platforms, which are located some 30 kms away. Water depths are approx. 380m.

The main prospect on PL554 is the Garantiana Prospect. Drilling is expected in Q4 2011 / Q1 2012.

As of early April 2011, Det norske has sold a 20 percent interest in production licenses 554 to Svenska Petroleum Exploration, reducing its interest from 40 to 20 percent.

As consideration, Svenska Petroleum Exploration will carry part of the expenses related to the first exploration well to be drilled in PL 554.

The North Sea license is located due east of the Snorre field and was awarded in the APA 2009 and APA 2010 licensing rounds. The agreement includes the Garantiana prospect, scheduled for drilling in 2012. 

This transaction should be seen as part of Det norske's continuous work to diversify and optimize its exploration portfolio.

Final agreement is subject to government approval.

Total has contracted the Fred. Olsen Energy-owned semi-submersible Borgland Dolphin to drill the Garantiana prospect off Norway 2012.

Total has been granted a well permit by Norway’s authorities to drill an exploration probe at its Garantiana prospect in the North Sea.

The French giant will deploy Fred Olsen Energy-owned semi-submersible Borgland Dolphin to drill the 34/6-2s well in a water depth of 383 metres in its operated Production License 554.

Drilling is targeted to start in June and has an anticipated duration of about 60 days.

Dec 2011 Fred. Olsen Energy awarded a contract

Mar 2012 Drilling of Well 34/6-2s approved

(Topco)