Realise the value potential in and close to large mature fields
The big fields in the SDFI portfolio are operated by Statoil with major international companies and Petoro as partners. Issues facing the mature areas are of such scope and complexity that developing and exchanging views on alternative solutions are essential. A challenge is that studies solutions which represent an alternative to the operator’s proposals are only conducted to a limited extent by the partners. This makes Petoro’s partner role very important and strengthens the need for a commitment on its part.
Petoro’s efforts to realise the potential in and close to large fields will be directed at extending the producing life of priority installation through technology choices, efficient drainage methods and a faster pace of drilling in order to complete more wells per year. This will contribute to achieving a change in the way these fields are operated compared with present practice. The company will also work for coordinated area solutions by prioritising selected installations as field centres and by ensuring the timely phasing-in of discoveries.
Petoro opportunities for exerting influence at an early stage in decision processes are best where the company’s own work, carried our either alone or in cooperation with other companies, forms the basis for its views and positions.
Integrated and timely development of the gas value chain
Changes in energy markets in general and the natural gas market in particular make realising the value-creation potential of gas a challenging task. Activities related to ensuring sufficient flexibility in the gas value chain are accordingly expected to become more extensive and to be important for Petoro in the future.
Petoro’s role in infrastructure development as the largest partner in Gassled is a key one, and expected to become more demanding. Forecast production developments and the technical integrity of the facilities call for significant decisions related to Gassled’s processing plants over the next five years.
To realise enhanced value creation, the attractiveness and risks of moving further down the value chain than before will be assessed. Increased use of gas storage could improve flexibility in the gas value chain and thereby help to boost value creation.
Seek commercial opportunities in Vøring and Barents Sea South
Developments in frontier areas of the Norwegian continental shelf are characterised by smaller discoveries, which challenge profitability. Company-specific priorities challenge coordinated area solutions.
The sale of interests in 2001 and limited finding results mean that only nine per cent of the SDFI’s resources are in fields under development or discoveries in the planning phase. However, the SDFI is relatively well represented in the largest discoveries made in recent years which have yet to reach the planning stage.
Barents Sea South and the Vøring area of the Norwegian Sea are the most important frontier regions in the SDFI portfolio in terms of resource potential and maturity. To ensure an optimum development of these areas, parallel exploration and maturing of resources are required in a coordinated area perspective, where a number of fields are viewed alongside each other in order to create profitability. The challenge in Barents Sea South is to create profitability for a further development of Snøhvit train 2. Vøring is characterised by differences in the level of maturity, ranging from early interpretation of prospects to individual discoveries which have come a long way in the maturing process.
Petoro will concentrate on contributing to continued exploration activity and maturing of resources by prioritising exploration rigs, while ensuring that developments in these areas safeguard the SDFI’s resources.
