Repsol to acquire Total’s stake in Mikkel field offshore Norway

Repsol has agreed to acquire Total’s stake of 7.65% stake in the Norwegian Sea’s producing Mikkel field, for an undisclosed price.

The Mikkel field, which is a gas and condensate reservoir, has been in production since August 2003.

Through the transaction, Repsol will boost its net output in Norway to around 32,000 barrels of oil equivalent a day, which marks an increase of nearly 14% in production in the European country. The Spanish energy company has a working interest across 30 production licenses in Norway.

Repsol, in a statement, said: “This acquisition reaffirms Repsol’s commitment to Norway, a key country for the company. The company did also reach an agreement with Total in early 2018 to acquire a 7.65% stake in the Visund field, and is also moving forward on the Yme field development, that is expected to start produce in second quarter of 2020.”

The Mikkel field is operated by Equinor Energy, which holds a stake of 43.97%. The other partners in the offshore Norwegian field are ExxonMobil Exploration and Production Norway (33.48%) and Vår Energi (14.9%).

Located 35km south of the Midgard deposit on Equinor’s Åsgard field, the gas and condensate field registered an average production of 47,075 barrels of oil equivalent a day in 2017.

The gas and condensate field, which is contained in water depth of 220m, is located in the eastern part of the Norwegian Sea, 30km north of the Draugen field.

Discovered in 1987, the Mikkel field was developed using a subsea production facility that is tied back to the seabed installations on Midgard, which in turn is part of the Åsgard development.

The Mikkel production system features two subsea templates with a total of three production wells. It produces gas and condensate from Jurassic sandstone in the Garn, Ile and Tofte Formations.

Condensate produced from the Mikkel field is sent through existing flowlines to the Åsgard C storage ship for export. On the other hand, gas produced from the field is piped via the Åsgard Transport trunkline to the Kårstø complex, located north of Stavanger in Norway.

Source: Compelo