Drilling operations in licence PL442 in the NOAKA area in the North Sea discovered recoverable oil resources estimated at 80–200 mboe (barrels of oil equivalent). Aker BP operates the licence (90.26%) in partnership with LOTOS Exploration & Production Norge (9.74%).
An exploration well in licence PL 442 was spudded in June 2019 to confirm the potential of the Liatårnet prospect. The drilling operations discovered oil, with initial estimates of resources in the range of ca. 80–200 mboe (of which ca. 8–19 mboe is LOTOS’ share). Figures attest to the magnitude of this event – new discoveries made in the North Sea after 2011 held only 20 mboe of oil on average.
Further work is planned to estimate the size of the find and to determine the concept for its development. The discovery adds to the development potential of a new production hub for the NOAKA project in Norway. The PL 442 licence was acquired by LOTOS in 2013 as part of the Heimdal portfolio. It should be noted that the Langfjellet field was discovered at the end of August 2016 in the same licence partnered by LOTOS.
The NOAKA project is a development of discoveries made north of the Heimdal field: Frigg Gamma Delta, Langfjellet, Rind, Fulla and Froy, in which LOTOS holds an average interest of 10% and AkerBP is the operator. Equinor-operated Krafla and Askja fields, in which LOTOS does not currently hold any interest, could also be included in the project. An optimum development concept is being selected for the project. For the LOTOS Group, the project presents an attractive opportunity to increase oil production in the long term. Production from the fields may commence in 2023.
LOTOS Exploration & Production Norge (LOTOS Norge) explores for and produces hydrocarbons on the Norwegian Continental Shelf. The company is a member of the LOTOS Upstream Group (part of the LOTOS Group) responsible for the implementation of the LOTOS E&P segment’s strategy in the North Sea and Norwegian Sea.
External Communication Office, Grupa LOTOS S.A., ul. Elbląska 135, 80-718 Gdańsk, Poland, phone: (+48) 58 308 72 29, (+48) 58 308 70 44, email: email@example.com