First licence for Mime PetroleumSeismic across the Balder field from 1967. The important injectite reservoirs are not visible.

First licence for Mime Petroleum

Mime has signed an agreement with Vår Energi AS to become a partner in six licences west of Stavanger.

The agreement provides Mime with a 10 percent ownership interest in the Balder and Ringhorne fields and a 7.4 percent ownership interest in the Ringhorne Øst Unit.

The acquisition is Mime’s first since its prequalification as a licensee on the NCS in June 2018.

Reservoir: Balder, including Ringhorne, produces oil from several separate deposits in sandstones of Jurassic, Paleocene and Eocene age. Balder produces from the Heimdal and Hermod Formations as well as from the injected sand complex above them. Ringhorne produces from the Hugin, Ty and Hermod Formations. The reservoirs are of good to very good quality. The Balder reservoir lies at a depth of 1,700 meters and the Ringhorne reservoir at a depth of 1,900 meters.

“Our ambition is to become a leading independent E&P company in Norway, with a focus on enhancing the production and development of petroleum resources on the NCS. Our team has the knowledge and skills to pursue a full range of optimisation opportunities”, says Sverre Skogen, Executive Chairman of Mime.

Mime will receive 10 percent ownership interests in PL 001, PL 027, PL 027C, PL 028, PL 028S and PL 027GS, while Vår Energi continues to operate the licences with 90 percent ownership interests.

Historical production from the Balder field.

Historical production from the Ringhorne field.

The partners plan to redevelop the Balder and Ringhorne fields through the Balder X project.

The Balder X Project entails major future project activities such as extending the lifetime of the Jotun FPSO towards 2045, drilling of 20 new production wells across the Balder and Ringhorne fields.

Other projects comprise an upcoming drilling program at Ringhorne and the extension of the lifetime of the Balder FPSO towards 2030. A revised plan for development and operation (PDO) is planned to be submitted in the fourth quarter of 2019.