Decision to develop the Hasselmus gas discovery

Decision to develop the Hasselmus gas discovery

Hasselmus will be the first tie-back to the Draugen production platform and will add in excess of 4,000 barrels of oil equivalents per day to production.

As announced by OKEA ASA and partners Petoro AS and Neptune Energy Norge AS, the Hasselmus project is expected to recover approximately 1.65 GSm3 (10.6 million barrels of oil equivalents) as fuel and export gas and will also make possible the restart of export of associated gas including NGL which is currently being injected into the reservoir.

The development concept is a single subsea well with direct tie-back to the Draugen platform. Production start-up is planned in Q4 2023 with plateau gas production of more than 4,400 barrels of oil equivalents per day gross. The breakeven price for the Hasselmus project is estimated to around USD 28/boe or 85 øre/Sm3. Expected total investment cost for the project is NOK 2.4 billion gross. OKEA’s guiding on capital expenditure for 2021 of NOK 600-700 million remains unchanged following this decision.

The Hasselmus discovery and the Draugen licence

The Hasselmus gas discovery is located on the western edge of the Trøndelag platform in the Norwegian Sea, 7 km northwest of the Draugen platform, in production licence 093. A single well (6407/9-9 T2) was drilled on the Hasselmus structure by A/S Norske Shell in 1999 which encountered a 16 meters gas column and a 6.8 meters oil column in high quality sands at a depth of 1,700 meters.

PRESS RELEASE

X