– Exploration is an integral part of Aker BP’s strategy and we know there are significant volumes yet to be found on the Norwegian Continental Shelf (NCS), said Olav Blaich, VP Exploration Geology & Basin Integration in Aker BP at the NCS Exploration Strategy 2019 conference in Stavanger November 21st.
Aker BP is a major player on the NCS with a daily production of about 180 000 barrels of oil equivalents (boe), more than 900 million boe in reserves and 65 exploration licences.
– The average discovery size is shrinking decade by decade. Therefore, we must work smarter and also think cluster development to take advantage of the increasing number of small discoveries.
Aker BP is addressing the latter issue by spending most of their exploration budget on near field / near infrastructure exploration.
– The cost of exploring (including drilling) has decreased in the last few years. We are taking advantage of that, and in 2019 we have drilled 17 wells on the NCS. The goal is to maximize the value of operating hubs by systematically exploring around them in order to increase their lifespan.
According to Blaich, approximately 60 % of Aker BP’s exploration funds was spent on near-hub exploration. The remaining 40 %: searching for new potential hubs.
– For the five year period 2016 – 2020, we had set a target of finding 250 mmboe on the NCS. As of today, we have already reached that target.
The company’s latest discovery, and the largest of 2019 on the NCS, was the 25/2-21 Liatårnet discovery with estimated 80 – 200 recoverable mmboe. Other resource additions for Aker BP in 2019 include Froskelår Main/NE, Frosk and Rumpetroll in the Alvheim area.
The success – or the exploration «silver bullet», according to Blaich, is a result of the company’s long term strategy, their extensive data acquisition and G&G evaluations.
– Our silver bullet is simply hard work and good workflow combined with smart integration of all data and all available technologies.