Development

Development - Operated Assets

Point Resources is making additional investments in operated, producing fields such as Balder and Ringhorne. We continuously strive to increase oil recovery from 2019 and beyond.

The Balder Life Extension Project to 2030 is well under way, while Balder Phase 4 Drilling Campaign is being prepared. At the fields Ringhorne and Ringhorne East, we will embark on a 2019 Drilling Campaign, which includes three workovers, four additional Ringhorne production wells and two additional Ringhorne East production wells.

More information about the Balder and Ringhorne fields is available in the Production and Exploration sections.

Development - Partner-operated Assets

As partner, Point Resources participates in a number of development projects on the Norwegian Continental Shelf (NCS) that are located near producing assets. The discoveries reflect our strategy of capturing near-field value potential.

The company is working towards commercialisation and development to maximise asset portfolio and increase oil and gas recovery. Point Resources' portfolio of partner operated developments includes:

Bauge

The Bauge discovery is located in PL 348 in the Haltenbanken area of the Norwegian Sea.

A Plan for development and operation (PDO) was submitted and approved in 2017. The discovery is being developed as a subsea tie-back to the Njord A facility, with gas export through the Åsgard gas transport system and oil export through the Njord B facility.

First oil is expected in fourth quarter, 2020. Reserves, net to Point Resources, are estimated to 13 million barrels of oil equivalent.

Statoil is operator with 35 percent ownership, while Dea (28 percent), Point Resources (18 percent), Engie (10 percent), Faroe Petroleum (8 percent) and VNG (3 percent) are partners.

Fenja

The Fenja discovery in PL 586 is located in the Haltenbanken area in the Norwegian Sea.

A Plan for development and operation was submitted in December 2017. The discovery is planned to be developed as a subsea tie-back to the Njord A facility, with gas export through the Åsgard gas transport system and oil export via the Njord B facility.

First oil is expected in first quarter, 2021. Reserves, net to Point Resources, are estimated to 43 million barrels of oil equivalent.

VNG is operator with 30 percent ownership, while Point Resources (45 percent), Faroe Petroleum (25 percent) are partners.

Brasse

The Brasse oil and gas discovery in PL 740 B is located in the northern part of the North Sea.

The plan is to develop the field with a subsea template tied to a nearby production facility. Host selection is planned for 2018.

First oil and gas is expected to be produced in 2021. Reserves, net to Point Resources, are estimated to 37 million barrels of oil equivalent, according to the operator’s estimates.

Faroe Petroleum is operator with 50 percent ownership, while Point Resources holds 50 percent ownership as partner.

Garantiana

The Garantiana discovery in PL 554 is located in the northern part of the North Sea.

The field is planned to be developed as a subsea field with tie-back to an existing production facility. Host selection is planned for 2018.

First oil is expected in fourth quarter, 2021. Reserves, net to Point Resources, are estimated to 22 million barrels of oil equivalent.

Statoil is operator with 40 percent ownership interest, while Point Resources (30 percent) and Aker BP (30 percent) are partners.

Others

Other discoveries, which are operated by others, highlighted below, are at different stages in the planning process: