Point Resources operates the Balder, Ringhorne and Jotun fields on the NCS. Daily production from these fields in 2016 was about 54,000 barrels of o.e., and they are located in the North Sea.
The Balder field is located in PL 001 – the first license awarded on the NCS with first exploration drilling and first oil discovery. Several seismic surveys, drill programs and modifications to extend production and the lifetime of the installation have been completed.
Balder is developed with a floating production, storage, and offloading vessel (FPSO) and several subsea production systems. The field is located in the North Sea, approximately 190 kilometres northwest of Stavanger. Production start-up at Balder took place in 1999.
The Ringhorne platform is tied back to the Balder FPSO for processing and export. Balder exports gas to Statpipe via the production vessel Jotun A.
Point Resources is the operator and has 100 percent ownership in the Balder field.
The Ringhorne field is located about 9 kilometres north of the Balder FPSO and includes a platform with initial processing and water injection capabilities. Production is routed to the Balder and Jotun installations for final processing, storage and offloading.
Production commenced in February 2003. Ringhorne has only 22 horizontal wells, the longest of which is 8 kilometres long. The geology in the area is very complex. Some of the Ringhorne oil is heavy, requiring pressure support and gas lift to be produced. Ringhorne is equipped with advanced technology and automated drilling equipment. By use of computers, the drillbit can be steered with high precision, making it possible to hit small targets many kilometres away.
Point Resources is the operator and has 100 per cent ownership in the Ringhorne field, except for Ringhorne East where Point Resources' equity is 77.4 per cent. The other Ringhorne East partners are Statoil (14.8 per cent) and Faroe Petroleum (7.8 per cent).
The Jotun field is developed with two installations; a wellhead platform (Jotun B), and a production vessel (Jotun A). The field is located in the North Sea, 200 kilometres west of Stavanger.
Jotun production has been on decline in recent years, thus resulting in spare production capacity. In order to utilize this capacity, Balder has been connected to Jotun via a gas pipeline, while pipelines were installed between Ringhorne and Jotun thereafter, allowing parts of the Ringhorne volumes to produce via the Jotun FPSO, in addition to the Balder FPSO.
Decommissioning activities on the Jotun B installation were initiated in 2015 and will proceed until 2019/2020. In December 2016, the production on the Jotun B installation was permanently shut down.
As operator of the Jotun field, Point Resources has 100 per cent ownership interests.
Point Resources has ownership interests in four producing fields on the Norwegian Continental Shelf (NCS), which are operated by others. Point Resources’ daily net production from these fields in 2016 was about 6400 barrels of o.e.
The non-operated fields are Snorre, Brage, Bøyla and Hyme. The company has 20 per cent ownership interests in the Bøyla field, 12.26 per cent interests in the Brage field, 17.5 per cent interests in the Hyme field, and 1.1 per cent interests in the Snorre field.
Point Resources will continue to work with and influence operators to maximize value creation in non-operated assets.