MOL Group entered Norway in 2015, through the acquisition of 100% ownership of Ithaca Petroleum Norge. MOL Norge’s focus is on exploration through an active operated and non-operated drilling campaign. In 2018 the company made a step-change by successfully transitioning to become an offshore operator by adding a well delivery team and strengthening the HSE and procurement functions. The company currently operates on the Norwegian Continental Shelf (NCS) in three core areas, the Northern North Sea, the Southern Viking Graben and the Central Graben South.
The potential resources in Norway represent a large opportunity for organic growth and reserve replacement. MOL Group has built partnerships with strong and competent North Sea companies (Petoro, AkerBP and Lundin) and expanded its operated positions in the Mandal High Area. In 2018 the first MOL-operated offshore well in the North Sea was drilled successfully on the PL860, although the well proved to be dry. The drilling program continued in 2019 with one operated well on Mandal High (PL539) and one operated well in the Southern Viking Graben (PL820). In addition, MOL Norge participated in two exploration wells, operated by AkerBP (PL814 and PL019c). In early 2020, MOL Norge has made a discovery as operator in the Southern Viking Graben (PL820S), about 200 kilometres west of Stavanger. The main discovery was successfully tested, while the smaller volumes of oil and gas were discovered in several other formations. Preliminary evaluation of the discovery showed recoverable resources between 12-71 mmboe. The discovery was consistent with MOL’s stated strategy of replenishing reserves through a combination of exploration and acquisitions.
All well operations were executed with excellent HSE performance and without any incidents or harm to the environment.
Priorities for upcoming years
MOL Norge is committed to continue partnering with strong North Sea companies. The company aspires to prepare an appraisal plan for PL820 discovery and continue with its drilling program. Furthermore, MOL Norge is striving to expand its operated positions and replenish the portfolio by participating in licensing rounds, while continuously high-grading the portfolio through license rationalization.
For details of other E&P operations, please click on the highlighted countries below: