North Sea

United Kingdom

 2P Reserves (2017 YE): 22.2 MMboe

Production (2017): 6.2 mboepd

MOL Group entered the UK in 2014, after acquiring a portfolio of assets in exploration, development and production phases. The major achievement in 2017 was the delivery of the FPSO on the Catcher field and reaching the first oil in December 2017. The key focus of the work program is to ramp up production on Catcher in 2018.

WORK PROGRAMS OF MAJOR PROJECTS (2017/2018)

WORK PROGRAMS OF MAJOR PROJECTS (2017/2018)

  • Production of Scolty and Crathes was significantly below expectations in 2017 due to wax build up in the pipeline system, which was treated with chemical solvents as an interim solution. Focus of the 2018 work program is to define the permanent solution for the waxing issue.

CATCHER (MOL 20% WI, NON-OPERATED)

  • In 2017 Phase I and Phase II drilling programs were successfully delivered. FPSO construction was completed, the vessel was transferred to the location, where the installation and hook-up was finalized. First oil was achieved in December 2017. The FPSO was delivered with outstanding HSE results. In 2018 Phase II development program will be completed by drilling 4 wells and production will be gradually ramped up.

SCOTT-TELFORD AND ROCHELLE AREA (SCOTT MOL 46 % WI NON-OPERATED, TELFORD MOL 1.6% WI NON-OPERATED, ROCHELLE MOL 15% WI NON-OPERATED)

  • On Scott the infill drilling program continued with two wells (J41z and J42). The drilling of the third well started in 2017 and will be completed in 2018. The focus of the work program will be on OPEX reduction and maximizing the value of the asset.

Norway

MOL Group entered Norway in 2015, after acquiring Ithaca Petroleum Norge. MOL Norge’s licence portfolio is located in three strategic core areas in the North Sea and comprises of 17 licences of which six are operated. In 2017 MOL Norge further matured its exploration portfolio and successfully participated in the APA licensing round adding three licences (two operated). MOL Norge is preparing for its first operated offshore drilling in 2018.

WORK PROGRAMS OF MAJOR PROJECTS (2017/ 2018)

  • Effective February 2017, MOL Norge was awarded operatorship of one licence and partnership in three other North Sea licences in the 2016 APA(Norwegian Awards in Predefined Areas).
  • MOL Norge submitted four applications for new licences in the 2017 APA licencing round, and has been offered operatorship for two licences and partnership in one licence.
  • MOL Group built partnership with strong, best in class North Sea companies (Petoro, Statoil, Aker BP, OMV, and Lundin) and expanded its operated positions in the Mandal High Area.
  • In 2017 the Hyrokkin (PL 677) well was drilled and completed within planned schedule and significantly below budget but the well proved to be dry. Preparation for Raudasen (PL790) well was completed in 2017, the well will be spudded in Q1 2018. The first MOL operated drilling in Oppdal / Driva (PL 860) is planned for 2018.