The company has received all necessary government approvals, five months after announcing details of the deal, and its subsidiary Tellus Petroleum has been approved as a new license holder on the Norwegian continental shelf.
Gina Krog, operated by Statoil, is one of Norway’s largest current developments, on schedule for first production in 2Q 2017. However, the partners are pursuing cost reductions and further schedule improvements.
Sequa estimates 2P reserves at around 260 MMboe, with projected opex and capex costs close to $15/boe over the field’s life.
There is potential for further resources in the area, and for prolonging the first production plateau, via several appraisal segments not included in the initial development plan. The East 3 segment was drilled successfully last year, and there are other undrilled prospects nearby.
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