Det Norske Reports Year-on-Year 206% Production Increase

Norway’s Det norske reported a year-on-year 206% increase in total production in 2013, with the Jette field accounting for 63% of total production.

The offshore field in the North Sea came on stream in May 2013. Det norske is the operator of Jette field, holding a 70% interest. Petoro is the only partner, controlling the remaining working interest.

Jette contains about 14 million barrels of oil equivalents, based on a 30% recovery rate.

The company registered a parallel 184% increase in operating revenues and exploration expenses on the 2012 level. The company managed to decrease the net loss from 957 to 548 MNOK.

The partnership for the Johan Sverdrup field has agreed a development concept for the first phase of the project. The first phase of the development is scheduled to start production in late 2019.

The Johan Sverdrup field consists of three production licences. Det norske has a 20% interest in PL 265 and a 22.22% interest in PL 502. Partners in PL 265 are Statoil 40% (operator), Petoro 30%, and Lundin Norway with a 10%. PL 502 partners are Statoil, with a 44.44% (operator), and Petoro with a 33.33% interest. Lundin Norway has a 40% interest in PL 501 (operator), Statoil has a 40% interest, and Maersk Oil holds a 20% interest.