Repsol buys into Mikkel offshore gas field as Total exits
Spanish oil company Repsol will acquire French oil major Total’s 7.65% stake in Norway’s Mikkel gas and condensate field, offshore Norway. This will boost the company’s production in Norway to 32,000 barrels of oil equivalent a day.
Repsol has said that the Mikkel field currently produces around 50,000 barrels of oil equivalent a day, and Total’s stake acquisition will see Repsol’s output in the Scandinavian country rise 14%, to already mentioned 32,000 barrels of oil equivalent per day. Repsol will now own interest in 30 production licenses.
The Mikkel field is operated by Equinor with a 43.97% share, ExxonMobil with 33,48%, recently established Vår Energi AS, with 14.9% and Repsol Norge AS with the remaining 7.65%. With this sale, of undisclosed value, Total will exit the field.
The Mikkel field is a gas and condensate reservoir located 35 kilometers south of the Midgard deposit on Equinor’s Åsgard field in the Norwegian Sea. In 2017, it achieved an average production of 47,075 barrels of oil equivalent a day.
According to info on Equinor’s website, Mikkel has been producing gas and condensate (light oil) since August 1, 2003.
The field lies 35 kilometers south of the Midgard deposit on Equinor’s Åsgard field in the Norwegian Sea. It has been developed with a subsea production facility tied back to the seabed installations on Midgard, which in turn form part of the Åsgard development.
The Mikkel system comprises two subsea templates with a total of three production wells. Mikkel was the first in a series of fields in this part of the Norwegian Sea that has been possible to develop because of the infrastructure established with the Åsgard development.
“This acquisition reaffirms Repsol’s commitment to Norway, a key country for the company,” Repsol said.
Repsol has further highlighted it reached an agreement with Total in early 2018 to acquire a 7.65% stake in the Visund field, and is also moving forward on the Yme field development, that is expected to start producing in the second quarter of 2020.
Repsol operates Blane, Gyda, Rev, Yme and Varg fields, and is also a partner in the Brage, Gudrun, Visund, Huldra, Veslefrikk, and Tambar East fields.
Offshore Energy Today Staff