Repsol has signed an agreement to acquire 7.7% stake in the Visund field, located in the North Sea from Total, for undisclosed amount.
Located in license 120, blocks 34/7 and 34/8 and 22km north-east of the Gullfaks field in the Tampen area of the Norwegian North Sea, the Visund field comprises four reservoirs.
Repsol expects the acquisition to increase its net output by 40% to approximately 30,000 barrels of oil equivalent a day in the country.
The company said in a statement: "This acquisition reaffirms Repsol’s commitment to Norway, a key country for the company. The company reached an agreement with Statoil in 2015 to acquire a 15% stake in the Gudrun field, and is also moving forward on the Yme field development, where a revised Plan for Development and Operation was submitted 19 December 2017."
Currently, Repsol has a working interest in 25 production licenses in Norway.
Upon completion of the deal, Repsol will have 7.7% stake in the Visund field while other partners include Statoil, as the operator, with a 53.2% share, Petoro with 30% interest, and ConocoPhillps with 9.1% stake.
The field, which is being developed by means of a subsea installation and is tied back to Gullfaks C for processing, is estimated to hold around 29 million barrels of oil equivalents.
Recently, Statoil has secured consent from the Norwegian Petroleum Safety Authority (PSA) to use the Deepsea Atlantic mobile drilling facility to drill and complete two production wells (wells 34/8 D-2H and 34/8 D-4H/AH) in the northern part of the Visund field.
The partners are planning to commence drilling operations in early March and complete in 165 days. The Visund field’s northern part has been developed using a subsea template.
Image: The Visund field offshore Norway commenced gas production and exportation in October 2005. Photo: courtesy of Kjetil Alsvik, Statoil/ Repsol.