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Aasta Hansteen (24% working interest)
The Aasta Hansteen field has been producing gas since December 2018. The produced gas is transported from the subsea templates to a floating platform with a vertical cylindrical hull moored to the seabed (known as a “spar platform”). The field has delivered strong production with high production efficiency. The nearby Irpa subsea tieback project (19% working interest) will be connected to Aasta Hansteen and is expected to prolong the lifetime of the Aasta Hansteen platform from 2032 to 2039.
Edvard Grieg (15% working interest)
Edvard Grieg is an oil field located in the central North Sea which started production in 2015. The field is developed through a fixed steel jacket installation with a full process ing facility and is the first lowcarbon oil field certified by Intertek under the “CarbonClear” certification. The field has received electric power from shore since December 2022, further reducing emissions and making the field one of the lowest CO2 emitters on the Norwegian shelf.
After the successful startup of the tiein field Solveig (Phase 1) in 2021, the tiein of Phase 2, which includes segments D and A, has progressed further and received approval for development and operations by the MPE in Q2 2023. Further infill wells are being matured in the Edvard Grieg area.
Snorre Unit (9% working interest)
The Snorre field was discovered in the northern part of the North Sea in 1979 and consists of Snorre A and B. In 2018, after decades of safe and reliable production, the field received consent to extend the lifetime of the facilities until 2040. In the same year, the Snorre Expansion Project (SEP), comprising six additional subsea templates, was approved and came into production with the first wells in late 2020. During 2021 and 2022, a total of 24 additional wells were brought on stream and completed the SEP development activities successfully. Additionally, the Hywind Tampen offshore floating wind project started operations and began supplying electricity to the Gullfaks field in November 2022. Snorre started receiving power from the offshore wind turbines in May 2023 as planned. The contribution of power from offshore wind is expected to reduce Snorre’s CO2 emissions by about 120,000 tonnes per year
Njord (50% working interest)
The Njord Future project is a major redevelopment project that aims to add a further 20 years of production from the field. The field was shut in from 2016 to 2022 for extensive onshore upgrades and consists of Njord A, a floating inte grated semisubmersible production and drilling platform, and Njord B, a floating oil storage vessel (FSU). Njord restarted production in late 2022. Njord Future comprises ten new wells, which are expected to be drilled in the period of 2023 to 2026. Njord is the host for three tiein fields: Hyme, Bauge and Fenja, which started production in April 2023. Wintershall Dea holds equity in both Hyme and Bauge. The partners of Njord and the thirdparty fields have sanctioned a project to provide power from shore to partly electrify the facilities starting in 2027. The re spective plan for development was submitted to the authorities in December 2022 and approved in December 2023. The operator expects to cut production related
CO2 emissions by about 130,000 tonnes per year.
WINTERSHALL DEA ANNUAL REPORT 2023
ABOUT THIS REPORT
CHIEF EXECUTIVE LETTER
REPORT OF THE SUPERVISORY BOARD OUR FOUNDATION
Skarv (28% working interest)
The Skarv area comprises several gas and oil reservoirs, including the Skarv, Idun, Ærfugl and Gråsel deposits, located in the Norwegian Sea. Production started in Decem ber 2012 via a purposebuilt floating production storage facility and offloading unit (FPSO). Since startup, several additional fields have been tiedin to enhance production. Further infill wells are being matured in the Skarv area.
In 2022, additional investment decisions were taken for two subsea tieback projects to the Skarv field, Idun Nord (40% working interest) and Alve Nord (20% working interest). Both projects have received approvals for the plans of development and operations (PDO) by the MPE
in the second quarter of 2023.
Gjøa (28% working interest)
Gjøa is a gas and oil field located in the North Sea that began production in 2010. The Gjøa facility is mainly supplied with power from shore and therefore generates low emissions and has a small CO2 footprint. Gjøa serves
as a production hub for other fields as well, like our own operated Vega and Nova fields. Additional tiein prospects are being drilled in the vicinity of the Gjøa installation, which potentially will prolong field life for Gjøa and existing tieins.
Dvalin (55% working interest)
Dvalin is an ownoperated gas field in the central part of the Norwegian Sea, which consists of a subsea installation with one template and four producers. The gas is processed at the Heidrun platform and exported to Nyhamna via the Polarled pipeline. Mercury removal units have been installed at the onshore processing plants Nyhamna and Tjeldber godden to ensure that the gas from the field meets require ments from buyers in Europe. Production at Dvalin started in July 2023, providing significant new gas volumes to the European market. The nearby Dvalin North field, which is currently in development and expected to start up in late 2026, will be tied in to Dvalin, which is expected to produce until the late 2030s
Maria (50% working interest)
Maria is an ownoperated oil and gas field, located in the Norwegian Sea, which started production in 2017 from two subsea templates. The well stream is processed at the Kristin platform with injection water from Heidrun and gas lift from Åsgard B/Tyrihans. Additional wells are planned to further develop the undrained resources in the southern part of the Maria field. As a result, we received the requested authorisation to proceed with the Maria Phase 2 project from the Norwegian authorities in the second quarter of 2023. Phase 2 is expected to commence produc tion in 2025. The Maria field is expected to produce until 2040.
Vega (57% working interest)
Vega is an ownoperated gas and condensate field located in the northern part of the North Sea, 28 kilometres west of the Gjøa facility. The production from six wells, which started in 2010, is transported to and processed at Gjøa.
In order to increase production and recovery from the field, we finalised a threewell infill campaign in 2022 that contributed valuable lowcarbon barrels. Vega is expected to produce beyond 2030.
Nova (39% working interest)
Nova is our ownoperated oil and gas field in the northern part of the North Sea, close to the Gjøa field. The project consists of two fourslot subsea templates tied back to the Gjøa host platform, wherefrom Nova is provided with power from shore. In late July 2022, Nova came on stream to help support Europe’s energy needs
What happened at the end of 2021 ???
642 2019
623 2020
634 2021
321 2022
323 2023
Its interesting that Wintershall merged with Dea in May 2019.
The aim was production of 800,000 BOPD equivalent by 2023...
What went wrong???
CFO Statement....
Today, we announced our Q4 and Full Year 2023 results. It was a demanding year for @Wintershall Dea, but we continued to deliver a strong operational performance with daily production of 323,000 barrels of oil equivalent (boe). Our major projects, Nova, Njord and Dvalin in Norway are now all onstream and will continue to ramp-up during 2024, and we expect the Fénix project in Argentina to come on-stream ahead of schedule in Q4 this year.
Against a back-drop of significantly softer commodity prices, we generated EBITDAX of €4.2 billion and our adjusted net income was €513 million. Most importantly, our balance sheet remained strong. Having distributed a €400 million dividend and having repaid €900 million on matured senior notes, we ended the year with a cash position of €1.2 billion, and leverage of 0.6x - well below our target leverage.
Not only did we deliver significant milestones for our E&P business, but also our carbon management and hydrogen activities are gaining momentum: We have built a strong diverse portfolio of five offshore CO2 storage opportunities in Norway, Denmark and the UK – with a combined annual storage capacity of over 15 million tonnes of CO2 (Wintershall Dea share). To put that in to perspective, that’s equivalent to around 12 per cent of the total emissions generated in Germany today.
Of course, the year ended with the announcement of the sale of our E&P and CCS business to Harbour Energy. We expect the closing to take place around the 4th quarter of this year and the teams are busy in ensuring both business continuity until closing of the transaction, and preparing for a successful handover of a great set of assets, a pristine balance sheet and most importantly a world class set of motivated people later this year. Thanks to the whole team @Wintershall Dea !
Learn more about our projects and milestones in our Annual Report 2023 👉
https://lnkd.in/erwwPV53
Webcast......
https://wintershalldea.com/sites/default/files/media/videos/wintershall240222sc_0.mp4
Full Transcript....
https://wintershalldea.com/sites/default/files/media/files/Wintershall%20Dea%20Q4%20and%20FY%202023%20Earnings%20Call%20Transcript.pdf
Cant remember if we have seen this before.....
https://wintershalldea.com/sites/default/files/media/files/Wintershall%20Dea%20FY%202023%20Results%20Presentation.pdf
Maria 2....
https://www.youtube.com/watch?v=BbLqxW5zC6I
The Transocean Norge rig has now moved to the Wintershall Dea operated Maria field to commence drilling operations in relation to the Maria Phase 2 development.
The Maria Phase 2 project involves installation of a new six-slot template and four new wells, in the southern part of the Maria field, located about 200 kilometres off the coast of Norway. Maria, which is a subsea field originally developed with two templates, came on stream in 2017. This next phase of the Maria project is expected to add around 27 million barrels of oil equivalent to the total field reserves. Expected lifetime of the Maria field is 2040.
The new template will be connected to the existing infrastructure on the Maria field. The Maria well stream goes to the Kristin platform. Water injection comes from Heidrun, while lift gas is provided from Åsgard B via the Tyrihans subsea field. Processed oil is sent to the Åsgard field for storage and export. Gas is exported via the Åsgard Transport System to Kårstø.
Maria Phase 2 is planned for start-up in 2025.
Wintershall Dea Norge AS is operator of the Maria field with a 50% share. Petoro AS has 30% and Sval Energi AS owns 20%.
And for good measure we may come back and look at this again in the future where a planned sidetrack to appraise the deeper Sabina discovery had to be abandoned for technical reasons. The partnership will consider re-entry during 2024 or 2025.
We (the Wintershall boys) have done the buisness with Adriana
Wintershall Dea, in partnership with Petoro, Aker BP, and PGNiG, has significantly updated its resource calculations for a gas/condensate discovery near the Dvalin field in the Norwegian Sea. This revision follows the successful drilling of appraisal well 6507/4-4 S by the Transocean Norge rig, now estimating the discovery to hold 4-7 million Sm3 of recoverable oil equivalent, a considerable increase from initial projections.
The appraisal well, located 14 kilometers north of the Dvalin field and 270 kilometers north of Kristiansund, aimed to ascertain the size of the 2021 Adriana discovery. The operation not only confirmed the presence of a 21-meter gas column in the Lysing Formation but also highlighted the discovery's promising reservoir quality. Despite encountering technical difficulties which led to the abandonment of sidetrack 6507/4-4 A, the revised estimates have positioned Wintershall Dea and its partners to consider future development strategies that could leverage existing infrastructure in the region
Wintershall Dea holds a 40% operatorship in production license 211 CS, with significant stakes held by Petoro (35%), Aker BP (15%), and PGNiG (10%). The collaborative effort underscores the strategic importance of the discovery and its potential role in enhancing Norway's oil and gas output. Following the appraisal, the Transocean Norge drilling rig is slated to move to the Maria field under production license 475 BS, where Wintershall Dea, alongside Petoro and Sval Energi, continues to expand its presence in the Norwegian Sea.
The successful appraisal of the Adriana gas and condensate discovery paves the way for Wintershall Dea and its partners to further solidify their standing in the Norwegian Sea. With increased resource estimates and a clear path towards leveraging existing infrastructure, the consortium is well-positioned to make informed decisions about the discovery's development potential. This development not only signifies a boost for the partners involved but also represents a significant contribution to Norway's ongoing energy exploration and production efforts.
The discovery's proximity to the Dvalin field and the increased resource estimates suggest a promising future for hydrocarbon production in the region. As Wintershall Dea and its partners evaluate potential development strategies, the industry and stakeholders eagerly anticipate the next steps in harnessing this resource. The advancement of such projects is crucial for meeting the growing global demand for energy, underscoring the importance of continued exploration and development in the Norwegian Sea.
So we have gone up from 19-31 recoverable to 24-43 million barre4ls equivalent....Every little helps...
Whats going on here?
So we know its been delayed but very little else. As everything with Mexico its very murkey and dark.
Pemex owns about 50% and they are spending less than 70$ million this year instead of 1.24$ Billion.
For Harbour this has to be a great news. Harbour have a total budget capex of 1.2$ Billion so will surely save us a lot and Wintershall will also save a shed load. I make it between 300-400$ million between them.
You also have Slims paws all over this, Talos and Harbour.
Finally you could add i nto the pot that Pemex have debts of over 100$ Billion, yes Billion so dont have a pot to xxxx in.
So what going on.....No Bloomin idea ......
Just a thought that if Shell are doing this maybe just maybe we are on a winner….
https://www.gasworld.com/story/exxonmobil-and-shell-selected-to-develop-singapore-ccs-value-chain/2135068.article/
So we have our full year results next Thursday and I’d be amazed if we don’t have the results I the drill on the rig whose name we aren’t allowed to say.
Don’t forget what I’d heard earlier in week. Could be rubbish but …..
So much exciting stuff going on with Harbour, Wintel deal, Andaman, Norway Mexico , CSS stuff and who knows where else…
Question is, is the rise today the beginning of a sustained rise?
A fantastic week on the board and sincere thanks to all those involved….
Decent map…
https://geoexpro https://www.oedigital.com/news/511150-seadrill-secures-97-5m-in-new-drillship-contracts.com/major-drilling-campaign-planned-for-the-new-mega-gas-trend-in-indonesia/
“ Production has awarded the West Vela a contract with an estimated duration of 150 days in the U.S. Gulf of Mexico.”
I wonder which area this rig is going?…lol
Interesting that it’s the same company who we are using currently using in Andaman…
https://www.oedigital.com/news/511150-seadrill-secures-97-5m-in-new-drillship-contracts
Don’t think plan is to pay off that much this year as new ships to pay for.
However the great news is they are talking about investment grade by end of 2025 which is fantastic for us.
Just as long as we can avoid World War 3 we should be fine…
Good luck all. Enjoy the ride…..
If they are spending 360$ million combined on these well… They sure as hell must be confident….
Expect news very very soon……
If they are spending 360$ million combined on these well… They sure as hell must be confident….
Expect news very very soon……