Det Norske Sees 2Q Production Halve

Norway's Det norkse oljeselskap reported Thursday that its second-quarter production more than halved, when compared to 2Q 2013. Det norske's total production for the quarter amounted to 2,698 barrels of oil equivalent per day, compared with 5,613 boepd in 2Q 2013.

The company's Jette field – which contributes the bulk of its production – delivered 1,758 boepd. This was significantly down on the 3,594 boepd it produced in 2Q 2013, although up some 21 percent on the first quarter of this year.

However, Det norske said that following its $2.1-billion acquisition of Marathon Oil Norge in early June it is on course to become one of Europe's largest publicly-listed independent exploration companies in terms of production. Combined 2013 production for the two companies amounted to approximately 84,000 boepd, while their proven and probable reserves come to 202 million barrels.

Det norske said that the key engineering and construction activities on the Ivar Aasen project remain on schedule, with production start-up expected in 4Q 2016. Meanwhile, the Johan Sverdrup licensees have entered into negotiations regarding a unitization agreement and the field's plan for development and operation is expected to be reviewed in spring 2015.

During the second quarter, the company's exploration costs amounted to $49 million. 2Q 2014 operating revenues were $72.6 million (2Q 2013: $45.8 million), while net profit was $26.7 million (2Q 2013: $6.5 million loss).



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