Hydro Garners Four Danish-Sector Licenses
Hydro has won four partnership licenses in the sixth concession round in the Danish offshore sector of the North Sea.
"We delivered a comprehensive application for exploration areas in the sixth concession round in the Danish sector last November together with German energy company Wintershall," said Lars Christian Alsvik, head of the Development Norway sector in Hydro's Oil & Energy business area. "We have been awarded three large-scale licenses with Wintershall as operator." The fourth license is located near the Hejre license, where Hydro is a partner with ConocoPhillips as operator.
"We are very pleased with the awards," added Alsvik. "There was a lot of interest in the four areas, and we got what we wanted."
The four licenses are 1/06, 4/06, 5/06, and 6/06. Shares in license 1/06 are as follows: ConocoPhillips (operator), 24 percent; Saga Petroleum Danmark (Hydro's interest), 20 percent; Petro-Canada, 20 percent; DONG E&P, 16 percent; and Nordsøfonden (the Danish state direct investment), 20 percent. The shares for licenses 4/06, 5/06, and 6/06 are Wintershall (operator), 35 percent; Saga Petroleum Danmark (Hydro), 30 percent; EWE, 15 percent; and Nordsøfonden (Danish government), 20 percent.
Alsvik said the licenses have interesting potential because they are located in shallow water in an area with good existing infrastructure. With today’s oil prices, even small finds can be commercially interesting here.
"We still have faith in the remaining resources in the North Sea, both on the Norwegian and Danish sides," Alsvik said. "The geology does not change at the countries’ borders. We’ll now use the expertise we’ve developed through many years in the Norwegian sector to seek further finds in Denmark."
Activity levels are high on the two licenses Hydro already participates in. An appraisal well on Hejre in 2005 confirmed oil in place. Operator ConocoPhillips is now working on a plan for development and operation (PDO) on Hejre in 2007, with a possible production start in 2009. A new well is being planned for the Stork prospect this summer.
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