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Total Boosts North Sea Oil Output With New Startup

North Sea

Total SA will be adding production capacity of up to 56,000 barrels of oil equivalent a day (boed) to its North Sea production after it started up production from the Edradour & Glenlivet gas and condensate fields in the West of Shetland area, the French oil and gas giant said on Wednesday.

The new start-up fields are located close to the Laggan-Tormore fields that came online in February 2016.

“We have completed this project ahead of schedule and 30% under the initial budget”, Arnaud Breuillac, President Exploration & Production, said, commenting on the Edradour & Glenlivet start-up.

“This development will contribute to our production growth in the North Sea,” Breuillac noted.

Total E&P UK operates Edradour & Glenlivet with a 60-percent interest alongside partners DONG E&P (UK) Limited with a 20-percent stake and SSE E&P UK Limited with another 20 percent.

Total’s equity production in the UK was 158,000 boed last year, coming from several operated fields located offshore in three major zones: the Alwyn/Dunbar area in the Northern North Sea, the Elgin/Franklin area in the Central North Sea, and the new Laggan-Tormore hub in the West of Shetland area.

Last week, Total took a big step towards boosting its presence in the North Sea by announcing the acquisition of Maersk Oil in a stock and debt transaction worth US$7.45 billion. The Danish business will bring in some 1 billion barrels of oil equivalent in proven and probable reserves—the bulk of which is in the North Sea.

Related: Is Trump Holding Back On Venezuela Sanctions?

According to Wood Mackenzie, the Maersk Oil deal will raise Total’s output by 6 percent, and the French group will become the second-biggest oil operator in the North Sea behind Norway’s Statoil.

Via Maersk Oil, Total is gaining access to the prized Johan Sverdrup development, with an 8.44-percent stake, and to the UK’s largest gas development, Culzean (49.99 percent), plus legacy, mature assets in Denmark and the UK, WoodMac said.  

By Tsvetana Paraskova for Oilprice.com

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