Point Resources cleared to use assets bought from Exxon

Oil firm Point Resources has received consent from the Petroleum Safety Authority (PSA) for the use of facilities at Balder, Ringhorne, Ringhorne Øst, and Jotun fileds off Norway following a change of operator.

The PSA said on Tuesday that it gave the current operator Point Resources consent to use the facilities it took over from the former operator, ExxonMobil.

HitecVision-owned Point Resources was formed in January 2016 by merging three oil companies – Pure E&P, Spike Exploration, and Core Energy – to form a mid-sized independent oil company focused on the Norwegian Continental Shelf.

In March 2017, Point Resources signed an agreement to acquire ExxonMobil’s operated fields on the Norwegian Continental Shelf.

The safety body added on Tuesday that a change of operator entailed an application for consent to use the facilities. The consent is an expression of the PSA’s confidence that the operating company can properly assume responsibility for operations and is in compliance with regulations.

Point Resources acquired ExxonMobil’s operated interests in the producing Balder (100%), Ringhorne (100%), and Ringhorne Øst (77%) fields; the partially developed Forseti field (100%); the Jotun unit, where production ceased in 2016 (90%); and adjoining exploration areas that contain a number of undrilled prospects. Also included in the transaction is the Jotun A floating production vessel and ExxonMobil’s Sandnes offices.

The consent for the use of the facilities given by the PSA relates to the Balder, Ringhorne, Ringhorne Øst, and Jotun facilities.

Balder

Balder is an oil field in the central North Sea. Water depth in the area is approximately 125 meters. The field has been developed using subsea wells tied to the Balder FPSO. The plan for development and operation (PDO) for Balder was approved in 1996 and production began in 1999.

Ringhorne

Ringhorne is a part of the Balder field. Ringhorne lies nine kilometers north of the Balder FPSO and has been developed using a combined accommodation, drilling and wellhead platform. The Ringhorne platform is tied to the Balder vessel and the Jotun vessel for processing, crude oil storage, and gas export. Production from Ringhorne began in 2003.

Ringhorne Øst

Ringhorne Øst is an oilfield north-east of Balder in the central North Sea. Water depth in the area is approximately 130 meters. The plan for development and operation (PDO) for Ringhorne Øst was approved in 2005. The field is tied to the Ringhorne and began production in 2006.

Jotun

Jotun is an oilfield 25 kilometers north of Balder in the central North Sea. Water depth is 126 meters. The field was developed using Jotun A, a combined production and storage vessel (FPSO), and the Jotun B wellhead platform. Production began in 1999 and continued until the end of 2016.

Under the disposal decision, Jotun B has to be removed by 2019. Jotun A will continue to be used by Balder, Ringhorne, and Ringhorne Øst until these fields stop producing. Jotun A will be removed by 2023.

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