2030
First production
15.4
KBOE/D IN 2032
Equinor
OPERATED FIELDS
Kvitebjørn, Troll
Hosts
Wellesley’s successful exploration drilling has yielded a material, high quality development portfolio with favourable ESG characteristics. Wellesley’s developments are split between our two exploration themes of “Power From Shore Oil” and “Gas to Europe”.
First production from Wellesley’s portfolio is expected in 2030. Cashflow will then be recycled into the remaining area development capex, which will help the portfolio achieve peak production around 15 kboe/d in 2032.
Three out of Wellesley’s four developments are operated by Equinor – the most experienced development operator in Norway. There remains significant near-field exploration upside associated with these developments, which will be tested through the drill-bit in the coming years.
Wellesley has a core licence position around the Fram and Troll area, where it has made five commercial oil discoveries in the last four years.
The Grosbeak, Swisher and Toppand discoveries are all operated by Equinor and will be developed together as part of the Ringvei Vest area development project, together with the Mulder (PL 090) and Kveikje (PL 293 B) discoveries.
Ringvei Vest will tie back to the Equinor operated Troll B / C platforms, which will be electrified in time for first production from the project. Both platforms will be powered by hydroelectric power from shore and will have zero CO2 emissions associated with their oil production.
Together with Equinor, Wellesley continues to drill exploration prospects to prove more resources in the area. There is a lot more oil to be found here, and we expect Ringvei Vest to become one of the most exciting development projects in Norway in the coming years.
Ringvei Vest is expected to achieve PDO in 2028, with first production expected in 2031.
Our factbook contains the latest management view of the production forecasts from Wellesley’s portfolio.
Thanks to its ability to displace coal and balance intermittent renewable power generation, gas is a key fuel in the energy transition. Norway produces some of the lowest CO2 gas in the world, making it an increasingly desired product across European markets.
Our portfolio includes three discoveries with commercial potential, all in the Greater Kvitebjørn Area: Atlantis, Carmen and Afrodite.
Atlantis is an HPHT gas/condensate field, discovered in 2020 that will be developed as a tieback to Kvitebjørn. The 30/2-5 S well discovered good quality Brent reservoir in a simple fault-bounded structure, filled with rich, high liquids content gas.
Carmen is an HPHT gas/condensate field, which was discovered in 2023 by the Wellesley operated 35/10-10S and 35/10-10A wells. Carmen will be appraised to reduce the volumetric uncertainty and move the project forwards to be developed as a subsea tieback to nearby infrastructure.
Afrodite is an HPHT gas/condensate field, discovered in 2008 by the 34/12-1 well, which found gas and condensate in a Brent group reservoir. Afrodite has significant in-place volumes which can be developed using artificial well stimulation technology as a tieback to the Kvitebjørn facility.
Our factbook contains the latest management view of the production forecasts from Wellesley’s portfolio.