Bayerngas Norge continues growth on the Norwegian Continental Shelf
Bayerngas Norge has been awarded 5 licenses in the Awards in Pre-defined Areas (APA). Bayerngas is the operator for two of these licenses. These awards increase the company's total to 49 licenses in Norway, further strengthening the position Bayerngas has on the Norwegian Continental Shelf.
"We are pleased with the awards which will further strengthen our position in our core areas West of the Utsira High and in the Quadrant 35-area. The award of two operatorships is furthermore in line with our long-term ambition to have continuous drilling activities on the Norwegian Continental Shelf. This is important to maintain competence and safety in our drilling activities", Managing Director at Bayerngas Norge Mr. Arne Westeng says.
The company is now close to having a balanced portfolio. Daily production is around 20 000 boe/d from six fields. Bayerngas has three fields under development, all of which will start producing in 2016/17. Furthermore, two more discoveries are under development planning. Bayerngas has a total portfolio of 70 licenses in Norway, Denmark and the UK.
"I am very pleased with what our employees have achieved so far", Mr. Westeng continues.
Bayerngas long term strategy aims at organic growth to establish a substantial portfolio of producing assets and a steady cash flow. Bayerngas forms an important part of the shareholders’ ambition of becoming self-sufficient with gas. The shareholders are limited to public utility and energy companies in Germany, Switzerland and Austria.
"I am also happy to see that the groups of partnerships we will cooperate with under the new licenses are strong and ambitious. This looks promising for the future", Mr. Arne Westeng ends.