25 October 2021 - 11:15 CEST
Repsol and its partners have achieved first oil from the YME field in the Egersund Basin, approximately 130 km from the Norwegian coastline. Achievement of first oil is a true testament to the lean operations of the Yme New Development project, made possible through the use of new technology and innovation, building a profitable project even when faced with the unprecedent challenges during the Covid-19 pandemic.
Yme is one of the 14 key upstream projects that Repsol is focusing on within the framework of the company's 2021–2025 Strategic Plan, streamlining to a leaner portfolio of short-cycle projects with attractive economics. Repsol is concentrating its efforts in the locations where it possesses the greatest competitive advantages, limiting its presence to 14 countries and prioritizing value over volume to increase the Explo-ration and Production segment’s contribution to the Repsol Group as a whole and to generate positive cash flow despite reducing the investment intensity. E&P has a strategic role to support the financing required to move Repsol towards the Energy Transition.
According to Tomás García Blanco, Executive Managing Director of Exploration and Production, "This achievement is a demonstration of how collaborating, flexible and hard-working organizations have managed to tackle challenges and reestablished value generation from the Yme field. Yme will provide a significant contribution to Repsol’s oil and gas production. I would like to thank all internal and external stakeholders for your hard work and dedication throughout the Yme New Development project."
Yme is a brownfield development, involving both the re-use of existing facilities and infrastructure and design and construction of new facilities. Repsol has turned a decommissioning project into a producing asset which will create jobs and value for society for many years. The main deliveries to the Yme project are from Norwegian suppliers which contributes to local ripple effects.
About YME and Repsol in Norway
Repsol has been operating on the Norwegian shelf since 2003 and is operator for the Blane, Gyda, Rev and Yme fields. We also hold interests in a number of non-operated fields; Gudrun, Veslefrikk, Visund, Mikkel, Huldra and Tambar East.
Repsol Norge is the operator of the Yme field with a 55% working interest. Partners in the Yme licence are Lotos Exploration and Production Norge AS (20% working interest), KUFPEC Norway ASA (10% working interest) and OKEA ASA (15% working interest). The Yme field was discovered in 1987 located in Block 9/2 and 9/5 in the Egersund Basin, approximately 130 km from the Norwegian coastline.
The new amended PDO for Yme relates to a combination of existing and new installations and wells and was submitted in December 2017. The amended PDO was approved in March 2018. Due to persistent and good work by everybody involved we have managed to re-establish value generation from the Yme asset.
The Yme New Development Project consists of the engineering, procurement, construction and installation of a new wellhead module on top of existing facilities at the Yme field, the modification and upgrading of the Mærsk Inspirer Mobile Offshore Drilling and Production Unit, all made at Aker Solutions’ Yard in Egersund, prior to installation in the field and subsequent hook-up to existing wells and installations on the seabed offshore.
Repsol Norge AS has, as operator of the Yme field and on behalf of the Yme license, entered into an agreement to acquire the rig through a bareboat charter agreement with Havila Sirius AS and take over the day-to-day operations of the jack-up rig Mærsk Inspirer from Maersk Drilling.