Danish Tyra Field Saves Trym
UK-listed independent Faroe Petroleum said March 20 that the future of the small Norwegian Trym gas field now looks safer; the company also reduced its losses in 2017 and looks likelier to make a profit this year.
Faroe announced a net loss of £11.4mn ($16mn) in 2017, down from a loss of £32.9mn. However in January 2018, Faroe agreed to sell a 17.5% stake to Canada's Suncor in Norwegian licence PL586 including the Fenja oil and gas field for $54.5mn; Faroe will retain a 7.5% interest.
Its overall 2018 net production guidance is 12,000-15,000 barrels of oil equivalent per day, split 67% liquids and 33% gas. It said about 85% of gas production hedged to end-2018 averaging 42p/th.
Faroe said the future of its Trym field -- where facilities are suffering from subsidence issues -- on PL147 beyond 2019 has been secured by the late 2017 decision to redevelop the Danish gas hub Tyra, which processes Trym gas. Faroe is 50% owner and operator of Trym, Spirit Energy (Centrica/Bayerngas) has the other 50%. Faroe has no Tyra stake. Trym, in the southern Norwegian North Sea, produces gas and condensate from two production wells, via a subsea tieback to the Danish Harald and Tyra fields, then to onshore Denmark.
Trym produced 0.4bn m3 in 2017 (at 100% equity), down from a peak of 0.64bn m3 in 2012, according to data from the Norwegian regulator NPD. “Trym is now scheduled to produce for an extended period until mid-2019 before being suspended temporarily in order to allow the Tyra redevelopment works to be carried out over a period of around three years. Trym production was temporarily shut in during Q1 2018 as a result of a pipeline integrity issue at the Tyra gathering hub, but resumed production in March 2018,” said Faroe.
Denmark's gas grid says the Tyra gas hub will be shut in from November 2019 until July 2022 for its redevelopment by French major Total, which acquired Tyra when it bought Maersk Oil in a deal that closed March 8.