Lulita

Location and Host Facility

• The Lulita field is located in the North Sea and is hosted by the Harald facilities. This means that Lulita pays tariffs to Harald for the use of these facilities.

Production History

• The Lulita field started production in 1998. Initially, production began with two wells.

Operational Details

• The field is operated by Total, which is also the operator for several other fields in the area, including those within the Danish Underground Consortium (DUC).

Reserves and Production

• As of the information available, specific reserve figures for Lulita alone are not provided. However, it is part of a larger portfolio of fields managed by the DUC, which collectively hold significant reserves. For context, the DUC assets comprise 15 fields with net 2P reserves of 2093 mmboe and 2017 net production of 67 mboepd.

Financial and Operational Efficiency

• The operational efficiency of the fields operated by Total, including Lulita, is highlighted by low operational expenses (opex) and capital expenditures (capex). In 2017, the opex per boe was approximately USD 11, and capex per boe was around USD 3.

Partners and Ownership

• The ownership structure involves Total holding a significant stake, along with other partners. Following recent acquisitions, Total's stake in the DUC increased to 43.2%. Other partners include Noreco and Nordsøfonden, though specific stakes for Lulita are not detailed separately.

Production and Cash Flow

• The production from Lulita contributes to the overall cash flow of the project. The cash flow from the DUC fields, including Lulita, is protected by a liquid production guarantee from Shell until the end of 2020.

Future Development and Growth

• While specific growth initiatives for Lulita are not detailed, the broader DUC portfolio includes several opportunities for production upside, such as enhanced recovery initiatives and new projects. Contingent resources from discoveries like Adda, Alma, Boje, and Freja also offer potential for future growth.