06+07
managing director’s statement
Continued growth under our new name As a result of the merger between the Gaz de France group and the SUEZ group in July 2008, Gaz de France Norge AS changed its name to GDF SUEZ E&P Norge AS. We are excited to be part of the new energy giant GDF SUEZ. The organisation continued to grow throughout the year, nearly doubling the number of employees during 2008.
GDF SUEZ E&P Norge was voted Norway’s most attractive oil and gas employer in an annual employer brand survey. Feedback was collected from 1,000 senior managers and senior staff in 68 oil and gas companies. The annual internal survey also indicates a high level of satisfaction with the working environment.
Production. The 2008 production numbers more than doubled the 2007 results, with a total of 10.8 million boe. During 2008, new production records were set
several times, stabilising at a level of 40,000 boe per day at the end of the year. In December, the Fram East development drilling programme was completed. The Fram field, Fram East and Fram West, performed well throughout the year, producing well above budget both for oil and gas. The Njord field increased production, mainly due to a full year of gas production. Gas production contributed 76% to the total Njord 2008 production. On Snøhvit, several of the startup problems have been rectified
during 2008. Towards the end of the year, after the planned 2008 repair and modification work was completed, the overall performance of Snøhvit improved considerably.
Exploration. During 2008, the company participated in the drilling of six exploration and appraisal wells, with discoveries made in two wells. In early 2008, GDF SUEZ E&P Norge was awarded four new licenses, including operatorship in PL469 where a site survey was successfully completed in August. An agreement was signed with Norske Shell to acquire a 10% interest in PL326.
Gjøa. Fabrication of the Gjøa installations progressed with construction of the topside at Aker Stord and the semi hull at the Samsung Yard in Korea. All five subsea templates were installed offshore, and preparations were made for the drilling of production wells. The license partners have established an HSE strategy where no fatalities, accidents or harm to people are clearly stated goals. 2008 has been the year when major operating strategies and plans have been put into action.
At year-end, 55 employees from the company were seconded to the StatoilHydro project organisation.
Developments. At the turn of the year, the PL025 partners approved the recommended concept for the possible development of the Gudrun gas/ condensate field. The concept includes the installation of a partial processing platform on Gudrun with tie-back to Sleipner for further processing and export.
During 2008, work has been done to mature the Njord North West Flank discovery, a possible development with tie-back to Njord.
Financial Results. Production figures well above target and high prices resulted in sound financial results.
Terje Overvik Managing Director