OR & ON Power
Integrity InSitu
Securing OR & ON Power’s
Subsurface Assets
Protecting the 230 Billion ISK CAPEX Roadmap and Global Carbfix Expansion through direct, in-situ geomechanical intelligence.
Presenter
Nicolai Gissur Ingvarsson
IIIP
The Strategic Mandate
Executive Anchor
Executing CEO Sævar Freyr Þráinsson's directive for capital efficiency within a 230 - 245 Billion ISK five-year CAPEX plan.
The Mandate
Securing new discoveries for 110,000 capital residents while protecting NIB & EIB international green financing covenants.
Subsurface Risk is Financial Risk
| Financial Indicator | Status / Metric | Strategic Implication |
|---|---|---|
| Total CAPEX Deployment | 230 - 245 Billion ISK | Expansion of Coda Terminal, District Heating, and new drilling. |
| Operating Revenues (2029) | 88.1 - 96.0 Billion ISK | Dependent on reliable scaling of the newly tapped Meitlar discovery. |
| International Financing | NIB & EIB Backing | Strict ESG covenants demand proof against induced seismicity. |
The Vulnerability: Operating in the highly dynamic Mid-Atlantic Ridge means inferred wireline correlations break down. Multi-billion ISK assets cannot be designed on proxy data.
The Asset Portfolio Playbook
I. The Meitlar Discovery
Securing the 3rd Confirmation Well
Meitlar is a newly tapped tectonic compartment (275°C). Relying on inferred wireline data from older Hellisheiði fields risks catastrophic casing collapse and wellbore instability during thermal cycling.
Establish a day-one physical baseline. Deploy during the 3rd confirmation well using cold-water mitigation to capture exact SHmax and UCS in-situ.
Strategic Impact:
Provides mathematical certainty to securely set casing strings and mud windows for the entire future development of the field.
II. Carbfix & Global Export
Auditor-Verifiable Integrity Proof
Exporting Carbfix to Turkey and Germany introduces severe risk. Acidic CO2 injection in unfamiliar volcano-clastic/sedimentary basins fundamentally alters localized pressure, risking induced seismicity and caprock failure.
A proprietary international advantage. Instant ground-truth measurement of SHmax, Shmin, and UCS before and during injection phases.
Strategic Impact:
Satisfies strict EU regulations by physically proving injection will not exceed fracture gradients or trigger seismicity.
Technical Defense
Direct Physical Measurement vs. Probabilistic Modeling
The Physics of Failure
We bypass acoustic wireline errors by inducing physical thermal breakouts. Thermal stress magnitude is calculated as:
Bridging the 275°C Gap
To handle Meitlar's 275°C+, we utilize Cold-Water Mitigation. The high-volume quenching protects our 165°C-rated tool while acting as the core physical trigger to induce the thermo-elastic stress necessary for measurement.
Integrated Infrastructure Monitoring
Moving from Tool Rentals to Data Subscriptions.
- The Double-Play: Establish a recurring 3-year "Stress Evolution Audit" for OR's entire portfolio.
- Carbfix Integration: Package the Insight tool as a mandatory, recurring diagnostic service for every new international Coda Terminal project.
"Wir verkaufen keine Werkzeuge, wir verkaufen Sicherheit."
(We don't sell tools, we sell certainty.)
How Do We Proceed?
