Saturday, December 7, 2019

Aker Bp News

EGPC Leads Oil, Gas Discoveries in Q3 2019

Image courtesy: Egyptian General Petroleum Corporation

Egyptian General Petroleum Corporation (EGPC) led globally among companies in the third quarter (Q3) 2019 in terms of the highest number of oil and gas discoveries, said GlobalData.Of the total 38 discoveries made worldwide, EGPC had four, all being onshore discoveries. Of these, three were conventional oil discoveries while the remaining was a conventional gas discovery, said a report from GlobalData.Soorya Tejomoortula…

19 Fields in Production at Norwegian Sea

Image: Norwegian Petroleum Directorate

Norwegian Sea area, which is twice the size of the North Sea, has 19 fields in production and numerous discoveries are being developed and around 350 exploration wells have been drilled over the past 40 years, said Norwegian Petroleum Directorate (NPD).In many ways, the Norwegian Sea is a miniature version of the Norwegian shelf. It consists of a deep seabed with surrounding continental shelves.

First Oil From Johan Sverdrup Reaches Mongstad

Johan Sverdrup field center (Photo: Espen Rønnevik/Øyvind Gravås, Equinor)

Oil from the giant Johan Sverdrup field in the Norwegian sector of the North Sea has arrived at the Mongstad plant north of Bergen.“This is a great day for Equinor and the Johan Sverdrup partnership, consisting of Lundin Norway, Petoro, Aker BP and Total. First oil to Mongstad only a few days after production start confirms that the field is producing well. This day also marks the start of a new phase as we prepare to bring Johan Sverdrup oil to the international market…

Bachmann, Stjernfeldt Join EVPE Board

Bettina Bachmann and Carl Stjernfeldt (Photos: EVPE)

EV Private Equity (EVPE) has appointed two new Advisory Board members, Bettina Bachmann and Carl Stjernfeldt, who bring decades of experience and venture capital knowledge to the firm.Bachmann spent 35 years at Shell, latterly as Vice President of Subsurface & Wells Software and now sits on several boards in nonexecutive roles, while Stjernfeldt leads the Corporate Development Group in Americas for Shell New Energies.

Equinor Q2 Earnings Lag Forecast

(Photo: Arne Reidar Mortensen / Equinor)

European oil major Equinor said on Thursday it expects less capital expenditure this year, partly due to further cost savings at its Johan Sverdrup oilfield, after reporting quarterly earnings slightly below forecasts.Adjusted earnings before interest and tax (EBIT) fell to $3.15 billion from the year-earlier result of $4.3 billion, missing the $3.4 billion forecast by 22 analysts in a poll…

Aker Energy IPO May be in Late 2019 or 2020

Aker Chief Executive Oeyvind Eriksen (Photo: Aker)

Norwegian investment firm Aker could launch its planned initial public offering (IPO) of Aker Energy in late 2019 or in 2020, depending on when Ghana approves the development plan of its Pecan oilfield, the CEO said.The company, controlled by Norwegian billionaire Kjell Inge Roekke, has said it wants to make Aker Energy a leading exploration and production company on Ghana's continental shelf."My educated guess is a late 2019 or during the course of next year," Aker Chief Executive Oey

Aker BP Discovers Oil at Frosk

Image: Norwegian Petroleum Directorate (NPD)

Aker BP ASA, operator of production license 340, has finalized the results after drilling wildcat well 24/9-15 S (Froskelår Nordøst) and appraisal well 24/9-15 A.According to a press note from the Norwegian Petroleum Directorate (NPD), the wells, which are also pilot wells for test production, were drilled diagonally and horizontally, 2 and 3 kilometers northeast and north respectively, from the subsea template on the Bøyla field in the central part of the North Sea…

Norway Wealth Fund to Drop ConocoPhillips, Hess

(Photo: ConocoPhillips)

Norway's wealth fund will have to divest its holdings in ConocoPhillips and Hess after both U.S. oil companies were added to a list which effectively excludes them from the Nordic country's portfolio.As part of Norway's efforts to shift its $1 trillion "rainy day" fund away from oil, the country's parliament on Wednesday adopted a plan to drop all dedicated oil and gas explorers and producers…

Strike Would Cut Norway's Output 11%/Day

(Photo:  Harald Pettersen / Equinor)

Norway's oil and gas output could be cut by about 440,000 barrels of oil equivalents per day, or about 11% of total production, if workers go on strike from June 4, industry association Norwegian Oil and Gas (NOG) said on Monday.A government-appointed mediator is leading negotiations between oil companies and employees represented by the Lederne union in a bid to avert a strike.Altogether nine fields would have to shut in the event of industrial action…

Norway Oil Workers Threaten Strike

© Andrei Puzakov / Adobe Stock

Around 200 Norwegian offshore oil and gas workers plan to go on strike on June 4 unless pay negotiations lead to a deal with employers, the Lederne labour union said on Wednesday.A strike would hit seven offshore fields and at least two of those would have to shut production, cutting output by a combined 102,600 barrels of oil equivalent per day (boed), industry group Norwegian Oil and Gas (NOG) told Reuters.While Neptune Energy's Gjoea and Okea's Draugen fields would shut in the initi

Johan Sverdrup Phase 2 Plan Approved

Johan Sverdrup Phase 2 (Image: Equinor)

Norwegian authorities have formally approved the plan for development and operation (PDO) of the second phase of the Johan Sverdrup field, Equinor announced on Wednesday. The Norwegian energy company said the NOK 41 billion ($4.7 billion) project received broad support in Norway’s parliament at the end of April, and today the partnership received the formal approval by the Norwegian Ministry…

Norway to Offer More Arctic Exploration Blocks

© AValeri Belov / Adobe Stock

Norway plans to expand the offshore oil and gas acreage offered to companies under its annual licensing round in so-called predefined areas (APA), oil minister Kjell-Boerge Freiberg said on Thursday.The 2019 APA round will offer 90 new blocks, of which 48 are in the Arctic Barents Sea, 37 are in the Norwegian Sea and 5 in the North Sea, he said."It's important to maintain the positive development in exploration activity in the Barents Sea.

Aker Energy Eyes IPO

Photo: Hufton+Crow/Dark Arkitekter

Norwegian oil company Aker said on Thursday that its exploration start-up in Ghana will submit development plans to Ghanaian authorities in March and the parent will then decide whether to sell stakes via an initial public offering or other means.The subsidiary, Aker Energy, plans to develop the deepwater Pecan field off Ghana."Depending on the approval process in Ghana, we believe the first oil is achievable in late 2020 or early 2021…

Equinor Drills Dry Well in the Barents Sea

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland / Equinor)

Norwegian energy company Equinor has come up dry in the drilling of its first wildcat well in production licence 857 in the southeastern part of the Barents Sea.Equinor, as operator of production licence area Gjøkåsen, drilled 7132/2-1 targeting the Gjøkåsen Shallow prospect about 175 kilometers north of Vardø, using the Seadrill drilling rig West Hercules. The exploration well was the first drilled in production licence 857…

Aker BP Raises Dividend, Q4 Profit Lags

(Photo: Aker BP)

Norwegian oil company Aker BP posted a smaller-than-expected increase in fourth-quarter earnings due to higher production costs and lower oil prices, but raised its dividend.The company said on Wednesday earnings before interest and taxes rose to $403 million from $305 million in the same quarter a year earlier, lagging the $491 million expected by analysts in a Reuters poll.The Oslo-listed firm's shares opened down 2 percent…

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain."The drilling operation will continue…

Aker BP Makes North Sea Find

(Photo: Aker BP)

Aker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea, the Norwegian firm said on Monday.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain, the company added."The drilling operation will continue, and a comprehensive data collection program will be performed to determine the size and quality of the

Equinor Stops Drilling Arctic Well After Incident

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland)

Norway's Equinor has put on hold the drilling of a key exploration well in the Barents Sea after a well incident last week, the company said on Monday.The incident occurred when Seadrill's rig West Hercules was drilling the Gjoekaasen well offshore Norway .The so-called "high-risk, high-impact" well could hold between 26 million and 1.4 billion barrels of oil equivalents, one of Equinor's partners…

Ivar Aasen Now Operated from Land

Ivar Aasen platform (Photo: Aker BP)

Aker BP on Wednesday said it has begun operating the permanently manned North Sea platform Ivar Aasen from an onshore control room in Trondheim, Norway.The Ivar Aasen platform was constructed with two identical control rooms – one on the platform and the other in Trondheim – and the Norwegian company said the plan has always been to move the controls to land. The company received the green…

Aker BP Plans Output, Dividend Hike

Valhall field (Photo: Kjetil Alsvik / Aker BP)

Norway's Aker BP will boost dividend payments between now and 2023 and step up investment in developing offshore oil and gas fields next year, the independent oil company said on Thursday.The result of a 2016 merger between the Norwegian operations of BP and the Det norske oil firm owned by Norwegian billionaire Kjell Inge Roekke, Aker BP has become the second largest licence holder on the…