Tuesday, May 21, 2019

Aker Bp News

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…

Aker BP Bags 21 in Norwegian Licensing Round

Image: Aker BP

The oil exploration and development company focusing petroleum resources on the Norwegian Continental Shelf Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018) licensing round.Of the 21 production licenses awarded to Aker BP, 12 are located in the North Sea (5 as operator), 3 in the Norwegian…

Norway Awards Record Number of Exploration Blocks

© h368k742 / Adobe Stock

Norway awarded a record 83 blocks to explore for petroleum resources in mature areas of the Norwegian continental shelf, in a sign of continuing interest from oil companies in the country's oil sector, the energy ministry said on Tuesday.A lack of large discoveries on the shelf has prompted concerns that Norway's top industry, which employs about 170,000 people directly and indirectly, could…

Wellit Partners with Norvestor

© Danial / Adobe Stock

The owners of software company Wellit have decided to sell 60 percent of company shares to private equity company Norvestor.Wellit develops logistics solutions for the global oil and gas industry. Its software, WELS, is a cloud-based multi-tenant platform tailored to the oil and gas industry.WELS enables all involved parties in the oil and gas value chain to communicate on one logistics platform, thereby removing the risk of miscommunication and duplicate information.

Exploration Firms Drill Dry Well in North Sea

Image: Lundin Petroleum

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed exploration well 2/6-6S, targeting the Oppdal and Driva prospects in PL860 in the North Sea. Both targets were dry. The well was drilled with the Rowan Viking jack-up drilling rig and was operated by MOL Norge with a 40 percent working interest. The partners are Lundin…

Spirit Energy Gets Nod for Oda Development

Image: Spirit Energy

North Sea explorer Spirit Energy has been given the green light from Norwegian Petroleum Directorate (NPD) to start up its first operated development in Norway.Oda is a subsea development where the wellstream is sent on to the Ula platform for processing and transport.Spirit Energy expects to start-up in February/March 2019. Other partners in the project are Aker BP, Faroe Petroleum, and Suncor Energy.According to NPD notification…

Norway Oil Investment to Rise in 2019

(Photo: Equinor)

Oil and gas investment in Norway is expected to grow for a second year in a row in 2019 but will fall back between 2020 and 2023, an industry lobby group said on Monday.Western Europe's largest oil producer has seen a recovery in oil industry activity thanks to higher crude prices, after a slump in 2014-2016.Investment in Norway's oil industry is estimated to rise by 16 percent year-on-year to 184.5 billion crowns ($21.5 billion), the Norwegian Oil and Gas Association (NOG) said.

Equinor Completes NCS Asset Sales

(Photo: Arne Reidar Mortensen / Equinor)

Norwegian energy company Equinor announced Friday it has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) for a combined $470 million.Equinor announced in October that it would divest from the King Lear and Tommeliten discoveries as part of an effort to prioritize and refocus its asset portfolio.The first sale, of a 77.8 percent operated interest in the King Lear discovery to Aker BP…

PGNIG to Drill Well in Norway

Image: PGNiG Upstream Norway

Polish Oil and Gas Company (PGNiG) said that PGNiG Upstream Norway AS has acquired a detailed 2D seismic image, which will facilitate the selection of a drilling location in the Shrek prospect within the PL838 licence area.The Polish natural gas market company said that it will be the first well drilled by the PGNiG Group as a licence operator on the Norwegian Continental Shelf."On the Shrek prospect…

HydraWell Executes Valhall Field Plugging Program

Pic: HydraWell

Norwegian oil and gas services company HydraWell has contributed towards Aker BP executing its plugging programme significantly quicker than planned through utilisation of the PWC(Perforate, Wash & Cement) plug and abandonment method (P&A) on the Valhall field.A press release from the company pointed out that since May 2017, HydraWell has contributed towards plugging 10 shut-in wells on the…

Offshore Platforms Controlled from Land

The Ivar Aasen platform (Photo: Aker BP)

Aker BP said it will become the first oil company in Norway to control operations of a permanently manned offshore platform from land from next year.Operating platforms remotely can be done with fewer staff than doing it offshore and other oil companies are also looking to do so to reduce production costs.Aker BP said Norway's oil safety watchdog on Wednesday approved the company's plans to…