Wednesday, October 17, 2018

Equinor News

Chevron becomes first oil major to exit Norway

© Marius Dobilas / Adobe Stock

U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to…

Aker Solutions, Equinor Strengthen Collaboration

Doug Pferdehirt (left), CEO TechnipFMC, Torger Rød, SVP Equinor, Margareth Øvrum, EVP Equinor, Kjetil Hove, SVP Equinor, and Luis Araujo, CEO Aker Solutions. (Photo: Equinor)

Aker Solutions has signed a strategic, global collaboration agreement with Equinor to ensure mutual and continuous improvement on current and future subsea projects within the domains of safety, quality, technology, execution and cost."Aker Solutions and Equinor's ongoing collaboration has consistently generated mutually beneficial technology developments…

Equinor Eyes Chevron's Stake in Rosebank Field

(Image: Chevron)

Norway's Equinor is interested in buying Chevron's stake in Rosebank, an oil and gas field in the British part of the North Sea, two sources close to the process told Reuters.Chevron on Wednesday said that it had received interest from a potential buyer for its 40 percent stake in one of Britain's biggest oil and gas developments.Equinor declined comment.(Reporting by Ron Bousso and Dmitry Zhdannikov; Writing by Nerijus Adomaitis;

US GoM Oil Production Off 32% from Storm

A view of the eye of Hurricane Michael taken on October 10, 2018 from the International Space Station currently orbiting Earth. The photo was taken by NASA astronaut Dr. Serena M. Auñón-Chancellor. (Credit: NASA)

U.S. Gulf of Mexico producers have cut oil output by 32 percent and natural gas production by 13 percent as a result of the lingering effects of Hurricane Michael, the Bureau of Safety and Environmental Enforcement (BSEE) said on Friday, citing reports from 27 companies.The reductions continued as oil and gas companies moved more workers back to production platforms that were evacuated earlier in the week.

Mexico Must Boost Oil Exploration to Halt Output Fall -Pemex

Mexico will need to double to about $4 billion its annual oil exploration investment to reverse a 14-year decline in output, a move that will require more funding by Pemex and private producers, a top official with the state-run firm said Friday.The nation's oil industry needs Petroleos Mexicanos to invest more than $2.5 billion per year and another $1 billion to $1.5 billion from private companies to fully replace its reserves…

Equinor Acquires 40% Stake in Rosebank Project

Photo: Equinor

Equinor has signed an agreement to acquire Chevron’s 40 percent operated interest in the Rosebank project, one of the largest undeveloped fields on the U.K. Continental Shelf (UKCS). The parties did not disclose the commercial terms of the agreement.“Today’s agreement allows us to buy back into an asset in which we previously had a participating interest, demonstrating our strategy of creating value through oil price cycles.

Equinor Evacuates GoM Platform Ahead of Storm

(Image: NOAA)

Norweigan state-oil company Equinor on Monday evacuated personnel from its Titan oil platform in the U.S. Gulf of Mexico ahead of Hurricane Michael, a spokesperson for the company said.Other Gulf of Mexico producers, including BP and Exxon Mobil, have also evacuated staff ahead of the storm, which is expected to make landfall Wednesday as a Category 3 hurricane.(Reporting by Liz Hampton; Editing by David Gregorio)

GoM Offshore Platforms Evacuated Ahead of Hurricane

(Image: NOAA)

Energy companies on Monday halted nearly a fifth of Gulf of Mexico oil production and evacuated staff from 10 platforms as Hurricane Michael intensified and headed for a path up the eastern U.S. part of the Gulf.BHP Billiton, BP, Equinor and Exxon Mobil Corp were evacuating personnel from oil and gas platforms in the Gulf as forecasters predicted…

Arkona Offshore Wind Farm Comes Online

Photo: Equinor

The Arkona offshore wind farm in the German part of the Baltic Sea has supplied the first electricity into the German electricity grid.The 385 MW project, operated by E.ON in partnership with Equinor, when completed can deliver power to approximately 400,000 German households. After the first of 60 turbines now being online, further wind turbines…

Equinor Expands Asian Presence

Tor Martin Anfinnsen (Photo: Harald Pettersen / Equinor)

Equinor will open a new office in Tokyo later this week and its first office in India by early next year, said Tor Martin Anfinnsen, senior vice president for trading and marketing for Equinor."It's our ambition to grow in Asia both in terms of volumes and geography," he said during the Asia Pacific Petroleum Conference (APPEC) in Singapore.Equinor, formerly known as Statoil, has a presence in over 30 countries across the globe.(Re

Aker BP to Buy Equinor Gas, Condensate Discovery

(Photo: Aker BP)

Aker BP has agreed to buy Equinor's 77.8 percent stake in Norway's King Lear gas and condensate discovery for $250 million in cash, the two companies said on Monday.The North Sea discovery has estimated reserves of 77 million barrels of oil equivalents, and by connecting it to existing production facilities at the Ula field, Aker BP expects the acquisition…

Unmanned Platform Starts Production at Oseberg Vestflanken 2

The Oseberg area (Photo: Equinor)

The Oseberg Vestflanken 2 field in the North Sea came on stream on Sunday. Remote-operated from the Oseberg field center, the new Oseberg H platform is the first unmanned platform on the Norwegian Continental Shelf. Recoverable resources are 110 million barrels.“With Oseberg H we take a huge technological leap forward. The fully automatic, unmanned and remote-operated platform is digitalization in practice…

Big Oil Readies Brazil Offshore Bets

© marchello74 / Adobe Stock

Exxon Mobil Corp , Royal Dutch Shell Plc and other companies will gather on Friday in possibly their last crack at Brazil's coveted offshore oil for another four years, as a wide-open election spurs fears about barriers to foreign investment.The auction in Rio de Janeiro for four blocks in the Santos and Campos basins comes just a week before the most unpredictable presidential election in a generation…

Lundin Petroleum Says Arctic Oil Test Points to Bigger Reservoir

(Photo: Lundin Petroleum)

Swedish oil firm Lundin Petroleum expects to increase its resource estimate for the Alta discovery in Norway's Arctic region following a successful two-month production test.Finding significant oil reserves in the Norwegian Arctic has been challenging for oil firms, but Alta is among the exceptions along with ENI's Goliat field and Equinor's Johan…

Statfjord A Platform Shut Due to Power Outage

(Photo: Harald Pettersen / Equinor)

A power outage has shut down production at Equinor's Stafjord A platform in the North Sea and a restart time was as yet unclear, a company spokesman said on Thursday."We are still investigating the reasons of the power outage, which happened before midnight," Equinor's spokesman Morten Eek said.

Petrogal to Invest Up to $1 bln per Year in Brazil -CEO

Petrogal, the Brazilian unit of Portugal's Galp, plans to spend $800 million to $1 billion annually in the coming years in Brazil to develop its current oil and gas assets and boost its stake offshore, its chief executive officer said on Thursday.CEO Miguel Pereira said the company, Brazil's third largest oil and gas producer, wants to expand its presence in Brazil's offshore pre-salt areas…

Wintershall CEO Meets Norwegian Prime Minister on Growth Plans

Photo: © Wintershall/Bernd Schoelzchen

Mario Mehren, CEO of Wintershall, Germany's largest crude oil and natural gas producer, has presented Wintershall’s growth plans in Norway during a visit by Norway's Prime Minister, Erna Solberg, to Berlin.Mehren announced a further increase in production during a discussion with the Prime Minister and representatives of German energy politics and the energy industry…

Equinor Extends Contract for Maersk Intrepid Rig

The Maersk Intrepid jack-up rig. (Photo: Maersk Drilling)

Norway's Equinor has awarded Maersk Drilling AS a five-month contract for the Maersk Intrepid rig to provide operational support on the Martin Linge field in the North Sea. Two extension options will also be exercised, and four new options will be added.Maersk Intrepid initially had a contract for operational support for the Martin Linge licence until April 2019.

Equinor's Martin Linge Field Costs Rise Again, Start-up Delayed

Martin Linge utility module installation by the heavy-lift vessel "Thialf" in July this year. (Photo: Jan Arne Wold and Bo B. Randulff / Equinor ASA)

Norway has again revised up the estimated cost of developing the Martin Linge oil and gas field, which state-controlled Equinor bought from France's Total last year, with the start-up delayed until 2020, according to the fiscal budget.The North Sea field is now expected to cost 47 billion crowns ($5.7 billion) to develop, up from the 41 billion crowns estimated last year…

Norway to Spend More Looking for O&G Near Russian Border

Norway plans to step up spending on looking for oil and gas in the northern Barents Sea close to its border with Russia, the country's 2019 budget showed on Monday.The government has proposed to allocate an extra 50 million Norwegian crowns ($6.04 million) to conduct a so-called 3D survey over a large geographical structure that straddles the border…