Tuesday, July 16, 2019

Equinor News

IMO2020: The Rise of Bulk Liquid Hydrogen in Norway

Renderings of a bulk carrier for the transportation of liquefied hydrogen by Moss Maritime, Wilhelmsen Ship Management, Equinor, and DNV-GL. Photo credit: Moss Maritime.

Imagine a power distribution network where excess renewable energy from hydropower, wind, solar, and nuclear energy is converted to hydrogen and used as transportation fuel in the maritime industry. With the allure of a zero emissions fuel, a number of ship owners are starting to seriously consider hydrogen for newly built vessels. As a bold first step…

Atlantic Offshore Wind: Favorable Winds for Maritime

© 3plusx/Adobe Stock

Now that the United States finally can envision steady winds blowing from the Atlantic Seaboard due to a pipeline of offshore wind farms on the horizon, the maritime industry can finally step up and earn some of the benefits. This includes shipbuilding, port construction, and worker training. This article reviews the key developments and forecasts…

Equinor to Sell Shares in Lundin Petroleum

(Photo: Lundin Petroleum)

Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a price of 266.4 crowns ($28.22), representing a discount of about 9.6% to Lundin's close on Friday.It will retain a 4.9% stake in Lundin.The company will also acquire a 2.6%

Danska Commodities Inks PPA with Hywind Scotland

The Hywind Scotland floating wind farm. (Photo: Øyvind Gravås / Woldcam - Statoil ASA)

Danish energy trading company Danske Commodities signed a 20-year Power Purchase Agreement (PPA) with the world’s first floating wind farm, Hywind Scotland.Hywind Scotland, the world's first commercial-scale floating wind farm, was officially opened in October 2017. Norwegian oil and gas group Equinor owns 75%, while its partner the Abu Dhabi Future Energy Company, better known as Masdar, holds 25%.

Leadership Changes at Equinor

Ana Fonseca Nordang (left) will take over the position as SVP People & Leadership, and Siv Helen Rygh Torstensen will take over as General Counsel. (Photos: Equinor)

Equinor said it will make changes to the leadership of two corporate staff areas.Siv Helen Rygh Torstensen, head of the CEO office, will take over as General Counsel, succeeding Hans Henrik Klouman, who will take on a role as Senior Advisor to the EVP CFO from August 1.Ana Fonseca Nordang, VP PL Executive and leadership development, will take over the position as SVP People & Leadership…

Offshore wind: One-stop Power Conversion

Optimized drive: Fred Olsen Ocean’s Brave Tern. Image: Handout/Fred Olsen

With the United States and China about to start their respective offshore wind build-ups, grid operators wondering about the efficiency of their turbines or the emissions-areas compliance of their wind-service vessels will be warmed to know there’s someone they can talk to. Yaskawa’s The Switch — a Japanese industrial giant’s European environmental tech business — is offering one-stop wind-energy shopping.

Book Review: Getting Down to It; 50 Years of Subsea Success in Norway

Co-author Arnfinn Nergaard.

The Norwegian Continental Shelf’s journey from the very first basic marinized subsea trees to today’s complex and sophisticated subsea processing equipment has been a rapid, at times turbulent, but always remarkable.There are many engineers who have seen through that journey, from the first exploration wells using Norwegian rigs in the mid-1970s to today.

ExxonMobil to Redevelop Angola Block 15

Image: ExxonMobil offshore vessel

American multinational oil and gas corporation ExxonMobil and its partners said that they will further invest in Block 15 offshore Angola to increase production as part of an agreement with Angola’s recently established National Agency for Petroleum, Gas and Biofuels.As part of the agreement, Sonangol, Angola’s state oil company, will receive a 10% equity interest…

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…

Ithaca Buys Chevron's UK North Sea Fields

(Photo: Chevron)

Israel's Delek Group moved closer to listing its Ithaca Energy subsidiary on Thursday by buying most of Chevron's British North Sea oil and gas fields for $2 billion.Under pressure from a fall in oil prices to near 14-year lows of $26 a barrel in 2016, major oil and gas companies in the North Sea have been forced to sell assets to private equity-backed investors and specialized operators.Delek said the deal, backdated to Jan.

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

Argentina Grants Offshore Exploration Permits

© Patrik Stedrak / Adobe Stock

Argentina awarded permits to begin hydrocarbon exploration in 18 areas off the coast of the country in the Malvinas West basin to companies including Exxon Mobil Corp, Total SA, YPF SA and Royal Dutch Shell Plc, the government said on Friday.The winning companies offered bids totaling $724 million, the government said, to explore the areas that are located in the South Atlantic…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years, the London-based major is being lobbied by activists and an increasing number of shareholders…

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…

Activists End Occupation of Arctic Drill Rig

(Photo: Greenpeace)

Greenpeace activists climbed down from a Seadrill drilling rig in Norway on Tuesday and are no longer occupying it, the environmental group told Reuters.The rig, which was boarded by four activists on Monday, will be used next month by Equinor to explore for oil and gas in the Arctic.(Reporting by Gwladys Fouche, Writing by Terje Solsvik, Editing by Paul Tait)

New Sonatrach CEO: Foreign Partnerships Essential

Rachid Hachichi (Photo: Sonatrach)

Algeria's state energy company Sonatrach wants to develop its partnerships with foreign firms to boost output and exports, its new chief executive said on Wednesday, comments that could reassure investors a week after his appointment.Algeria, a member of the Organization of the Petroleum Exporting Countries and a major gas supplier to Europe, has struggled to lift production to meet rising domestic demand…

Natural Gas Liquid Market to Cross 14 mbl/day by 2025

Pic: Gazprom Neft

Global Natural Gas Liquid Market is poised to cross 14 million barrels per day by 2025, said a study.Japan natural gas liquid market is projected to surpass an annual consumption of 0.2 mbl/day said the latest study by Global Market Insights.Accelerating funding’s toward chemical industry along with the manufacturing of high value-added petrochemicals will augment the industry growth.In addition…

Offshore wind: The making of a (supply chain) star

Retrofit: new work in wind for an anchor-handling vessel. Illustration: courtesy Unitech

Wind is “the tech of choice,” the International Energy Agency said recently, just as a new report by the University of Delaware outlined the opportunity in U.S. offshore wind: 5,000 miles of offshore cabling and 1,700 turbines, it turns out, are bundled into current state-side plans. Yet, serious observers of the first U.S. offshore wind installations saw inefficiency: unwieldy lifts…

BP Invests $6 Bln in Offshore Azerbaijan Project

Image: BP

The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100,000 barrels of oil per day.

Equinor Q1 Beats Forecast

The Johan Sverdrup oilfield in the North Sea is on track to start production in November (Photo: Arne Reidar Mortensen / Equinor)

Norwegian oil and gas firm Equinor reported on Friday a small fall in quarterly operating profit, beating forecasts, and said its giant Johan Sverdrup oilfield in the North Sea remains on track to start production in November.Earnings before interest and tax (EBIT), adjusted for one-off items, fell to $4.2 billion in the first quarter from $4.4 billion during the same period of 2018, higher than a forecast of $3.9 billion in a Reut