Sunday, November 17, 2019

Equinor News

Equinor Awards Contracts worth $385Mln

Image: Equinor

Norwegian multinational energy company Equinor ASA has chosen suppliers for inspection services on all offshore installations on the Norwegian continental shelf and onshore plants in Norway. The frame agreements are scheduled to be signed shortly.The agreements will be awarded to Aker Solutions AS, Axess AS, Oceaneering Asset Integrity AS and IKM Operations AS, taking effect from 1 January 2020.

Equinor Begins Search for New CEO

Photo courtesy of Equinor

Norwegian oil producer Equinor has started a search for a new chief executive, the Stavanger Aftenblad newspaper reported on Friday, citing unnamed sources.CEO Eldar Saetre, 63, who led the company through the oil market's downturn in 2014-2016, has not set a date for his departure, but could step down in 2020, the newspaper reported."There is no date set for when he will retire beyond what was said in our annual report…

West of Shetlands Ups Offshore Production

Graph: GlobalData Plc

West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s latest research…

Equinor Sells Eagle Ford Asset for $325 Mln

Eagle Ford production site in Texas. (All photos: Ole Jørgen Bratland)

Norwegan energy company Equinor said it  has signed an agreement to divest to Repsol its 63% interest in, and operatorship of, its onshore business in the Eagle Ford in the US state of Texas.The transaction is effective October 1, 2019, and covers all of Equinor’s interests in the Eagle Ford Joint Venture with Repsol, covering 69 000 net acres. Following…

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…

MOL Purchases Azerbaijan ACG, BTC Pipeline Stakes

Photo: MOL Group

MOL has signed an agreement with Chevron Global Ventures Ltd and Chevron BTC Pipeline, Ltd to acquire their non-operated E&P and mid-stream interests in Azerbaijan, including a 9.57% stake in the Azeri-Chirag-Gunashli (ACG) oil field, and an effective 8.9% stake in the Baku-Tbilisi-Ceyhan (BTC) pipeline that transports the crude to the Mediterranean port of Ceyhan…

SGRE Lands World’s Largest Floating OWF

Image: Siemens Gamesa Renewable Energy

Spanish-based engineering company Siemens Gamesa Renewable Energy (SGRE) said that the world’s largest floating wind power plant will be installed in Norway, equipped with 11 Siemens Gamesa SG 8.0-167 DD turbines.Scheduled to be commissioned in late 2022, Hywind Tampen will be the first ever floating wind power plant to power offshore oil and gas…

Lundin Petroleum's Q3 Beats Forecast

(Photo: Lundin Petroleum)

Swedish oil firm Lundin Petroleum , a partner in Norway's giant Sverdrup oilfield, posted a smaller-than-expected decline in third-quarter earnings on Thursday, while raising output forecasts and cutting capital spending guidance.Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to $411 million in the third quarter from $504 million a year earlier as crude prices declined…

ABB to Connect World’s Largest OWF

Image: ABB

Swiss technology company ABB ABB has won a big contract to connect the world’s largest offshore wind farm (OWF) to Britain’s electricity grid.ABB has been selected by energy companies SSE Renewables of the UK and Equinor of Norway to supply its high-voltage direct current (HVDC) converter systems to connect wind farms in the Dogger Bank region of…

Equinor Q3 Profit Drops, Hit by Lower Prices

Eldar Sætre, President and CEO  Photo: Equinor ASA

Norway's state-backed energy company Equinor third-quarter profit fell by more than expected on account of the significant decline in the volume and price of natural gas sold to Europe.Adjusted earnings before interest and tax were down 46 per cent year-on-year to $2.59bn, from $4.8bn, missing consensus forecasts of $2.69bn.“We maintain strong cost and capital discipline…

Equinor Sticks to 2019 Output Forecast

The mega Johan Sverdrup oil field has already achieved a daily production above 200,000 barrels, and will have a capacity of well above 300,000 barrels by the end of November. (Photo: Espen Rønnevik/Øyvind Gravås, Equinor)

Equinor's third-quarter profit fell by more than expected on Thursday after a significant decline in the volume and price of natural gas sold to Europe, although the Norwegian firm reiterated its forecast for flat 2019 production.Shares in Oslo-listed Equinor were up 2.2% by 0730 GMT after it also confirmed plans to reach Phase 1 plateau output of 440…

Equinor Eyes Brazil Natural Gas Infrastructure

Peregrino A platform , with FPSO in the background offshore Brazil (Photo: Øyvind Hagen / Equinor)

Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing…

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.

Norway Sovereign Fund to Divest E&P Firms

© galina_savina / Adobe Stock

Norway's $1.1 trillion sovereign fund will divest companies solely dedicated to oil and gas exploration and production in a bid to shield itself from a long-term fall in oil prices, the finance ministry said late on Tuesday.The move will partly shift the world's largest sovereign wealth fund away from oil and gas, as called for by the central bank…

Wintershall Dea Trims Norway Portfolio

Wintershall Dea is currently developing its operated Dvalin field on the Norwegian continental shelf (Photo: Wintershall Dea)

Wintershall Dea has agreed to sell its stakes in Norway's Nyhamna gas processing terminal and the Polarled gas pipeline to CapeOmega and Solveig Gas to focus on its upstream oil and gas activities, the German oil and gas company said on Tuesday.Cape Omega will acquire a 5% interest in the Nyhamna terminal, while Solveig Gas will buy a 13.3% stake in Polarled…

Cost Estimates at Equinor Norway Fields Goes Up

Image: Equinor

The cost of developing two major Norwegian oil and gas fields has increased due to the complexity of the projects, with the start of production delayed for one of them.The Ministry of Petroleum and Energy reports on the status of major projects that are currently undergoing development or have recently started operation.Thirteen of Equinor’s projects are on this list.

Equinor: Bahamas Spill Estimated at 119,000 Barrels of Oil

Photo: Equinor

The oil spill at Equinor's Bahamas storage terminal is estimated at 119,000 barrels, the Norwegian company said on Wednesday, more than a month after a massive hurricane swept through the region.The South Riding terminal had 1.88 million barrels of oil stored when Hurricane Dorian ripped the roof off several tanks. While Equinor had reported extensively on the spill…

Hammerfest LNG Ships 1000th LNG Cargo

Arctic Discoverer will carry cargo number 1000 from the Hammerfest LNG plant. (Photo: Silje Grytbakk / Equinor ASA)

Norwegian energy company Equinor reached a milestone at its Hammerfest LNG facility on Melkøya Island, “the Snøhvit plant”,  by loading the 1000th cargo of the chilled fuel.The cargo consists of 140 500 cubic metres of liquefied natural gas (LNG). Total sales value of all the LNG cargos since the field came on stream is in the range of NOK 130-150 billion.

Solvberg Appointed NPD Director General

Photo: Norwegian Petroleum Directorate

The Norwegian Petroleum Directorate (NPD) has announced the appointment of Ingrid Solvberg as Director for the Norwegian Sea and Barents Sea, replacing Bente Nyland.According to a note from NPD, Sølvberg was appointed by the King in Council on 11 October. The Ministry of Petroleum and Energy has not yet set the date for the transition.The director general position in the NPD is posted as a fixed term engagement of six years…

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.