Monday, October 14, 2019

Johan Sverdrup News

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.

Huge Opportunities in Norwegian Shelf

Image: Norwegian Petroleum Directorate

Even after more than 50 years, the Norwegian shelf still holds vast opportunities, says  Norwegian Petroleum Directorate (NPD).According to NPD's  2019 resource report on fields and discoveries, more than half of the estimated remaining resources on the Norwegian shelf have already been discovered. 85 per cent are located in the…

Total Plans $5 Bln in Asset Sales

(File photo: Malfere Damien / Total)

French energy giant Total will sell around $5 billion worth of assets, mostly from its upstream exploration and production business, as it seeks to focus on low breakeven projects that can weather weak oil prices, it said on Thursday.The company reported a 19% year-on-year drop in adjusted net profit to $2.9 billion in the second quarter…

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…

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

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…

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

Lundin Raises Long-term Output Guidance

Rendering of Johan Sverdrup phase 2, scheduled to come on stream in 2022 (Image: Lundin Petroleum)

Lundin Petroleum raised its output guidance on Wednesday and said it would drill a record number of exploration wells in 2019.The company now expects output of over 150,000 barrels of oil equivalents per day (boepd) in 2020 from a previous forecast of more than 130,000 barrels and up from 81,100 boepd in 2018.In 2023, output is expected to exceed 170,000 barrels per day, up from 160,000 barrels expected pre

Norway's December Oil Output Misses Forecast

© AValeri Belov / Adobe Stock

Norway's oil production fell by 2.1 percent year-on-year in December and lagged the Petroleum Directorate's forecast for the month by 2.5 percent amid technical problems at some offshore fields, the industry regulator said on Monday.December natural gas output fell by 2.5 percent year-on-year, lagging forecasts by 3.6 percent, it added.Norway recently predicted its 2019 oil output would fall to a 30-year lo

Norway Cuts 2019 Oil Output Forecast

Image: Ministry of Petroleum and Energy

The Norwegian Petroleum Directorate (NPD)’s forecasts show that Norway's oil output in 2019 will be smaller than previously forecast and its lowest level in three decades, although it should rebound in the following years."After a minor decline in 2019, oil and gas production will increase from 2020 and up to 2023. Overall production will then approach the record year of 2004…

Norway Ready to Claim Share of Russia's Arctic Finds

© Ivan Kurmyshov / Adobe Stock

Norway will step up preparations to claim its share of oil and gas resources if Russia finds petroleum on its side of a border in the Barents Sea, the head of Norwegian Petroleum Directorate (NPD) said on Thursday.Norway and Russia in 2010 agreed a maritime border in the Barents Sea, ending a 40-year long dispute, and also agreed…

Norway 2019 Oil Output Forecast Cut to 30-year Low

(Photo: Jan Arne Wold / Woldcam)

Norway's oil output in 2019 will be smaller than previously forecast and its lowest level in three decades, although it should rebound in the following years, the country's oil industry regulator said on Thursday.Investment in Western Europe's largest oil producer and Europe's second-largest gas producer, behind Russia, is surging after a decline due to the slump in oil prices in 2014 to 2016.Despite that…

SHI Delivers Johan Sverdrup Offshore Platform On Schedule

Johan Sverdrup offshore platform leaving SHI Geoje shipyard. Photo: Samsung Heavy Industries

South Korean shipbuilder Samsung Heavy Industries (SHI) has successfully completed the processing platform (P1) for Johan Sverdrup Field development and delivered it to Equinor according to the scheduled delivery date stated in the original contract.SHI has secured Contract worth 650 billion won ($ 5.84m) from a Norwegian energy company Equinor in 2015 to build the large oil production platform…

Aker Solutions Bags BP’s Clair South Project

Image provided by Aker Solutions

The  global engineering company based in Oslo Aker Solutions announced that it will provide engineering services for BP’s Clair South project in the UK North Sea.The pre-FEED (Front End Engineering and Design) contract, which was awarded in September, will see Aker Solutions’ teams based in London deliver engineering services to…

Aquaterra Bags More Johan Sverdrup Work

(Photo: Aquaterra Energy)

Aquaterra Energy announced Thursday it has been awarded a contract by Equinor to deliver early well construction operations for the next 16 wells of the Johan Sverdrup field development in the Norwegian North Sea.The award follows Aquaterra Energy’s Phase I Tie-Back project for the engineering of nine complete strings of centralizers and tieback engineering services…

Kvaerner Wins Sverdrup Jacket Number Four

(Image: Kvaerner)

Norway's Equinor has awarded a NOK 900 million ($107 million) contract to local contractor Kvaerner for delivery of the steel substructure for the Johan Sverdrup Phase 2 process platform.The engineering, procurement and construction (EPC) award will see Kvaerner deliver the fourth substructure for the Johan Sverdrup Field in the Norwegian North Sea…

Bilfinger Secures Johan Sverdrup Contracts

(Illustration: TRY, courtesy Bilfinger)

German based Bilfinger said on Tuesday it has received follow-up orders from its contract partner, the Norwegian service company Aibel, that are to tie in with phase 1 of the Equinor operated Johan Sverdrup oil field project on the Norwegian continental shelf.The overall scope of work includes the offshore hook-up, installation…

Kvaerner Eyes Growth, Mergers as Profits Decline

Kvaerner, a Norwegian builder of oil platforms, aims to increase its revenue by some 40 percent by 2022 by expanding abroad, the company said on Tuesday after reporting a sharp decline in third-quarter earnings that drove down its shares.Kvaerner's quarterly earnings before interest, tax, depreciation and amortization (EBITDA) fell to 76 million crowns ($9.19 million) from 245 million crowns a year ago."In

Clean Ops Offshore: Johan Sverdrup Powered from Shore

The Johan Sverdrup field in the North Sea. (Photo: Equinor ASA)

With a flip of the switch, Kjell-Børge Freiberg, Norway's Minister of Petroleum and Energy, opened a new era in offshore oil and gas operations, initiating the "power-from-shore solution" that will provide the Johan Sverdrup field in the North Sea with electricity for more than 50 years. The development is significant because with electric power supplied from shore…

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…