Monday, July 15, 2024

Johan Sverdrup News

When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy

(Photo: Lundin Energy)

Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner in an effort to secure a future for the fossil fuel industry in a world where investors…

Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup

(Photo: Ole Jørgen Bratland / Equinor)

Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per day (boed) in March from an original 440,000 boed, but output was soon after capped by go

Norway's May Oil Output Down, But Still Above Forecast

Illustration only - Image by donvictori0

Norway's oil production fell in May from the previous month but still exceeded official forecasts by 0.9%, the Norwegian Petroleum Directorate said on Friday.The country's crude oil output fell by 2.1% month-on-month from April to 1.74 million barrels per day. The output year-on-year was up by 38.1%, thanks among other things to…

Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target

Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470,000 barrels of oil equivalent per day (boepd) in April.

Equinor Suspends 2020 Production Guidance

An Equinor platform - Credit: Equinor

Equinor has suspended its 2020 oil and gas output guidance amid government-imposed curtailments and a glut of supply, and could take further action to scale back activity this year, the Norwegian energy firm said on Thursday.With operations from the North Sea to Africa, the Americas and Asia, Equinor had expected 7% output growth this year before Norway…

Aibel Readies UPM for Johan Sverdrup

Norwegian service company within the oil, gas and offshore wind industries Aibel said that Johan Sverdrup's project team for the P2 platform could tick off for another milestone.The first deck of the Utility Process Module (UPM) being built in Haugesund is now complete, it said. Equinor-operated Johan Sverdrup project is located…

Norwegian PM Opens Johan Sverdrup Field

Norway's prime minister Erna Solberg has opened the Johan Sverdrup field center, and the Minister of Petroleum and Energy, Sylvi Listhaug, also attended the opening.Since Equinor and the Johan Sverdrup partners Lundin Norway, Petoro, Aker BP and Total started the field on 5 October last year, production has increased to a level well above 300…

Offshore Energy Outlook for 2020

Equinor’s Hywind Tampen project will use floating wind turbines to provide power to the Snorre and Gullfaks oil and gas production facilities.  (Image: Equinor)

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past.

Norway's Oil Production Up in November

Norway's preliminary production figures for November 2019 rose in November from the previous month, beating official forecast by 13.2%, said the Norwegian Petroleum Directorate (NPD).The average daily production stood at 2,016,000 barrels of oil, NGL and condensate in November, which is an increase of 235,000 barrels per day compared to October.Total gas sales were 10.0 billion Sm3 (GSm3)…

Electrifying Norway's Offshore Production

According to Rystad Energy, Norway has taken several steps to reduce its upstream emissions through electrifying offshore platforms, reducing flaring volumes, installing carbon capture and storage (CCS), and other energy efficiency measures.It said that power from shore to offshore platforms already started in 1996 when Troll East (A) came on-stream…

Equinor Q3 Profit Drops, Hit by Lower Prices

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…

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.

Cost Estimates at Equinor Norway Fields Goes Up

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

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