Wednesday, May 22, 2019

Lundin Petroleum News

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, hig

Aoka Mizu FPSO Hooks Up to Lancaster Field

Aoka Mizu FPSO (Photo: Hurricane Energy)

Hurricane Energy's floating production, storage and offloading (FPSO) vessel has been connected to the group's North Sea Lancaster oilfield, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs…

Norway to Offer More Arctic Exploration Blocks

© AValeri Belov / Adobe Stock

Norway plans to expand the offshore oil and gas acreage offered to companies under its annual licensing round in so-called predefined areas (APA), oil minister Kjell-Boerge Freiberg said on Thursday.The 2019 APA round will offer 90 new blocks, of which 48 are in the Arctic Barents Sea, 37 are in the Norwegian Sea and 5 in the North Sea…

'Frog's Leg' Proves Bountiful for Aker BP

Aker BP finds up to 153 million barrels of oil equivalents in North SeaAker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and…

Aker BP Makes North Sea Find

(Photo: Aker BP)

Aker BP has discovered an oil and gas reservoir while drilling near its Alvheim field in the North Sea, the Norwegian firm said on Monday.Known as Froskelaar (Frog's Leg) Main, the reservoir is estimated to hold between 45 million and 153 million barrels of oil equivalents, and may straddle Norway's maritime border with Britain, the company added."The drilling operation will continue, an

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

Lundin Buys Stakes in Rolvsnes, Goddo

 Image: Lundin Petroleum

Lundin Petroleum, Europe's independent oil and gas exploration and production company with operations focused on Norway, has increased its stake in the major Rolvsnes oil discovery in the Norwegian North Sea, flagging a potential tieback eventually to its operated Edvard Grieg oil field.A press statement from the…

Equinor Stops Drilling Arctic Well After Incident

The West Hercules drilling rig in the Barents Sea. (Photo: Ole Jørgen Bratland)

Norway's Equinor has put on hold the drilling of a key exploration well in the Barents Sea after a well incident last week, the company said on Monday.The incident occurred when Seadrill's rig West Hercules was drilling the Gjoekaasen well offshore Norway .The so-called "high-risk, high-impact" well could hold between 26 million and 1.4 billion barrels of oil equivalents…

Norway Awards 15 Exploration Licences to Lundin Petroleum

Map: Lundin Petroleum AB

Europe’s independent oil and gas exploration and production company Lundin Petroleum announced that its wholly owned subsidiary Lundin Norway has been awarded a total of 15 exploration licence interests in the 2018 Norwegian licensing round (Awards in Predefined Areas, APA).The record-high award includes 8 licences in the North Sea…

Exploration Firms Drill Dry Well in North Sea

Image: Lundin Petroleum

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed exploration well 2/6-6S, targeting the Oppdal and Driva prospects in PL860 in the North Sea. Both targets were dry. The well was drilled with the Rowan Viking jack-up drilling rig and was operated by MOL Norge with a 40 percent working interest.

Norwegian Sea Well Comes up Dry for Lundin Petroleum

Image: Lundin Petroleum

Europe's oil and gas exploration and production company with operations focused on Norway Lundin Petroleum AB  said that its wholly owned subsidiary Lundin Norway AS  has completed the drilling of the Silfari exploration well 6307/1-1S located in PL830 in the Norwegian Sea."The well was dry," said Lundin Petroleum.The…

Offshore Platforms Controlled from Land

The Ivar Aasen platform (Photo: Aker BP)

Aker BP said it will become the first oil company in Norway to control operations of a permanently manned offshore platform from land from next year.Operating platforms remotely can be done with fewer staff than doing it offshore and other oil companies are also looking to do so to reduce production costs.Aker BP…

Hurricane FPSO Leaves Dubai After Upgrade, Shetlands First Oil Seen in H1

(Photo: Hurricane Energy)

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs…

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…

Aker Bets on Software Engineers for Its Oil Business

(Photo: Aker BP)

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps…

Aker BP CEO Predicts Fast Johan Sverdrup Ramp-up

Illustration / TRY courtesy Equinor

Aker BP, a partner in Norway's giant Johan Sverdrup oilfield, expects a fast ramp-up of production when the initial development phase ends in late 2019, its chief executive said on Thursday."I think it will be done in a few months, because the production per well is so high," Karl Johnny Hersvik told Reuters on the sidelines of an energy conference.Johan Sverdrup Phase 1 will have capaci

Equinor Looks to Cut More Costs at Giant North Sea Oilfield

Photo: Equinor

Norway's Equinor sees scope to further reduce development costs at the Johan Sverdrup oilfield in the North Sea, as it looks to maximize the potential of what could be the last giant field to be found off the Nordic country.The field, one of the five largest oil finds offshore Norway, is estimated to contain up to 3.1 billion barrels of oil equivalents…

Oil Producer Norway Starts Wage Talks to Avert Widespread Strikes

© Elmer Laahne / Adobe Stock

Norwegian employers and labour unions embarked on four weeks' of wage talks on Monday to stave off widespread strikes that risk impacting output in western Europe's biggest crude producer. Unlike most years, in which wages are set on an industry-by-industry basis to reduce complexity, the 2018 round rolls a majority…

Statoil Raises Dividend, CapEx as Oil Sector Rebounds

A file image of Statoil's Gullfaks A offshore oil installation.

Stock is best performer of European oil index. Norway's Statoil will raise its dividend, investments and exploration spending in 2018, it said on Wednesday, after higher oil prices helped it beat fourth-quarter earnings forecasts. Like other oil companies, Statoil is also benefiting from efficiencies it pushed through during the sector's downturn…

Norway's Sverdrup Oilfield Could Start in October 2019

File Image: Statoil's Johan Sverdrup offshore field (CREDIT: Statoil)

First oil from Norway's giant Johan Sverdrup field could come in October 2019, one of the partners, Sweden's Lundin Petroleum, said in presentation material accompanying its earnings report on Thursday. Alex Budden, Lundin's head of communications and investor relations, told analysts and reporters that the October 2019 date had resulted from discussions with operator Statoil .