Monday, May 20, 2019

Neptune Energy News

Norway Investigates Hammerfest LNG Outage

Hammerfest LNG plant (Photo: Harald Pettersen / Equinor)

Norway's oil regulator said on Friday it was investigating the causes of an outage earlier this month at Equinor's Hammerfest LNG plant in the north of the country.The plant converts natural gas produced from the Arctic Snoehvit field into liquid natural gas (LNG) which is exported by tankers."Equinor shut down the plant on 11 March 2019 in order to repair deficiencies in a number of safety valves there.

Neptune Energy to Present Plan for Norway Fields

Operator Neptune Energy will on Thursday present investment plans for two Norwegian oil and gas fields, the country's energy ministry said in a statement on Wednesday.The plan for Duva (previously known as Cara) and Gjoea P1 amount to almost 10 billion crowns ($1.16 billion), with an aim of producing a combined 120 million barrels of oil equivalents.The discoveries will be tied in to the already existing Gjoea platform, the ministry said.Reporting by Terje Solsvik

Neptune Renews IRM Contract with Sea Mar Shipping

File photo: Sea Mar Splendid

Dutch offshore vessel operator Sea Mar Shipping has won a three-year plus 2 x one year options for its IRM (Inspection, Repair and Maintenance) vessel Sea Mar Splendid from Neptune Energy Netherlands.The vessel and crew will support Neptune Energy with its IRM campaigns on the Dutch Continental Shelf from March 2019 until 2021, said a release.The 59- metre long Sea Mar Splendid will be utilized for air diving support duties…

Shell, Eni, Exxon Win Concessions in Egypt

© Tom Carpenter / Adobe Stock

Royal Dutch Shell, Eni, BP and Exxon Mobil were among winners of Egypt's international tender for oil and gas exploration on Tuesday, with 12 concessions awarded in total.It marks Exxon Mobil's entry into gas exploration in Egypt, while Shell was awarded the most concessions in the tender - three for oil and two for gas.Neptune Energy, Merlon, Shell, Eni and state-controlled Egyptian General Petroleum Corporation (EGPC) were awarded seven oil exploration concessions in total in which 39 wells will be drilled, Egypt's petrole

Neptune Energy, DEA Bid for Edison's O&G Assets

Private-equity backed Neptune Energy and Germany's DEA are bidding for the oil and gas assets in Egypt, Italy and elsewhere being sold by EDF's Italian unit Edison, industry sources said on Friday.The offers are non-binding at this stage, one of the sources said.

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 main objective of the well was to test the reservoir properties and hydrocarbon potential of the Jurassic and Permian formations in the frontier Froan Basin…

Neptune Energy Indonesia Gets New Managing Director

Eko Lumadyo, Managing Director of Neptune Energy’s Indonesian business. Photo: Neptune Energy

The oil and gas producer Neptune Energy has announced the appointment of Eko Lumadyo as Managing Director of its Indonesian business, based in Jakarta.Lumadyo will join Neptune from Mandala Energy Indonesia, where he is currently Country President and General Manager.Lumadyo has more than 30 years’ experience in upstream oil and gas exploration, development, planning, operations and commercial affairs. He started his career…

Ineos to Buy ConocoPhillips North Sea Assets

North Sea. Image: ConocoPhillips

Britain's richest man Jim Ratcliffe's oil and gas company Ineos Group Holdings is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion from the U.S. energy company.Various news paper reports say that British petrochemicals company has confirmed it is negotiating to buy several North Sea oil fields from U.S. energy giant.The Sunday Times, which first reported the story, said that the…

Neptune Energy Names Lumens CFO

(Photo: Neptune Energy)

Private equity backed oil and gas producer Neptune Energy on Monday named former Louis Dreyfus executive Armand Lumens as its chief financial officer.

After Denmark, Noreco Eyes UK Acquisitions

© Lukasz Z / Adobe Stock

Norwegian Energy Company (Noreco) plans to acquire offshore assets on Britain's continental shelf in 2019, following its purchase of Shell's upstream oil and gas licenses in Denmark, its chairman told Reuters on Thursday.The Oslo-listed company on Wednesday announced a $1.9 billion deal to acquire Shell's 36.8 percent stake in the Danish Underground Consortium (DUC), which accounts for 90 percent of Denmark's petroleum output."I think we should be capable of doing something in the U.K.…

Neptune Energy Names Estensen Managing Director for Norway

Odin Estensen (Photo: Neptune Energy)

Neptune Energy has appointed Odin Estensen as Managing Director of its Norwegian business, based in Stavanger.Estensen joins Neptune Energy from A/S Norske Shell, where he is currently the Norway Operated Asset Manager.With more than 28 years’ experience in the oil and gas sector, Estensen started his career with Schlumberger before joining Shell in 1990, where he went on to hold various senior roles across Europe, and also to support operations in the Middle East…

Neptune Energy Reports $70 mln H1 Profit

Photo: Neptune Energy

Private equity-backed oil and gas producer Neptune Energy on Thursday reported a profit of $70 million and a cash pile of over $500 million in the first quarterly results it has published, adding that it was on the lookout for more assets.Several private equity-backed players have entered the British oil and gas sector since the downturn of 2014 and investors are expecting some will eventually move towards an initial public offering (IPO) on the stock exchange.Neptune…

Neptune Energy Buys VNG's O&G Assets off Norway, Denmark

Photo: Neptune Energy

Private equity-backed Neptune Energy has agreed to buy the Norwegian and Danish offshore oil and gas assets of German gas utility VNG, the companies said on Thursday.Headed by former Centrica boss Sam Laidlaw and backed by the Carlyle Group and CVC Capital partners, Neptune seeks to become a leading independent exploration and production (E&P) firm, it added.The transaction follows a deal by Neptune last year to buy the oil and gas unit of France's Engie for $3.9 billion.The deal is also a continuation of a trend among Europ

Shell Sells $1.3 Billion of Oil and Gas Assets

Picture taken after today’s signing. From left: Ola Borten Moe (OKEA CCO), Rich Denny (Managing Director A/S Norske Shell) and Erik Haugane (OKEA CEO)

Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45 percent interest in the Draugen Norwegian offshore field and a 12 percent in the Gjoa block for a total of $566 million, the two companies said.Earlier, Shell announced the completion of the sale of a 15 percent stake

Endeavour Energy Kicks Off North Sea Assets Sale

Photo: Endeavour Energy UK

Endeavour Energy UK has launched the sale of its North Sea oil and gas assets at an ambitious price target of $500 million, according to two industry sources and a document seen by Reuters. The sale is part of group asset sales after Endeavour's U.S. parent company filed for bankruptcy in 2014. The UK company and its administrators have hired audit firm Deloitte as their corporate finance advisor on the sale, dubbed "Project Arrow", the document showed.