Friday, July 10, 2020

Norway News

DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019

Illustration by freshidea / AdobeStock

Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology…

World First Full Scale 'Ammonia as Fuel' Marine Four-Stroke Engine Test

The project leaders pictured at the Sustainable Energy Catapult Center’s test facility at Stord, Norway from left to right: Egil Hystad, Wärtsilä, Willy Wågen, Sustainable Catapult, and Kjell Storelid, Wärtsilä. (Photo: Wärtsilä)

While there is no consensus on the marine industry ‘fuel of the future’ that will meet ever tightening international emission mandates, a group of organizations has commenced what it is calling the world’s first long-term, full-scale, testing of ammonia as a fuel in a marine four-stroke combustion engine.

Amprion Sets Out North Sea Offshore Wind Grid Vision

Illustration; Image by Tim HvW - AdobeStock

German power grid company Amprion on Wednesday unveiled long-term plans for joint European offshore wind links in the North Sea and announced a trebling of spending in the next 10 years.Amprion, with 11,000 kilometers of high voltage transmission lines in western Germany…

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.

New Report Outlines Big Potential for Offshore Wind

(Photo: Ørsted)

Offshore wind currently represents just a small piece of the world’s energy supply. But that’s changing faster than ever before as new and existing players look to tap the huge resource potential—and market opportunities—being unlocked by shrinking costs and technological advances…

Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal

Gullfaks B - Equinor - Photo Ole Jørgen Bratland

Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+…

Norway Oil Companies Slash Investment Plans

Offshore rigs in Norway - Credit: BjrnKristian/AdobeStock

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come…

Norway Earmarks $369M for Green Industry Investments

Image for illustration; Credit: Equinor

The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on Friday."The crisis we are now in hasn't made the need for transformation smaller - it has increased it…

Norway Raises Spending from Oil Fund to $44B in 2020

Image by sezerozger/AdobeStock

Norway's government has further raised its projected 2020 spending from the country's sovereign wealth fund to 424.6 billion Norwegian crowns ($43.67 billion) from 419.6 billion seen on May 12, it said on Friday.The so-called structural non-oil deficit corresponds to 4.2% of the fund's Jan.

New Hospital Planned for Russian Village Building Novatek's LNG Plant

Illustration; A tanker next to the gravity based structure being built for Novatek - Credit: Novatek

Russia's Arctic region of Murmansk plans to build a new temporary hospital in a village where a vital liquefied natural gas supply plant is being built after an outbreak of the new coronavirus.Murmansk governor Andrey Chibis said the authorities had contained the outbreak in Belokamenka…

Norway: OMV Gets NPD Nod for Hades Drilling

Island Innovator rig - Image by Hans Hausman - MarineTraffic

Austrian oil and gas firm OMV has been granted a permit for the drilling of the offshore well 6506/11-12 S in the Norwegian Sea.The company's Norwegian subsidiary OMV Norge will use the Island Innovator semi-submersible to drill the appraisal well at the prospect…

Poland's PGNiG Expects Over 100,000 Tons of Oil from Skogul in 2020

Processing of oil and gas from Skogul takes place on Alvheim FPSO. Illustration: Aker BP.

Polish oil company PGNiG said Monday it expects to produce about 115 tons of oil from the Skogul field offshore Norway in 2020.First oil from Skogul, located in the North Sea, offshore Norway was achieved in March, 2020. was achieved during the quarter. The field is operated by the Norwegian oil company Aker BP…

Price Drop Triggers Haggling Over Oil and Gas Deals

Premier Oil is working to buy the Andrew platform and BP's controlling stake in five surrounding fields, as well as its minority stake in the Shell-operated Shearwater field (Photo: BP)

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets…

Wintershall Dea Earnings Drop

Image Credit: Wintershall Dea

German oil and gas company Wintershall Dea reported a sharp drop in earnings in the first quarter of 2020, prompting it to cut costs and reduce oil and gas exploration.Production amounted to 626,000 barrel of oil equivalent per day (mboe/d) in Jan-March, unchanged from the same 2019 period…

Repsol Given Green Light to Use Maersk Inspirer at Yme

Maersk Inspirer - Credit: Maersk Drilling

Spanish oil company Repsol has been given a green light to use the Maersk Inspirer jack-up rig at the Yme field, in the North Sea, offshore Norway.The consent, granted by the Petroleum Safety Authority Norway, to connection, completion, and start-up preparations…

Neptune Energy Terminates Deal to Buy Edison's North Sea Business

Gjøa platform; Credit: Neptune Energy

Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed for Neptune to buy Edison E&P North Sea assets for up to $280 million…

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…

Rystad: Oilfield Services Firms' Market Cap Halved. Offshore Drillers Have it Worst

For Illustration - Image by Ranimiro - AdobeStock

Oilfield services companies have collectively lost almost half of their market capitalization, hit by the combination of the coronavirus pandemic and low oil prices, with offshore drillers, in particular, the most affected, Norway's Rystad Energy has said in…

Norway Gov't Cuts Its Oil Price Assumption for 2020

Image Credit: Corona Borealis - AdobeStock

The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.Norway is Western Europe's largest oil and gas producer, with petroleum accounting…

OMV Sees Hope for Oil Price Recovery in Second Half 2020

For illustration only; An OMV offshore platform in Malaysia -  © OMV Aktiengesellschaft

Austrian energy group OMV sees hope for a recovery in oil prices in the second half of 2020 helped by increased fuel demand and output cuts by producers such as Saudi Arabia, its chief executive said.The spread of the coronavirus has knocked global demand and…