Thursday, May 23, 2019

Norway News

Norway's April Oil Output Lags Forecast

© Jone Gundersen / Adobe Stock

Norway's oil production fell 8.8 percent year-on-year in April to 1.38 million barrels per day, lagging the official forecast for the month by 0.6 percent, Norway's Petroleum Directorate (NPD) said on Wednesday.Including condensate and natural gas liquids (NGL)…

Investors Push BP to Fight Climate Change

(Photo: BP)

BP will face pressure at a meeting next week to set tougher targets to combat climate change, the latest signal from investors that they want the oil and gas industry to do more to clean up its act.After BP's 2018 carbon emissions rose to their highest in six years…

DNO Completes $400mln Bond Placement

Image: DNO ASA

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received…

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…

U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil

Graph: Rystad Energy

North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy…

800bln Undiscovered Barrels of Oil and Gas Exist Globally

Graph: Rystad Energy

Total greenfield project sanctioning, summed up to the present day, only accounts for 40% of estimated volumes of offshore projects ever being sanctioned, said Rystad Energy, the  energy research and consultancy headquartered in Norway."Likewise, the brownfield market has only begun…

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 t

Wintershall, DEA Complete Merger

Image: Wintershall Dea

The merger between oil and gas firms Wintershall Holding GmbH and Deutsche Erdoel AG (DEA) has been completed, creating the largest independent exploration and production company in Europe.Wintershall DEA will be headquartered in Hamburg, with activities across Europe, Latin America, North Africa and the Middle East.

New Sonatrach CEO: Foreign Partnerships Essential

Rachid Hachichi (Photo: Sonatrach)

Algeria's state energy company Sonatrach wants to develop its partnerships with foreign firms to boost output and exports, its new chief executive said on Wednesday, comments that could reassure investors a week after his appointment.Algeria, a member of the…

Repsol's Q1 Net Profit Rises

(Photo: Repsol)

Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as a fall in oil and gas prices and a halt to production in Libya were offset by lower costs and a stronger U.S.

Aker Solutions Raises 2019 Forecasts

(Photo: Aker Solutions)

Norway's Aker Solutions ASA raised its 2019 revenue outlook on expected higher spending on the offshore oil services and reported better than expected first-quarter profits, lifting its shares on Tuesday.The upbeat sentiment on oilfield spending is a result…

Activists End Occupation of Arctic Drill Rig

(Photo: Greenpeace)

Greenpeace activists climbed down from a Seadrill drilling rig in Norway on Tuesday and are no longer occupying it, the environmental group told Reuters.The rig, which was boarded by four activists on Monday, will be used next month by Equinor to explore for oil and gas in the Arctic.(Reporting by Gwladys Fouche, Writi

Total Profits Take a Hit

(Photo: Total)

French energy major Total said its net profit for the first three months of the year fell 4 percent to $2.8 billion compared with a year ago due to volatile oil prices and debt costs, despite record oil and gas output.The firm kept its investments, and cost savings target for the year unchanged…

Saudi Arabia Can Replace Lost Iranian Oil

Graph: Rystad Energy

The decision by the US government not to extend sanctions wavers for eight countries importing crude oil from Iran could remove around 1.1 million b/d from the market. But Saudi Arabia and several allies can replace the lost barrels, says a report.According to Rystad Energy…

Offshore wind: The making of a (supply chain) star

Retrofit: new work in wind for an anchor-handling vessel. Illustration: courtesy Unitech

Wind is “the tech of choice,” the International Energy Agency said recently, just as a new report by the University of Delaware outlined the opportunity in U.S. offshore wind: 5,000 miles of offshore cabling and 1,700 turbines, it turns out, are bundled into current state-side plans.

Floatel Gets Martin Linge Extension

Floatel Superior. Image: Floatel International Group

Swedish contractor Floatel International has received a new extension from Equinor for its accommodation unit Floatel Superior at the Martin Linge Field Development in Norway’s North Sea.The onshore operational support and supervision company said in a press…

Europe Offshore Fleet has 105 Wind Farms

Giles Dickson. Photo: WindEurope

There are now 189 GW of wind energy in Europe, making up 14% of the EU’s power demand. 18.5 GW of this is in Europe’s offshore fleet, whose 105 wind farms and 4,500 turbines now provide 40,000 jobs.According to WindEurope CEO Giles Dickson, this is set to grow.Offshore…

Corvus to Power Oslo Port Zero-Emission Workboat

Image: Corvus Energy

Battery manufacturer Corvus Energy will supply a 550kWh Energy Storage System (ESS) for a new all-electric skimmer workboat.The new vessel designed for efficient collection of trash at the water surface will operate in Norway’s Port of Oslo."The ESS will allow the boat to be in full working mode for four to five hours…

Guanghui Signs 10-year LNG SPA with Total

Pic: Total EP

France’s Total and  Guanghui Energy, a China-based company, principally engaged in the natural gas and coal business, have signed a long-term sale and purchase agreement (SPA) for the supply of 0.7 million tonnes per year of liquefied natural gas (LNG) for a period of 10 years.According to Total…

Rystad Expects Oil Price Rally in H1 of 2020

Graph: Rystad Energy

The energy research and business intelligence company Rystad Energy expects that a short-lived price rally through the first half of 2020 as oil prices approach $70 a barrel.It will then lose momentum and be replaced by a need for additional production cuts by Russia and the cartel of oil producing countries…