Saturday, December 7, 2019

Norway News

North Sea Countries to Boost Offshore Wind

Image: WindEurope

Energy Ministers from North Seas countries met yesterday (December 04) in Brussels and agreed their 2020 Work Program on offshore wind deployment as a means of reaching climate neutrality by 2050.The 10 North Seas Energy Cooperation countries – Belgium, Denmark…

Solveig buys oilfield operator Capricorn from Cairn

AdobeStock / © don Victorio

Norwegian pipeline firm Solveig Gas has agreed to buy oil firm Capricorn Norge from Cairn Energy for $100 million, completing its transformation into a North Sea field operator, Solveig's owner HitecVision said on Wednesday.The private equity fund told Reuters…

AG&P Invests in Kanfer Shipping, Eyes LNG

Image: AG&P

Global downstream gas and LNG logistics company Atlantic Gulf & Pacific (AG&P) has made a strategic equity investment in Norway-based Kanfer Shipping.Kanfer is a developer of small-scale LNG sea transportation, maritime break-bulk solutions, floating storage facilities as well as LNG bunkering.

US Shale Sector Performs Well

Graph: Rystad Energy

U.S. shale operators are on track to grow 2019 oil production by around 16% over 2018 thanks to impressive operational execution so far this year.The third quarter earnings season revealed that shale companies increased their oil production by about two percent…

Oil Prices Gain 2%

© Pavel Ignatov / Adobe Stock

Oil futures gained nearly 2% on Friday as comments from a top U.S. official raised optimism for a U.S.-China trade deal, but worries about increasing crude supplies capped prices.Benchmark Brent crude gained $1.13, or 1.8%, to $63.41 a barrel, while West Texas Intermediate crude rose 93 cents…

Chrysaor Buys Stakes in OKEA’s 2 Licenses

Image: OKEA ASA

North Sea oil producer Chrysaor Norge has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway.The Norwegean oil production company OKEA confirmed the sale of 20% of the Company's participating interest in Grevling…

Norway Supports GreenVoyage-2050 Project

Pic: IMO

Partnerships and innovations are essential to combat climate change through reductions in GHG emissions. Norway has provided an additional NOK 40,000,000 (US$4.3. million) to the International Maritime Organization (IMO)-Norway GreenVoyage-2050 project, which…

Gasum on an Acquisition Spree

Pic: Gasum

Finland-based integrated gas company Gasum takes steps forward in its growth strategy by acquiring AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG."These acquisitions will enhance the development of the Nordic gas market and…

PGNiG Ups Stake in Duva Field, Norway

Pic: PGNiG

PGNiG Upstream Norway bought 10 percent shares in the PL636 and PL636B licenses in the North Sea from Pandion Energy, thus increasing its ownership in the Duva field to 30 percent.Duva oil and gas field (formerly Cara) is located in the Norwegian sector of the North Sea at a water depth of 360m.

Top Shale CEO Says OPEC Shouldn't Worry About U.S. Oil Growth

© ??????? ??????? / Adobe Stock

Pioneer Natural Resources Chief Executive Scott Sheffield said on Tuesday that he expects the Permian Basin, the top U.S. shale field, to "slow down significantly over the next several years.""I don't think OPEC has to worry that much more about U.S. shale growth long term…

Netherlands-Denmark HVDC Test Successful

Image: Prysmian

Cable supplier Prysmian completes final high-voltage direct current (HVDC) test for 700MW submarine interconnector CobraCable line between Denmark and the Netherlands.The announcement takes place during the COBRAcable link’s official inauguration event, simultaneously held in Eemshaven (NL) and Endrup (DK)…

Aramco: IPO Will Come Soon

AdobeStock / © Scanrail

The initial public offering (IPO) for state-owned oil company Saudi Aramco will come soon, and will be a decision taken by Saudi Crown Prince Mohammed bin Salman, the kingdom's energy minister said on Wednesday.Aramco aims to announce the start of its IPO on Nov.

E&P Companies Struggle on RoI

Graph: Rystad Energy

International  exploration & production (E&P) are struggling to make money from offshore investments made during the latest investment upturn, according to a new study by Rystad Energy.Rystad Energy has evaluated all offshore oil fields sanctioned since 2010…

ABB to Connect World’s Largest OWF

Image: ABB

Swiss technology company ABB ABB has won a big contract to connect the world’s largest offshore wind farm (OWF) to Britain’s electricity grid.ABB has been selected by energy companies SSE Renewables of the UK and Equinor of Norway to supply its high-voltage…

Lundin Petroleum's Q3 Beats Forecast

(Photo: Lundin Petroleum)

Swedish oil firm Lundin Petroleum , a partner in Norway's giant Sverdrup oilfield, posted a smaller-than-expected decline in third-quarter earnings on Thursday, while raising output forecasts and cutting capital spending guidance.Earnings before interest, tax…

Ulstein Pushes Offshore Wind Vessels Segment

Image: Ulstein

Norway's Ulstein Group is aiming to become a leading player in the growing offshore wind industry designing and building vessels for some of the world’s toughest areas and demanding operations."The knowledge of how to integrate technical, operational and commercial…

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…

Equinor Q3 Profit Drops, Hit by Lower Prices

Eldar Sætre, President and CEO  Photo: Equinor ASA

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…

Equinor Eyes Brazil Natural Gas Infrastructure

Peregrino A platform , with FPSO in the background offshore Brazil (Photo: Øyvind Hagen / Equinor)

Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil.

SGRE Lands World’s Largest Floating OWF

Image: Siemens Gamesa Renewable Energy

Spanish-based engineering company Siemens Gamesa Renewable Energy (SGRE) said that the world’s largest floating wind power plant will be installed in Norway, equipped with 11 Siemens Gamesa SG 8.0-167 DD turbines.Scheduled to be commissioned in late 2022, Hywind…