Sunday, February 25, 2018

Statoil News

Statoil's US Operations Have Turned the Corner

Torgrim Reitan, Statoil's head of U.S. operations (Photo: Ole Jørgen Bratland / Statoil)

Statoil's U.S. operations have turned the corner and could deliver up to $5 billion in net cash flow over the 2018-2020 period at an oil price of around $70 a barrel, Torgrim Reitan, Statoil's head of U.S. operations said on Wednesday. "As oil prices increase there is a significant potential for both earnings and cash flow here…

Police Investigate 2016 Hydrogen Leak at Statoil Refinery

Statoil's Mongstad refinery (Photo: Øyvind Hagen / Statoil)

Norwegian police have launched an investigation into a hydrogen gas leak at Statoil's Mongstad refinery in October 2016, the company said on Friday. Statoil temporarily shut and evacuated its main refinery on Norway's west coast when a rusted pipe socket ruptured. The firm's own investigation…

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…

Statoil Contracts West Hercules Rig

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

The West Hercules semi-submersible rig has been contracted for drilling two exploration wells in the Barents Sea in 2018, and options to drill another five exploration wells. Statoil and the licence partners have signed a contract with North Atlantic Norway Ltd for use of the 6th generation West Hercules rig.

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…

Statoil Expects Troll Gas Output Quota to Remain Steady

Photo: Statoil

Statoil expects the maximum allowed natural gas production from Norway's Troll field to remain unchanged at 36 billion cubic meters (bcm) in the 12-month period beginning on Oct. 1, the company's head of natural gas said on Tuesday. "Troll expects 36 for next year," Statoil Vice President Peder Bjorland…

CNOOC: Stampede GoM Project Starts Output

File image: A typical offshore Gulf of Mexico oil installation (CREDIT: Mike Mareen)

Chinese offshore oil and gas company CNOOC Ltd said on Tuesday production at its Stampede deepwater oil and gas field in the U.S. Gulf of Mexico has started. Subsidiaries of CNOOC, Hess Corp, Chevron Corp and Statoil ASA each have a 25-percent stake in the project, while Hess is the operator.

Statoil’s Investigates into Helicopter Accident

Eldar Sætre Photo Statoil

The mandate for Statoil’s in-house investigation of the helicopter accident on 29 April is ready. The purpose of the investigation is to identify measures to improve Statoil’s work on helicopter safety on the Norwegian continental shelf. The Accident Investigation Board Norway is responsible for identifying the chain of events and the cause of the accident.

Statoil Adjusts Portfolio in Angola

Tove Stuhr Sjøblom, Statoil sub-Saharan Africa senior vice president. (Photo: Ole Jørgen Bratland)

Statoil is divesting its 5% participating interest in the ENI-operated block 15/06 offshore Angola to the concessionaire Sonangol E.P. The transaction, subject to customary closing conditions, includes a consideration of $200 million and an effective date of January 1, 2013. “This transaction…

Statoil Wins licence Bids in Offshore Canada

Statoil owns interests in several exploration, development and production licenses offshore Newfoundland, and has an office in St. John’s courtesy Statoil

Statoil and its partners were the successful bidders for six exploration licences in the Flemish Pass Basin, offshore Newfoundland, and two licences offshore Nova Scotia. The licences offshore Newfoundland total 1,466,918 hectares (14,670 km2), and are located in an area in proximity to the Statoil-operated Bay du Nord discovery.

Statoil: New Offshore Indonesia License Awarded

Statoil depiction of Indonesian offshore acreage

Statoil was today awarded new exploration acreage through the Aru Trough I licence offshore Indonesia. The licence covers an area of approximately 8,300 square kilometres, adjacent to Statoil’s existing exploration acreage in the Aru and West Papua IV licences. Statoil will operate the licence with a 100% working interest.

Statoil, Repsol Transactions in Priority Areas

Transactions increase the number of Statoil’s operatorships in priority areas Courtesy Statoil

Statoil and Repsol announce transactions in Norway, UK, US and Brazil. These transactions increase the number of Statoil’s operatorships in priority areas, providing greater control of asset development and costs through shared efficiencies. * Statoil farms down to Repsol a 15% interest in the Gudrun field on the Norwegian Continental Shelf.

Statoil Farms Down in Angolan Pre-salt

Image: Statoil

Statoil has signed an agreement to farm down a 15% interest to WRG Angola Block 39 Limited in the Statoil-operated block 39 offshore Angola in the Kwanza pre-salt basin. WRG is a 50/50 joint venture comprising White Rose Energy Ventures and Genel Energy plc. “This is part of Statoil's active portfolio management.

Statoil: Reduced Ownership in Agbami Field

Statoil has been in Nigeria since 1992 and we have an interest in the largest deepwater producing field, Agbami

Statoil has received an Expert calculation of revised tract participations for the Agbami field in Nigeria. Assuming implementation, this calculation will result in a reduction of 5.17% in Statoil’s equity interest in the field from 20.21% to 15.04%. Statoil previously initiated arbitration proceedings to set aside interim decisions made by the Expert.

OneSubsea's Production System for Statoil's Utgard Field

OneSubsea Global Contacts Photo OneSubsea

OneSubsea, a Schlumberger company, today announced it has been awarded an engineering, procurement and construction contract by Statoil to supply the subsea production system for the Utgard gas and condensate discovery in the North Sea. The scope of the contract includes a subsea template manifold system…

Statoil launches $ 200m Energy Investment Fund

Potential investment themes include offshore and onshore wind.(Photo Helge Hansen)

Statoil today launches a new venture capital fund dedicated to investing in attractive and ambitious growth companies in renewable energy, supporting its strategy of growth in new energy solutions. The new fund, Statoil Energy Ventures, will invest up to USD 200 million (around NOK 1.7 billion) over a period of four to seven years.

Statoil's Annual, Sustainability Reports for 2014

CEO Eldar Saetre

Statoil presents the annual and sustainability reports for 2014 today, together with the new payments to governments report. “In 2014 we continued to deliver solid operational results. Our production efficiency improved significantly, we are on track with our improvement programmes and we continued to deliver good safety results.However…

Statoil’s President & CEO Helge Lund Resigns

Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004.

Statoil President and CEO Helge Lund has informed the company's board of directors that he will resign. Helge Lund has chosen to leave Statoil to take up the position as CEO of another international oil and gas company. The board of directors has appointed Eldar Sætre as acting president and CEO of Statoil with immediate effect.

Statoil buys Petrobras stake in Brazil oil find

Statoil aims to offset declining output from mature fields. Norway's Statoil agreed on Friday to buy Petrobras' stake in an exploration licence off Brazil for $2.5 billion, a rare deal in an oil industry struggling with low prices. The purchase of the 66 percent stake from Brazil's state…

Statoil Quits Talks Over a Stake in Mozambique Offshore Block

Statoil decided to quit negotiations over a 25.5 percent stake in Mozambique's offshore A5-A block after more than two years of talks, a company spokesman said Monday. "Statoil has decided to disengage from negotiations on block A5-A in Mozambique... We are not part of this any more, it is up to the other partners to make any moves regarding the stake…