Sunday, May 19, 2019

Statoil News

A New York State of Mind

New York Bight call areas.  "Call" is a short-hand term referring to calls for proposals or calls for interest in an area. (Image: BOEM)

“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind.

Global LNG Bunker Fuel Market to Reach $1.3bln by 2026

Pic: Gasum

The global Liquefied Natural Gas (LNG) as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The bunker fuel market revenue value is exprected to reach US$ 1,263.2 million in 2026.According to a market research report, based on the region the market is segmented into US…

Schlumberger to Manage Equinor Project in Brazil

(Photo: Equinor)

Schlumberger signed a contract worth over $200 million with oil major Equinor to manage an offshore rig as part of a drilling program in Brazil's offshore Campos oil basin, a person familiar with the matter said on Thursday.The deal would be the first time an oil services company replaces a drilling-rig contractor…

Offshore Wind Ready To Take Off in US

Image: Institute for Energy Economics and Financial Analysis

Up and down the East Coast, initiatives to develop a massive and largely untapped market can make sea change in American offshore wind, says the  Institute for Energy Economics and Financial Analysis (IEEFA).IEEFA pointed out that the big lease sales ($405 million) last month in coastal waters…

8.5% Growth Expected for LNG Bunkering Market by 2026

Pic: Shell Global

The global LNG as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%.The first five-year cumulative revenue (2017-2021) is projected to be USD 3.4 bn which is expected to increase significantly over the latter part of the five-year forecast period…

Equinor Completes NCS Asset Sales

(Photo: Arne Reidar Mortensen / Equinor)

Norwegian energy company Equinor announced Friday it has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) for a combined $470 million.Equinor announced in October that it would divest from the King Lear and Tommeliten discoveries as part of an effort to prioritize and refocus its asset portfolio.The first sale…

Europeans Sweep Record US Offshore Wind Auction

(Image: BOEM)

A U.S. government auction for three wind leases off the coast of Massachusetts ended on Friday with record-setting bids totaling more than $400 million from European energy giants including Royal Dutch Shell Plc and Equinor ASA.The Bureau of Ocean Energy Management (BOEM) announced the sale's three winners - Equinor Wind US LLC…

Dudgeon Offshore Wind Bags $1.77B Refinancing

Image: Dudgeon

One of the world’s largest offshore wind projects, the 402-megawatt (MW) Dudgeon offshore wind farm in the U.K., announced the signing and pricing of privately placed notes for the refinancing of the project’s existing non-recourse project debt, with financial close expected next week. The…

UKCS Still Worth Investment Despite Brexit -Equinor

(Photo: Jamie Baikie / Equinor)

Norwegian oil and gas firm Equinor will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters.British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal…

Equinor to Start Talks With Tanzania Over LNG project

(Photo: Paul Joynson-Hicks/AP/Equinor)

Norway's Equinor is ready to start talks with Tanzania on developing a liquefied natural gas (LNG) project based on a deepwater offshore discovery, the company said on Tuesday.Tanzanian President John Magufuli has asked his government to proceed with negotiations to set out the commercial and fiscal framework for the LNG project, Equinor, a majority state-ow

Global LNG to be Major Part of Bunker Fuel Market

Pic: Gasum Oy

Liquefied natural gas (LNG) ships is expected to be the major application segment in the global LNG as a bunker fuel market.According to a market research report, LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, these are primary…

Norway to Spend More Looking for O&G Near Russian Border

Norway plans to step up spending on looking for oil and gas in the northern Barents Sea close to its border with Russia, the country's 2019 budget showed on Monday.The government has proposed to allocate an extra 50 million Norwegian crowns ($6.04 million) to conduct a so-called 3D survey…

Equinor's Martin Linge Field Costs Rise Again, Start-up Delayed

Martin Linge utility module installation by the heavy-lift vessel "Thialf" in July this year. (Photo: Jan Arne Wold and Bo B. Randulff / Equinor ASA)

Norway has again revised up the estimated cost of developing the Martin Linge oil and gas field, which state-controlled Equinor bought from France's Total last year, with the start-up delayed until 2020, according to the fiscal budget.The North Sea field is now expected to cost 47 billion crowns ($5.7 billion) to develop…

Equinor Expands Asian Presence

Tor Martin Anfinnsen (Photo: Harald Pettersen / Equinor)

Equinor will open a new office in Tokyo later this week and its first office in India by early next year, said Tor Martin Anfinnsen, senior vice president for trading and marketing for Equinor."It's our ambition to grow in Asia both in terms of volumes and geography," he said during the Asia Pacific Petroleum Conference (APPEC) in Singapore.Equinor, formerly

Equinor Bets on Offshore Wind

Photo: Equinor

Norway's Equinor is focusing its green efforts on offshore wind, a goal it is already on its way to achieve, but some investors are concerned about the impact this shift will have on the company's bottom line.European oil and gas companies are diversifying their portfolio to include less-emitting sources of energy as a result of the Paris 2015 agreement…

Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields

(Image: Equinor)

Norway's Equinor said on Tuesday it is considering whether to build a pioneering offshore wind farm with floating turbines to supply electricity to two North Sea oilfields as part of a strategy to curb greenhouse gas emissions.The project at the Gullfaks and Snorre oilfields would cost around…

Equinor Looks to Cut More Costs at Giant North Sea Oilfield

Photo: Equinor

Norway's Equinor sees scope to further reduce development costs at the Johan Sverdrup oilfield in the North Sea, as it looks to maximize the potential of what could be the last giant field to be found off the Nordic country.The field, one of the five largest oil finds offshore Norway, is estimated to contain up to 3.1 billion barrels of oil equivalents…

Shale Innovator Mark Papa Joins Schlumberger Board

Oilfield services company Schlumberger NV has appointed shale pioneer Mark Papa and energy researcher Tatiana Mitrova to its board of directors, according to a filing on Monday with the U.S. Securities and Exchange Commission.Papa, who built independent energy producer EOG Resources into one of the most profitable U.S.

Equinor Q2 Core Earnings Lag Forecasts

© Bo B. Randulff, Roar LIndefjeld / Equinor

Norwegian oil and gas firm Equinor said on Thursday second-quarter adjusted operating income rose from a year ago but missed forecasts due to higher maintenance costs at its Norwegian fields.The company formerly known as Statoil also said it was too early to follow peers, such as Shell and Total…

Equinor Extends Prosafe Deal

Safe Boreas. Photo: Prosafe

Semi-submersible firm Prosafe said that it has been offered a month extension for the Safe Boreas charter contract at the Mariner project by operator Equinor."Equinor UK Limited (formerly Statoil (UK) Limited) has exercised the first of six one-month options to extend the charter of the Safe Boreas.