Thursday, July 19, 2018

Statoil News

Petrobras Output in Campos Drops to Lowest Level in 17 Years

(File photo courtesy MODEC)

Oil production by Brazilian state-led Petroleo Brasileiro SA in the Campos basin fell 1.4 percent in June over the previous month to 1.042 million barrels a day, its lowest level since 2001, as mature fields decline, according to company data.Output has dropped 15.8 percent in 12 months due…

Argentine Invites Oil Companies to Submit Offshore Proposals

© Dabarti/ Adobe Stock

Argentina has called on oil companies to submit proposals for offshore exploration areas, the country's official gazette said on Friday, looking to exploit under-explored parts of the country's continental shelf and other potential oil basins.Oil companies, including Shell and Statoil, have…

Statoil to Become Equinor, Dropping 'Oil'

Photo: Jan Arne Wold / Woldcam

Shareholders in Norway's largest company, Statoil, will approve on Tuesday the board's proposal to drop "oil" from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.From Wednesday, the majority state-owned company…

Arctic Oil 'Undrillable' amid Global Warming -UN's Ex-climate Chief

Photo: Ole Jørgen Bratland / Statoil

An architect of the Paris climate agreement urged governments on Tuesday to halt oil exploration in the Arctic, saying drilling was not economical and warming threatened the environmentally fragile region.Christiana Figueres, formerly head of the U.N. Climate Change Secretariat when the Paris accord was reached by almost 200 nations in 2015…

Statoil ASA Changes Name to Equinor ASA

CEO Eldar Sætre (Photo: Equinor)

Equinor ASA (OSE: EQNR, NYSE: STO), the new name of Statoil ASA, was approved by the annual general meeting yesterday, May 15, 2018, and the new name has now been registered in the Norwegian register of business enterprises (Foretaksregisteret). The company's shares will from May 16, 2018…

Pope Warns Energy Bosses of Global Destruction without Fuel Shift

© andiz275 / Adobe Stock

Pope Francis warned that climate change risked destroying humanity on Saturday and called on energy leaders to help the world to convert to clean fuels to avert catastrophe."Civilisation requires energy but energy use must not destroy civilisation," the pope told top oil company executives…

Norway Wants to Build Floating Wind Farms

(Photo: Equinor)

Norway's energy minister will meet with companies on Wednesday to discuss the potential construction of offshore floating wind farms, he told Reuters on Friday.The meeting is the first concrete step to spur development of offshore floating power generation, after the government said last…

Norway Awards Oil Permits to 11 Firms in Arctic Licensing Round

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

Norway has awarded 12 oil and gas exploration licences to Equinor and 10 other companies focused mostly on the Arctic, where Oslo believes it has the greatest potential for significant new discoveries.Nine of the licences are located in the Barents Sea and three in the Norwegian Sea off central Norway…

Statoil Name Change Expected in May

Photo: Jan Arne Wold / Woldcam

Statoil ASA will vote on the proposal to change the company’s name, from Statoil ASA to Equinor ASA, at the company's annual general meeting on May 15.The company said in March it intends to change its name to reflect its move to become a broad energy company.The company expects to implement the name change from (and including) May 16, 2018.

For Big Oil, Reserve Size Matters Less Than Ever

File Image: CREDIT BSM

Oil and gas reserves life falls below 12 years, lowest level in at least 20 years. A decade ago, the news that the world's top oil and gas companies had less than 12 years of production left in their reserves might have caused a panicked sell-off in their shares. But as consumers try to move away from fossil fuels to cleaner and cheaper energy sources…

Trump Effort to Lift U.S. Offshore Wind Sector Sparks Interest

© zentilia / Adobe Stock

The Trump administration wants to fire up development of the U.S. offshore wind industry by streamlining permitting and carving out vast areas off the coast for leasing - part of its 'America First' policy to boost domestic energy production and jobs.The Europeans have taken note.The drive…

Equinor Acquires Energy Trader Danske Commodities

CEO Henrik Lind (left), Danske Commodities, and Tor Martin Anfinnsen, senior vice president, Marketing & Supply in Equinor. (Photo: Thomas Priskorn / PRISKORN)

Norwegian oil and gas major Equinor, formerly Statoil, is acquiring the Danish energy trading company, Danske Commodities for EUR 400 million (USD 470 mln). "Equinor has reached agreement to buy 100% of the shares in Danish energy trading company Danske Commodities (DC) for EUR 400 million…

Hundreds of Norway Oil Workers Go On Strike

Photo courtesy of Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if…

Hundreds of Oil Workers Strike in Norway

Photo: Harald Pettersen / © Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if…

No Contact Yet Between Parties in Norway Oil Strike

© corepics / Adobe Stock

A Norwegian union representing striking oil workers and employers' representatives were not talking to each other as of Thursday, days before a possible escalation of the industrial action.Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal…

Kongsberg Wins Johan Sverdrup Phase 2 Contract

Phase 2 will add a fifth platform to the ‘The North Sea Giant’, Johan Sverdrup. Credit: Equinor

Equinor Energy AS has contracted Kongsberg Maritime to deliver the Safety and Automation Systems (SAS) for the recently announced phase 2 of the Johan Sverdrup development in the Norwegian North Sea.The phase 2 agreement includes delivery of SAS and digital technology for a new processing platform, which is due to start production in 2022.

Clash of the Russian Energy Titans

(File photo: Rosneft)

Russian energy major Rosneft is increasingly challenging domestic rival Gazprom in international gas markets, from West Africa to Turkey and even Europe, according to five industry sources with knowledge of the matter.Last week, Rosneft won a multi-billion dollar contract in Ghana that had been targeted by Gazprom, the sources said.

Equinor Awards $3.7 Billion Service Deals

The Grane platform in the North Sea. (Photo: Harald Pettersen / Equinor ASA)

Norwegian oil and gas firm Equinor has awarded drilling and well service contracts worth 30 billion Norwegian crowns ($3.68 billion) to Schlumberger, Halliburton and Baker Hughes, it said on Monday.The contracts cover integrated well services, such as directional drilling, drill bits, fluids and cementing, for an initial four years, and can be extended for u

House Set to Debate Offshore Wind Energy Bills in US Waters

© diak / Adobe Stock

A U.S. House committee will kick off debate next week on three new bills aimed at boosting offshore wind energy leases in federal waters.The House Subcommittee on Energy and Mineral Resources will hold a hearing on Tuesday on three bipartisan offshore wind proposals.One proposal would require…

RAMCO Agrees to Contract with Equinor

Photo courtesy fo RAMCO

RAMCO, the international specialist in the care and maintenance of oil country tubular goods (OCTG), has signed a contract with Equinor (formerly Statoil) for inspection and mobilization of casing and tubing in Norway, worth more than $10 million a year to 2024.Over the last 40 years, RAMCO…

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