norway

Oil & Gas

Eldar Saetre appointed as Statoil’s new chief executive

Statoil has appointed Eldar Saetre as its new chief executive following the departure of Helge Lund to BG Group last year. Mr Saetre has been acting as chief executive and president of the Norwegian company since last October. Statoil said his annual fixed salary will be 7.7 million NOK and Mr Saetre will participate in Statoil’s programs for annual variable pay and long term incentives, as previously established for the chief executive position.

Oil & Gas

Maersk Drilling adds third XLE jack-up rig to its fleet

Maersk Drilling has taken delivery of its third ultra harsh environment jack-up from the Keppel FELS shipyard in Singapore ahead of schedule. The rig will start its mobilisation to the Norwegian North Sea next month where it will begin a four year contract with Statoil.

Oil & Gas

Statoil awarded interest in 15 licences

Statoil has been awarded interest in 15 licences on the Norwegian Continental Shelf (NCS). The awards were given in the 23rd licensing round by the government, and include eight as operator. The Awards in Predefined Areas (APAs) include 80% ownership and operatorship in PL783 and 20% ownership in PL782S west of Balder, and 50% ownership in PL803 - a new licence in the Tromsø basin.

Oil & Gas

Noreco agrees transfer ownership of Norwegian asset

Norwegian Energy Company ASA (Noreco) has agreed to transfer its 30% ownership in PL484 to North Energy ASA (North). The transfer of the asset in the Norwegian sea is subject to government approval. A spokesman for the company said an agreement had been created under the condition for Noreco to re-enter the licence with a reduced share of the equity in the future.

Oil & Gas

Oil losses force Norway to consider measures to back economy

Norway is considering tapping reserve funds to shield western Europe’s biggest oil producer from the worst slump in crude prices in more than half a decade. Prime Minister Erna Solberg said the government is now “on alert” to respond to the rout. “If the economic situation requires it, we can react quickly,” she said yesterday at a conference in Oslo organized by Norway’s confederation of industry. A 56% plunge in the price of Brent crude since a June high has undermined Norway’s currency and beaten back its stock market.

Markets

Statoil awards service contracts in Norway

Statoil has awarded a number of service contracts for seven of its bases in Norway worth an estimated NOK 5 billion. The company said contracts have been given to NorSea Group AS, Saga Fjordbase AS and Asco Norge AS. The agreements include terminal and warehouse services as well as storage and pipeline handling.

Oil & Gas

Lundin wildcat comes up dry

A well drilled by Lundin Petroleum has come up dry in the Norwegian sea. The company, through its subsidiary Lundin Norway, had been exploring the hydrocarbon potential of the Kopervik prospect in PL625. The wildcat well 25/10-12S is located 175km west of Huagesund on the west coast and is 20km northwest of the Johan Sverdrup discovery.

Europe

Oil below $55 may force Norway to cut rates again

As oil drops below $55 a barrel, speculation is growing that the central bank of western Europe’s biggest crude producer will need to cut rates again. A 54% slump in Brent crude since a June high has pummelled the offshore industry in Norway, where oil and gas make up 22% of gross domestic product.

Oil & Gas

EMGS asked to provide data to Norwegian Petroleum Directorate

EMGS (Electromagnetic Geoservices) has been requested by the NPD (Norwegian Petroleum Directorate) to provide all of its CSEM inversion data acquired in the country’s waters from 2008 to 2014. The NPD has also requested all CSEM data acquired in the Tiddly and Nordkapp basins in 2015 with reference to the petroleum regulation of June 2001. A spokesman said the NPD would treat all data as confidential from when it was inverted by EMGS.

Video

VIDEO: World’s most advanced oil spill combating simulator centre goes live

This footage shows how onshore and offshore personnel will be able to train and exercise for oil spills. The North Cape Maritime Training Centre in Honningsvåg in Norway now contains the world’s only oil spill simulator where onshore and offshore personnel isolated or together, can train in the tools and stages of oil spill combating operations. It has been created by Aptomar together with Transas in close cooperation with the North Cape Maritime Training Centre in Honningsvag.

Oil & Gas

Wintershall boosts production estimates from Maria field

Wintershall has estimated a further 40million barrels of oil could be recovered from the Maria field in Norway. The company said the planned recoverable resources will reach about 180 million barrels of oil in total. Previous estimates had been around 140 million barrels. It said the new assumptions are the result of extensive laboratory tests and studies as well as model calculations.

Markets

HitecVision consolidates five companies into one oil and gas firm

Norwegian investment firm HitecVision has consolidated five companies in its portfolio into one oil and gas services firm. The firm’s Global Maritime Group, which has offices in Aberdeen, Glasgow and London, will now comprise Marine Contracting, Deep Sea Installation, Vryhof Anchor and Deep Sea Mooring. The five companies specialise in offshore and maritime engineering, marine warranty, dynamic positioning, vessel inspection, mooring and anchors, as well as offloading, transportation and installation of offshore structures.

Oil & Gas

Statoil approves $610million North Sea development

Statoil and its partners have decided to develop the Rutil discovery in the Gullfaks Rimfaks valley in the North Sea. The company said it could provide close to 80 million barrels of oil equivalent and extend the lifetime of the Gulfaks A platform. Investment costs involved with the project are estimate to be around $610million.

Video

Video: Downturn could see collaboration between the UK and Norway

ABIS Projects has won a number of contracts worth around £1million. The oil and gas services consultancy said it has secured frame agreement and call-off contracts with companies including Talisman Sinopec and North Sea newcomer, MOL Group. Francis Kiernan, who acquired an interest in ABIS Project earlier this year, spoke to Energy Voice about the contract wins. With more than 30 years in the oil and gas industry, Mr Kiernan forecast opportunities for the UK in the Norwegian sector.

Markets

Noreco puts forward restructuring plan amidst falling oil prices

Norwegian Energy Company ASA (Noreco) has put forward a restructuring proposal to stakeholders following a temporary suspension of its shares on the Oslo Stock Exchange. The chief executive, Tommy Sundt, said its financial situation has continued to deteriorate on the back of falling oil prices and increasing costs. Noreco has also announced production from the Huntington field will be delayed further.

Other News

Panoro Energy chief exec steps down

The chief executive of Panoro Energy has stepped down from his role with the Norwegian company. Jan Kielland will leave his job immediately but will remain as an adviser on the board. The announcement follows the news that the company will also be relocating its headquarters from Oslo to London.

Europe

Norwegian oil and gas chief to quit

The chief executive of the Norwegian Oil and Gas association has resigned over differing views as to how the organisation should run. Gro Braekken will step down from her role in 2015 after nine years in the post. Work has already begun to find her successor.

Markets

BP weighs future of aging Norwegian fields amidst oil crash

As oil prices keep falling, BP is among Norwegian oil producers having to take a hard look at whether to kill off aging offshore fields earlier than planned because squeezing out the last barrels might not be worth it. BP is currently deciding on plans for the five fields it operates in Norway in a study to be completed in the first half, said Jan Erik Geirmo, a Stavanger-based spokesman. “Falling oil prices, lower production and more demanding operations, in addition to significant costs for shutting down and removing old installations and platforms, are continuous challenges that may have an impact on the lifetime of some of our fields,” Geirmo said in an e-mailed reply to questions. What goes for BP also goes for an industry hit by squeezed margins even as the government demands it meet commitments to keep investing to ensure resources are exploited in full.