Statoil

Market info

BP weighs future of aging Norwegian fields amidst oil crash

09/12/2014

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.

Oil & Gas

Statoil gains four exploration permits in New Zealand

09/12/2014

Statoil has been awarded four new exploration licences in New Zealand. The permits have been awarded by the government through the country’s 2014 block offer. The Norwegian company will participate in three blocks on the East coast and in the Pegasus basins as a partner. It will also take on operatorship for one new permit next to existing acreage in the Reinga basin.

Oil & Gas

Statoil extends suspension of rigs

05/12/2014

Statoil has extended the suspension period for a number of rigs due to overcapacity in its portfolio. The Norwegian company said it meant the the COSL Pioneer, Scarabeo 5 and Songa Trym postponement period would now be longer. The rigs were initially suspended until the end of the year.

Other News

Statoil completes Wintershall deal

01/12/2014

Statoil has completed its deal with German oil and gas company Wintershall to exit two assets in the Norwegian continental shelf (NCS). The transaction involves a farm down in Aasta Hansteen, Asterix and Polarled as well as signing over its assets in the non-core Vega and Gjoa fields. Statoil said it would allow it to redeploy around $1.8billion of capital expenditure from now until the end of 2020.

Market info

BG Group cut share package for new chief exec

01/12/2014

BG Group has revised the salary package for its new chief executive Helge Lund following a backlash from shareholders. Mr Lund, who has been likened to Real Madrid and Portuguese footballer Cristiano Ronaldo because of his superstar status in the global oil and gas industry, was set to get a £12million “golden hello” in shares and the chance to earn £13.5million a year if he hits performance targets. Mr Lund’s share award has been cut from £10million to £4.7million.

Oil & Gas

Technip wins Statoil contract

28/11/2014

Technip has been awarded a Norwegian subsea contract in the Gullfaks field by Statoil. The French services company has signed the lumpsum contract for the Gullfaks Rimfaksdalen (GRD) Marine Operations Pipelay and Subsea Installation project. Work carried out by Technip could include a subsea tie-back to a new Wye piece on an existing pipeline close to the Gullfaks A platform.

Oil & Gas

Statoil completes exploration in the Barents Sea

07/11/2014

Statoil has completed its exploration programme in the Barents Sea, completing 10% of all exploration wells drilled in the Barents Sea. The exploration well, between 2013 and 2014, started with five wells in the vicinity of Johan Castberg. These wells were critical, Statoil said, in clarifying the oil potential in the area in order to plans for the Johan Castberg field.

Oil & Gas

Statoil suspends contract with Songa

06/11/2014

Statoil will suspend its contract with Songa Offshore for one of its rigs following work on a well in the Oseberg field in the North Sea. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of the planned schedule. The rig is currently performing plug and abandonment activity, and Songa said in a statement the work is currently ahead of planned schedule. From this month, the rig will go on a 75% suspension rate at a cost of $279,000 per day until the end of this year.

Oil & Gas

Snorre – milestone revamp makes headway

04/11/2014

Just over a year ago, Statoil decided that it wanted to press ahead with redeveloping the Snorre field in the North Sea t o enable production to continue through to 2040 and perhaps beyond. An evaluation of the “Snorre 2040” project had been carried out with examination of two development concepts: a subsea development with continued use of the Snorre A and B platforms or a project that involved a new platform tied in to Snorre A and B.

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