Equinor, Aker BP, Vaar face rising project costs, Norway budget shows
The Norwegian government announced on Monday that Aker BP, Equinor and Vaar Energi had raised their estimates of costs for major oil and natural gas development projects in the Norwegian continental shelf. The government's fiscal budget documents revealed that the…
Eni, Vaar Agree to Buy Neptune Energy in $4.9 Billion Deal
Italy's Eni ENI.MI and its Norwegian unit Vaar have agreed to buy private-equity backed Neptune Energy in a deal valuing the assets of the gas and oil producer at $4.9 billion including debt, the two groups said on Friday.The acquisition, which is expected to be completed at the start of next year…
Norway to Offer More Arctic Exploration Blocks
Norway plans to expand the offshore oil and gas acreage offered to companies under its annual licensing round in so-called predefined areas (APA), oil minister Kjell-Boerge Freiberg said on Thursday.The 2019 APA round will offer 90 new blocks, of which 48 are in the Arctic Barents Sea…
Equinor Finds More Oil in Arctic Field
Norwegian oil and gas firm Equinor has found more oil near its Johan Castberg field in the Arctic Barents Sea, the company said on Monday.The Skruis exploration well, drilled about 8 kilometers north of the original discovery, indicated a volume of 12-25 million recoverable…
Norway Gets Bids from 38 Oil Firms in Licensing Round
A total of 38 oil companies have submitted bids for exploration acreage offshore Norway in a so-called predefined areas (APA) licensing round, the country's energy ministry said on Friday.Bidders include oil majors Shell, ConocoPhillips and Total, as well as Norway's Equinor and Aker BP, Sweden's Lundin and Italy's Eni.The total
Oil Exploration Is Ramping Up Off Norway
Oil firms are expected to drill 40-50 exploration wells off Norway this year compared to 36 wells drilled the previous year, the Norwegian Petroleum Directorate said on Thursday.The Norwegian continental shelf still held an estimated 4 billion cubic meters (25.2 billion barrels) of oil equivalents in undiscovered petroleum resou
Arctic Oil 'Undrillable' amid Global Warming -UN's Ex-climate Chief
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…
Eni plans to restart Norway's Goliat Oilfield
Italian oil firm Eni said on Friday it planned to restart production at its Goliat oilfield in the Arctic Barents Sea within a few days. The Norwegian Petroleum Safety Authority (PSA) said earlier on Friday the company could bring back on stream the 100,000 barrels-per-day field which was shut since Oct. 6 due to safety issues.
Norway Gives Approval to Restart Arctic Goliat oilfield
Italian oil firm Eni has received permission to restart production at its Goliat oilfield in the Arctic Barents Sea following a shutdown lasting more than two months, Norway's Petroleum Safety Authority (PSA) said on Friday. The PSA ordered the company to shut the 100,000 barrels-per-day field on Oct.
Statoil to Drill 5-6 Wells in Arctic Barents Sea in 2018
Norway's Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company's head of exploration told Reuters on Tuesday. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018…
Statoil Comes Up Dry in Arctic
Oil major Statoil's highly anticipated Korpfjell prospect in the Arctic Barents Sea contained only non-commercial quantities of natural gas, and no oil, the company announced on Tuesday. Korpfjell was the first exploration well drilled in the Norwegian section of a formerly disputed area between Norway and Russia…
Activists Protest near Oil Rig in Norway's Arctic Sea Area
Environmental activists protested on Friday near an offshore rig contracted by Statoil in the remote Norwegian Arctic, where the firm is looking for oil and gas deposits. The Nordic country wants to open up northern areas for exploration to offset declining production in the south.
Low Oil Price Hurts Norway's Case for Arctic Exploration
Low oil prices mean drilling for oil and gas in an offshore zone between Russia and Norway will not bring the economic benefits Oslo had predicted, according to a report commissioned by two green groups that are suing the Norwegian state over its plans. The Nordic…
Norway Offers Record Number of Arctic Exploration Blocks
Norway offered a record number of blocks for oil and gas exploration in the Arctic Barents Sea on Wednesday, brushing off concerns about the risks of drilling in the remote, icy environment. The oil ministry proposed 102 blocks, comprising 93 in the Barents Sea and nine in the Norwegian Sea…
Norway Unions in Wage Deal with Drillers
Norwegian drilling rig operators have reached a wage deal with all three trade unions representing workers, averting the risk of a strike that could have hit exploration, the companies and the unions said on Friday. One of the three unions announced on Thursday afternoon it reached an agreement…
Norway Doubles Barents Sea Oil & Gas Estimates
Norway on Tuesday doubled its estimate of undiscovered oil and gas resources in its region of the Arctic Barents Sea as a formerly disputed area bordering Russia was included for the first time, the country's oil regulator said. The new forecast by the Norwegian Petroleum…
Oil Firms Take 'great interest' in exploring Norway's Arctic
Oil companies are expressing great interest in exploring Norway's Arctic Barents Sea ahead of the government's latest licensing round, the 24th such round since awards were first made in the 1965, Oil and Energy Minister Terje Soeviknes said. "The new signals today…
Norway, Russia Cooperate in Arctic Oil Hunt
Russia and Norway will soon sign a deal to acquire new seismic data from the two countries' Arctic Barents Sea maritime border region to boost the search for oil and gas, the Norwegian oil minister told Reuters on Monday. "Now we have come to an agreement which will allow shooting seismic data across the border…
Norway, Russia to Swap Seismic Data in Oil Search
Russia and Norway have agreed to exchange seismic data from the two countries' Arctic maritime border in a bid to help the search for oil and gas, the Norwegian Petroleum Directorate (NPD) said in a statement on Wednesday. "This agreement is extremely important, it…
Norway's 2016 Oil & Gas Plan has Arctic Focus
Norway launched its 2016 oil and gas licencing round in mature areas on Thursday, expanding it to include blocks in the Arctic Barents Sea in a bid to increase northern exploration activity, the oil ministry said. "The petroleum industry is still moving towards the north.
