Equinor Finds New Oil Near North Sea Fram Field
Equinor and partner Wellesley report discovering oil in the Troll and Fram area in exploration wells 35/10-7 S and 35/10-7 A in the Toppand prospect. Preliminary calculations of the expected size indicate between 3.3 and 5.2 million standard cubic meters of recoverable oil equivalent, or around 21–33 million barrels of recoverable oil equivalent.“Our exploration activity is central for our ambitions at the Norwegian continental shelf. We are pleased to see that our success in the Troll- and Fram area continues. We also regard this discovery to be commercially viable and will consider tying it to the Troll B or Troll C platform.
15 Bids in To Market Guyana Governent Crude
Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded. Bids were due on Aug. 3, and companies were asked to indicate the commission they would charge per barrel of crude exported. The board did not indicate when it would select a partner.An Exxon Mobil Corp-led consortium has discovered more than 8 billion barrels of oil and gas off Guyana's coast…
Oil Drillers, Bitcoin Miners Bond over Natural Gas
On U.S. oil patches stretching along the Rockies and Great Plains, trailers hitched to trucks back up toward well pads to capture natural gas and convert it on the spot into electricity.The trailers - carrying pipes, generators and computers - are called “mining rigs.” But their owners aren’t there to drill for oil. They are using stray natural gas unwanted by oil companies to power their search for another treasure: cryptocurrencies like Bitcoin.Cryptocurrencies are virtual coins exchanged without middlemen, such as central banks, to purchase goods and services.
West of Shetlands Ups Offshore Production
West of Shetland production likely to overtake North Sea for Shell and BP’s UK portfolios by 2020, said a report.Over the last four years oil and gas production in the West of Shetlands has risen and with that, a growing relevance for the biggest players still active in the UK continental shelf (UKCS), says GlobalData.The company’s latest research reveals that the West of Shetland (WoS) area retains the attention of major Exploration and Production (E&P) players in the region; however infrastructure restraints could hinder future growth potential in the basin.Despite the US based E&P majors…
Equinor Q3 Profit Drops, Hit by Lower Prices
Norway's state-backed energy company Equinor third-quarter profit fell by more than expected on account of the significant decline in the volume and price of natural gas sold to Europe.Adjusted earnings before interest and tax were down 46 per cent year-on-year to $2.59bn, from $4.8bn, missing consensus forecasts of $2.69bn.“We maintain strong cost and capital discipline, but our results are impacted by lower commodity prices in the quarter. In addition, we have decided to use our flexibility to defer gas production to periods with higher expected prices.
Equinor Eyes Brazil Natural Gas Infrastructure
Norway's Equinor ASA is scouting locations on Brazil's coast to install new natural gas infrastructure, the company's Brazil chief said, as the firm's gas-heavy offshore fields come on-line in the coming years.Natural gas is considered both a promising opportunity and a vexing problem in Brazil. The Latin American oil powerhouse is rapidly developing a prolific oil area off the nation's southeastern coast known as the pre-salt.Many of the region's assets have significant amounts of natural gas, but consumption is low among Brazilians and the nation has few pipelines and terminals to facilitate exports.
Equinor,YPF Pact on Argentina Wind Power
Norwegian multinational energy company Equinor ASA and Argentine power producer YPF Luz have joined for the development of the Cañadón León wind farm in Santa Cruz in Argentina.As per agreement, a subsidiary of Equinor will subscribe to shares in Luz del León. The shareholders of YPF Luz are YPF S.A and an affiliate of General Electric.The agreement establishes that Equinor will have a 50% stake of Luz del León, with an equity contribution of USD 30 million. After the subscription and capital integration, YPF Luz and Equinor will jointly control Luz del León…
Equinor to Sell Shares in Lundin Petroleum
Norwegian oil and gas firm Equinor ASA on Sunday said it will sell a 16% stake in Lundin Petroleum AB for about $1.56 billion, and in return acquire an additional 2.6% stake in Johan Sverdrup oilfield.Equinor agreed to sell about 54.5 million Lundin shares at a price of 266.4 crowns ($28.22), representing a discount of about 9.6% to Lundin's close on Friday.It will retain a 4.9% stake in Lundin.The company will also acquire a 2.6% direct ownership share in the Johan Sverdrup oilfield for $910 million, it added.Equinor's giant Johan Sverdrup oilfield is expected to start production in November this year.At closing, the Norwegian company w
Ocean Installer Clinches Johan Castberg Deal
Norwegian subsea contractor Ocean Installer and Norwegian multinational energy company Equinor ASA have signed a contract that covers the floating production storage and offloading unit (FPSO) mooring installation, tow out and hook-up of the Johan Castberg FPSO in the Barents Sea.Johan Castberg is one of the largest subsea field developments on the Norwegian continental shelf. The project includes Skrugard, Havis and Drivis, which lies about 240 kilometers from Hammerfest and about 100 kilometers north of Snøhvit.The water depth is between 360 and 405 meters.
Europeans Sweep Record US Offshore Wind Auction
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, Mayflower Wind Energy LLC, and Vineyard Wind LLC, at the conclusion of the two-day sale that attracted 11 bidders and lasted 32 rounds.Mayflower is a joint venture owned by Shell and EDP Renewables, a division of Portugal's EDP.
Norway's Equinor strikes LPG Deal with Malaysia
Norwegian oil and gas firm Equinor has entered into a long-term agreement with Malaysia's Global Petro Storage for a terminal and storage for liquified petroleum gas (LPG) volumes in Port Klang, in South-East Asia.According to statement from the petroleum and wind energy company, GPS will build a new facility to execute this agreement with startup of operations planned for mid-2021. Equinor will bring LPG to the terminal and sell into the domestic market in Malaysia as well as selling volumes to markets like Bangladesh…
Ofgem Grants Offshore Wind Licence to Dudgeon OFTO
The government regulator for gas and electricity markets in Great Britain Office of Gas and Electricity Markets (Ofgem) has granted TC Dudgeon OFTO plc a licence for the link to the Dudgeon offshore wind farm.The licence allows Dudgeon to own and operate the GBP297.9 million (USD 391 mln) high-voltage transmission link to the Dudgeon offshore wind farm for the next 20 years.Transmission Capital Partners, a consortium comprising International Public Partnerships Limited, Amber Infrastructure Group and Transmission Investment…
Petrobras Sells Stake in Africa Unit
Brazil's Petroleo Brasileiro SA will sell its 50 percent stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53 billion, the latest step in the state-controlled oil company's debt reduction drive, according to a securities filing on Wednesday.The other 50 percent stake in Petrobras Oil and Gas BV, also known as Petrobras Africa, is owned by Brazilian investment bank BTG Pactual, which in a Wednesday filing confirmed a Reuters report that it would likely hang on to its portion after previously mulling a sale.Petrobras…
Shell in Talks to Sell $1.3 Bln of Gulf Coast Assets
Royal Dutch Shell Plc is in talks to sell its assets in a Gulf of Mexico oilfield to Focus Oil to pay for its takeover of BG Group Plc, Bloomberg reported on Thursday, citing people familiar with matter.The deal could value Shell's stake in the Caesar Tonga field at about $1.3 billion, the report said.Shell has a 22.5 percent working interest in Caesar Tonga, with the rest owned by companies including Anadarko Petroleum Corp, Equinor ASA and Chevron Corp, Bloomberg said, citing company filings.Shell and Focus Oil did not immediately respond to a request for comment.(Reporting by Sathvik N in Bengaluru, Editing by Rosalba O'Brien)
Statoil ASA Changes Name to Equinor ASA
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 (inclusive) be quoted on Oslo Børs with the new name and the new ticker EQNR. Implementation date for the new ticker EQNR for the company's American Depository Receipts (ADRs) on New York Stock Exchange is expected to be May 17, 2018 at the earliest. ISIN number is unchanged.
Statoil Name Change Expected in May
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. This entails that May 15, 2018 is expected to be the last day of trading on Oslo Børs under the ticker “STL”. From May 16, 2018 (inclusive), the company’s shares are expected…
