The price of gas in Europe is rising due to the Norwegian power outages and a weaker wind output
On Wednesday morning, Dutch and British wholesale prices of gas rose slightly due to the outage in Norway and the forecasts for a weaker wind output. LSEG data shows that the benchmark front-month contract for the Dutch TTF hub increased by 0.30 euros to 40.20 Euro per megawatt hour at 0753 GMT. The day-ahead contract in the British market was 1.50 pence more expensive at 97.50 cents per therm. "NBP (UK Gas) is up more than TTF (Dutch Gas). This seems to be more related to the planned Oseberg outage tomorrow. Gas traders said that prices were generally quite volatile.
Equinor's $466M Floating Wind Farm Plan Approved
Norway approved on Wednesday Equinor's 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, the energy ministry said.The long-planned project is going ahead despite Equinor's decision to cut investment following a plunge in oil prices that has reduced the company's cash flow.Five platforms at Norway's Snorre and Gullfaks fields will be the first in the world to receive power from a floating wind park…
Offshore Energy Outlook for 2020
The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past. As of this writing, Brent oil was hovering around $62 per barrel, and analysts expect prices will remain in this range for some time into the future.On top of this…
SGRE Lands World’s Largest Floating OWF
Spanish-based engineering company Siemens Gamesa Renewable Energy (SGRE) said that the world’s largest floating wind power plant will be installed in Norway, equipped with 11 Siemens Gamesa SG 8.0-167 DD turbines.Scheduled to be commissioned in late 2022, Hywind Tampen will be the first ever floating wind power plant to power offshore oil and gas platforms.“We are pleased to have received the firm order from Equinor to be the supplier of this ground-breaking project.
Shell to Boost Ormen Lange Field Output
Royal Dutch Shell aims to boost output and recoverable reserves from its Ormen Lange gas field off Norway by installing subsea compressors, the head of its Norwegian operations said on Wednesday.Output from Shell-operated Ormen Lange, Norway's second-largest gas field and one of the key external gas supply sources for Britain, has been gradually declining since its 2012 peak.The company postponed plans to artificially increase the field's pressure to pump out more gas in 2014 due to high costs.With costs having fallen since…
Kvaerner to Study Floating Wind Structures
Norway based Kvaerner said it has signed a contract with Norwegian energy company Equinor to study how floating concrete substructures for offshore wind turbines can be designed and constructed for the planned Hywind Tampen project in the North Sea.The objectives of the front-end engineering and design (FEED) assignment are to further mature the design of the concrete substructures, to identify appropriate construction site(s), and to develop a plan for construction…
Contract Awarded for Hywind Tampen
Gulen Industrial Harbour in Sogn og Fjordane county has been awarded the contract for assembly site for the floating Hywind Tampen wind turbines before they are transported to the field in the North Sea.No work will commence prior to an investment decision for Hywind Tampen.Hywind Tampen could become the world’s first project to use wind turbines for electrification of oil and gas installations. Reduction of CO2 emissions from the five oil and gas platforms at the Snorre and Gullfaks fields is estimated at more than 200…
Shell Opts for Subsea Compression on Ormen Lange Phase 3
Norske Shell, the Norwegian subsidiary of Royal Dutch Shell, announced it has decided to go with subsea compression as a concept for the Ormen Lange Phase 3 to increase the recovery rate from the reservoir."This is an important choice, where we have evaluated a number of alternative concepts. Subsea compression will result in a significant increase in what is possible to produce from Norway's second largest gas field, by reducing the pressure near the wellheads…
Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields
Norway's Equinor said on Tuesday it is considering whether to build a pioneering offshore wind farm with floating turbines to supply electricity to two North Sea oilfields as part of a strategy to curb greenhouse gas emissions.The project at the Gullfaks and Snorre oilfields would cost around 5 billion Norwegian crowns ($592 million) and could reduce Norway's emissions of carbon dioxide by more than 200,000 tonnes per year, Equinor said."This could be the first time an offshore wind farm is directly connected to oil and gas platforms…
Askeladden Seeking its Fortune on Gullfaks
The new Cat J jackup rig Askeladden started drilling on the Gullfaks field on 26 March, with the goal of providing new production from old wells and exploring to create new value. Askeladden has been bought by the Gullfaks licence to carry out production and exploration drilling on Gullfaks Satellites. For several months the rig had to wait on weather, both on its way from the yard in South Korea and when it met the Norwegian winter weather. It arrived at the…
Askeladden seeking its fortune on Gullfaks
The new Cat J jackup rig Askeladden started drilling on the Gullfaks field on 26 March, with the goal of providing new production from old wells and exploring to create new value. Askeladden has been bought by the Gullfaks licence to carry out production and exploration drilling on Gullfaks Satellites. For several months the rig had to wait on weather, both on its way from the yard in South Korea and when it met the Norwegian winter weather. It arrived at the…
More Exploration off Norway Needed to Maintain Output -Petoro
Oil companies must explore for more offshore oil and gas reserves if Norway is to maintain energy production at its current level, state-owned oil firm Petoro said on Wednesday. Petoro holds stakes in several oil and gas firms off Norway and represents the state's interests in discussions with partners. "Exploration activity is too low and must be intensified. After the big projects such as Sverdrup, Castberg and Snorre, we need new projects," Petoro said in a statement presenting its annual report.
Allseas Plans World's Largest Construction Vessel
Swiss offshore services firm Allseas is planning to build a vessel big enough to be able to remove the world's largest oil and gas platforms when they reach the end of their production lives, its chief executive said. The vessel, to be called Amazing Grace, is designed to remove the heaviest platforms in a single lift and could reduce decommissioning costs for global oil and gas producers, the firm said. It would be a bigger version of Allseas' existing Pioneering Spirit ship…
Statoil Awarding Service Contracts for Two Cat J rigs
Baker Hughes and Schlumberger will be awarded the contracts for integrated drilling and well services on the Cat J rigs Askepott and Askeladden. The rigs will perform work at Oseberg and the Gullfaks. Initially awarded for four years the contracts include options for two 2-year extensions. Schlumberger is currently delivering integrated drilling and well services at Mariner and Baker Hughes at Johan Sverdrup. They are both important suppliers for Statoil across the drilling and well disciplines. The Norwegian head offices of both companies are located in Stavanger.
30 years of Gullfaks oil - Statoil
Gullfaks was something of a final exam for Statoil – the first field where the company was both developer and operator. Since production started on 22 December 1986, 2.6 billion barrels of oil have passed the loading buoys. "Gullfaks is a prime example of the best that this industry has achieved in Norway," says Gunnar Nakken, senior vice president for the operations west cluster. He points out that Gullfaks also played a key role in Statoil's development as an operating company.
Statoil Restarts Gullfaks A after Gas Leak
Statoil said on Monday production at its Gullfaks A oil and gas platform offshore Norway had restarted late on Sunday after the platform had been shut due to a gas leak. The incident at Gullfaks was the third incident Statoil experienced over the weekend. Earlier on Sunday, the oil major had to stop oil and gas production at its Statfjord A platform due to a fire, which triggered a partial evacuation. It was still unclear when production at Statfjord A would resume, a Statoil spokesman told Reuters.
Norway Oil Workers Worry about Safety
Norway's oil workers said on Monday three unrelated incidents at Statoil-operated oil and gas fields over the weekend could be a sign that cost cutting in the industry is compromising safety. On Saturday, Statoil experienced a problem with well pressure on a North Sea drilling rig at the Troll gas field. On Sunday the state-controlled oil major halted output from its Statfjord A and Gullfaks A platforms due to a fire and a gas leak, respectively. "We are definitely concerned by this weekend's incidents ...
Turøy Helicopter Accident Report Published
Statoil’s investigation following the Turøy helicopter accident on 29 April has been finalised, offering conclusions and recommendations for how the company can further improve its helicopter safety work. The Turøy helicopter accident is the most serious helicopter accident on the Norwegian continental shelf (NCS) since 1997. 13 people died in the accident. The helicopter was en route from Gullfaks B to Flesland, near Bergen, when the accident happened. The…
Statoil: Cost Cutting Revives Previously Unprofitable Norway Projects
Norwegian oil major Statoil said on Tuesday it will take a fresh look at projects previously deemed too expensive after successfully launching the Gullfaks Rimfaksdalen gas project at under half the originally estimated price. Total costs for the Gullfaks Rimfaksdalen project are now seen at 3.7 billion Norwegian crowns ($445.07 million), down from 4.8 billion crowns in the plan for development and operation and an initial estimate of 8.8 billion. According to Statoil, this project was profitable even with the first cost estimate of 8.8 billion ...
Statoil 2Q Earnings Slump
Statoil reports net operating income of USD 180 million and adjusted earnings of USD 913 million in the second quarter of 2016. Net operating income was USD 180 million in the second quarter compared to USD 3,635 million in the same period of 2015. The reduction was primarily due to the drop in prices for oil and gas and lower refinery margins. Cost reductions contributed positively to the results. Net operating income for the second quarter in 2015 was impacted by a significant sales transaction.
