Equinor Completes NCS Asset Sales
Norwegian energy company Equinor announced Friday it has completed the sales of two non-core discoveries on the Norwegian Continental Shelf (NCS) for a combined $470 million.Equinor announced in October that it would divest from the King Lear and Tommeliten discoveries as part of an effort to prioritize and refocus its asset portfolio.The first sale, of a 77.8 percent operated interest in the King Lear discovery to Aker BP, was for a total of $250 million.“This transaction is a further example of our strategy of capturing value from active portfolio management through the oil price cycles…
Aker BP to Buy Equinor Gas, Condensate Discovery
Aker BP has agreed to buy Equinor's 77.8 percent stake in Norway's King Lear gas and condensate discovery for $250 million in cash, the two companies said on Monday.The North Sea discovery has estimated reserves of 77 million barrels of oil equivalents, and by connecting it to existing production facilities at the Ula field, Aker BP expects the acquisition to add more than 100 million barrels in total."This (tie-in) will improve the capacity utilization at the Ula facilities and provide significant additional volumes of injection gas to support increased oil recovery…
Mobilizing the Offshore Organization for Johan Sverdrup Field
The mobilization of up to 2,400 women and men who will work to hook-up, finalize and eventually start-up the Johan Sverdrup field in the North Sea.Later today approximately 150 people – plus crew from the flotel-operator ProSafe – will sail away onboard the floating accommodation vessel "Safe Zephyrus" from Mekjarvik outside Stavanger with the North Sea as their destination.When the flotel arrives at the Johan Sverdrup field this weekend, this will mark the beginning of the offshore mobilization…
Statoil Set to Drill Its Biggest Arctic Hope
Norway's Statoil will soon start drilling this season's most promising Arctic prospect, Korpfjell, after several disappointing wells in the Barents Sea, the company said on Monday. The majority state-owned company has stepped up drilling in the Barents Sea this year as the government seeks to attract more explorers to its Arctic waters to make up for declining North Sea output. The Norwegian Petroleum Directorate said on Monday Statoil's latest well in the Barents Sea, Gemini North, had found only minor volumes of gas and oil.
Statoil: Norwegian Arctic Gas Find Disappoints
Statoil has made a smaller-than-expected gas find in the Barents Sea near its Snoehvit gas field, the company said on Monday. The find at the Blaamann well is estimated to hold up to 3 billion standard cubic metres of recoverable gas. No oil was found. "We were exploring for oil and this is not the result we were hoping for," Jez Averty, Statoil's head for exploration in Norway and Britain, said in the statement. Statoil has a 50-percent stake in the licence, called PL 849. Its partners are Italy's Eni with 30 percent and Norway's Petoro with 20 percent.
Statoil discovers gas in Valemon West
Two years after Valemon came on stream Statoil has made a new gas discovery on the field, called Valemon West. The discovery is estimated to contain between 20 and 50 million barrels of oil equivalent. “This is an important discovery for the further development of Valemon,” says Gunnar Nakken, Statoil’s senior vice president for the operations west cluster, which covers the company’s Bergen-operated fields. "These new reserves can be put on stream immediately and will add considerable value. The discovery proves that there are still good opportunities in the North Sea…
Statoil Discovery Near Norne
One year after the license award Statoil has made an oil and gas discovery close to Norne estimated at between 20 and 80 million barrels. “It’s great kicking off the new year with a discovery,” says Jez Averty, senior vice president for exploration in Norway and the UK. The drilling of the Cape Vulture exploration well started in early December 2016. The well was drilled in the license 128 as a result of the award of license 128D in the APA round in 2015 (Award in Predefined Areas). The drilling of the well is the result of the development of a new exploration concept for the Nordland Ridge.
Statoil: Sizeable Oil Finds in North Sea Still Possible
Norway's Statoil believes sizeable oil finds can still be made in the North Sea even though the area has been explored for decades, a senior company executive said on Tuesday. The search for oil and gas has been hit by energy firms' reduced spending, triggered by a slump in crude prices since mid-2014, yet the oil major still sees a large potential. "We believe there is at least another 500 million barrels oil discovery to be made in the North Sea, definitely," Statoil's exploration chief for Norway and Britain, Jez Averty, told an oil industry conference.
Statoil: Sizeable North Sea Finds Still Possible
Statoil believes in another $500 million oil discovery in N.Sea; discovered volumes are down both globally and in Norway. Norway's Statoil believes sizeable oil finds can still be made in the North Sea even though the area has been explored for decades, a senior company executive said on Tuesday. The search for oil and gas has been hit by energy firms' reduced spending, triggered by a slump in crude prices since mid-2014, yet the oil major still sees a large potential. "We believe there is at least another 500 million barrels oil discovery to be made in the North Sea…
Statoil Plans Barents Sea Exploration
Statoil aims to conduct a major exploration campaign in several parts of the Barents Sea in 2017. The company is also strengthening its position in the area through several transactions with other companies. “We have worked systematically on developing an exploration portfolio for testing good and independent prospects in 2017 and 2018. For 2017 we see promising prospects in different parts of the Barents Sea. For example, we want to explore the Blåmann prospect in the Goliat area, Koigen Central in PL718 on Stappen High and the Korpfjell prospect in PL859 that was awarded in the 23rd licensing round…
Statoil Launches New Subsea Concept
Norwegian oil major Statoil presented a new subsea concept that is designed to reduce cost and increase efficiency. The concept is called Cap-X. The concept was presented by Margareth Øvrum, executive vice president for technology, projects and drilling in Statoil. During the last decade subsea costs have increased significantly and the industry needs to move from tailor-made solutions to more industry standards. "Once again we aim to drive subsea technology development on the Norwegian continental shelf together with our industry partners.
Norway's Arctic a Bright Prospect in Crisis-hit Oil Sector
While the oil industry continues to cut jobs, projects and costs amid low crude prices, one region is making a surprise comeback after years of declining activity, company executives and officials say: the Norwegian Arctic. The search for oil and gas in mature offshore areas in the North Sea is being axed this year due to tighter budgets, but the number of exploration wells in the Norwegian part of the Barents Sea is increasing to 10 in 2016 from seven last year. Adding to this, the government will hand out new drilling permits by the end of the second quarter…
Statoil Looks to the Arctic to Increase Exploration off Norway
Oil firm Statoil is looking to a rebound in exploration activity offshore Norway in the next few years with a focus on the Arctic, having curbed activity due to the oil price slump, the firm's exploration chief for Norway told Reuters. Exploration activity in the coming years is crucial to secure Statoil's future production in its home base, which faces a decline from current levels after 2025 if mature fields are not replaced by new resources. It can take up to 15 years from discovery to a field to come on stream.
Statoil Launches Cap-X Subsea Concept
At the Barents Sea Conference in Hammerfest, Statoil presented a new subsea concept called Cap-X, designed to reduce costs and increase efficiencies. The Cap-X subsea concept developed by Statoil was presented by Margareth Øvrum, executive vice president for technology, projects and drilling in Statoil. “Once again we aim to drive subsea technology development on the Norwegian continental shelf together with our industry partners. The potential for increased efficiency and reduced costs can make this the next standard within subsea templates,” Øvrum said. Cap-X is a combination of existing and new technology.
Statoil Reports GoM Oil Discovery
Statoil has made an oil discovery in its Miocene Yeti prospect located in the Gulf of Mexico (GoM), the company announced today. “The Yeti discovery expands the proven sub-salt Miocene play further south and west of the Big Foot field,” said Jez Averty, Statoil’s senior vice president, exploration for North America. The Yeti discovery was made in Walker Ridge (WR) block 160, which is located approximately 15 kilometers south of the Big Foot field, and 11 kilometers from the Cascade field. All of the blocks making up Yeti were accessed by the current owners in recent years.
Statoil Adds Acreage in Gulf of Mexico
Statoil announced today that it successfully bid on 14 leases in the U.S. Department of the Interior’s central region Gulf of Mexico lease sale 235, which occurred in New Orleans, LA. “The acreage high bid today, completes our ownership of the Monument prospect, brings additional prospects in to our portfolio and strengthens our position in prioritised areas of the US Gulf of Mexico,” says Jez Averty, Statoil’s senior vice president, exploration for North America. Statoil's winning bids are subject to review and final approval by the authorities.
