PGNiG Acquires Duva Field in Norway
PGNiG Upstream Norway, a subsidiary of Polish Oil and Gas Company (PGNiG), has obtained a final administrative consent to purchase additional 10% interests in the PL636 and PL636B licences in the North Sea.Following the transaction, PGNiG Upstream Norway’s (PUN) interests in both licences increased to 30%. As a result, the volume of Duva field gas production attributable to the Company will rise to 0.2 bcm per year.“Acquisition of fields on the Norwegian Continental Shelf is one of the investment priorities of the PGNiG Group.
Chrysaor Buys Stakes in OKEA’s 2 Licenses
North Sea oil producer Chrysaor Norge has exercised an option to buy stakes in OKEA’s Grevling and Storskrymten discoveries offshore Norway.The Norwegean oil production company OKEA confirmed the sale of 20% of the Company's participating interest in Grevling (PL 038D) and 18.57% of the Company’s participating interest in Storskrymten (PL 974) following Chrysaor's options exercise.The Ministry of Petroleum and Energy has approved Chrysaor's purchase, said a stock exchange announcement.Completion of the transactions is expected to occur no later than 31 December 2019…
PGNiG Ups Stake in Duva Field, Norway
PGNiG Upstream Norway bought 10 percent shares in the PL636 and PL636B licenses in the North Sea from Pandion Energy, thus increasing its ownership in the Duva field to 30 percent.Duva oil and gas field (formerly Cara) is located in the Norwegian sector of the North Sea at a water depth of 360m. The field is jointly owned by Idemitsu Petroleum Norge (30%), Neptune Energy Norge (30%, operator), Pandion Energy (20%) and Wellesley Petroleum (20%).“Increasing our share in the deposit…
Solvberg Appointed NPD Director General
The Norwegian Petroleum Directorate (NPD) has announced the appointment of Ingrid Solvberg as Director for the Norwegian Sea and Barents Sea, replacing Bente Nyland.According to a note from NPD, Sølvberg was appointed by the King in Council on 11 October. The Ministry of Petroleum and Energy has not yet set the date for the transition.The director general position in the NPD is posted as a fixed term engagement of six years, with the option of an additional six-year period.
Cost Estimates at Equinor Norway Fields Goes Up
The cost of developing two major Norwegian oil and gas fields has increased due to the complexity of the projects, with the start of production delayed for one of them.The Ministry of Petroleum and Energy reports on the status of major projects that are currently undergoing development or have recently started operation.Thirteen of Equinor’s projects are on this list. Eight of the projects have reduced costs since submitting their plans for development and operation…
Johan Sverdrup Phase 2 Plan Approved
Norwegian authorities have formally approved the plan for development and operation (PDO) of the second phase of the Johan Sverdrup field, Equinor announced on Wednesday. The Norwegian energy company said the NOK 41 billion ($4.7 billion) project received broad support in Norway’s parliament at the end of April, and today the partnership received the formal approval by the Norwegian Ministry of Petroleum and Energy (MPE).“This is a big day for Equinor and the other Johan Sverdrup partners comprising Lundin Norway…
Aker BP Bags 21 in Norwegian Licensing Round
The oil exploration and development company focusing petroleum resources on the Norwegian Continental Shelf Aker BP has been offered interests in 21 new production licenses in Norway, of which 11 as operator, through the Awards in pre-defined areas (APA 2018) licensing round.Of the 21 production licenses awarded to Aker BP, 12 are located in the North Sea (5 as operator), 3 in the Norwegian Sea (2 as operator) and 6 in the Barents Sea (4 as operator)."We are excited about the opportunities in the licenses that Aker BP has been awarded today…
Equinor Grabs 29 New Licenses on Norwegian Continental Shelf
Norwegian energy major Equinor has been awarded 29 new licences by Norway’s Ministry of Petroleum and Energy as part of the Award in Predefined Areas (APA) for 2018 – 13 licences as operator and 16 as partner.Norway's government says it awarded a record 83 licenses for exploration in mature areas of the Norwegian continental shelf, in a welcome sign of continuing interest in the country’s oil sector.“The APA rounds are important for Equinor to maintain exploration activity and replenish our portfolio on the Norwegian Continental Shelf (NCS).
OKEA Gets Approval to Acquire Shell's Draugen, Gjoa Fields
Norway's Ministry of Petroleum and Energy and Ministry of Finance has approved the transaction from AS Norske Shell and OKEA concerning the transfer of the licenses associated with the Draugen field in the Norwegian Sea and the Gjøa field in the North Sea.The Trondheim-based oil company informed in a press release that the Ministry of Petroleum has also approved OKEA as new operator for the Draugen field.AS Norske Shell and OKEA AS aims to close the transaction on November 30…
Maritime Decarbonization: The Path Starts in Norway
Breaking new ground: the all-electric, zero-emissions Future of The FjordsNorwegian cruise vessel offers amazing tourist experience while protecting fragile UNESCO World Heritage environmentFuture of the Fjords, the world’s first all-electric and completely emissions-free ship, launched in April this year by Norwegian tours operator The Fjords, is now operating as a cruise vessel on the spectacular Gudvangen to Flåm route along the Nærøyfjord, Sognefjord and Aurlandsfjord of western Norway.
Johan Castberg PDO Approved
The plan for development and operation of the Johan Castberg field in the Barents Sea was approved by the Norwegian Parliament on Monday, June 11. The plan will now be submitted to the Ministry of Petroleum and Energy for formal approval.With first oil scheduled for 2022, the field has a production horizon of 30 years. Capital expenditures for the project are NOK 49 billion ($6.2 bln), and recoverable resources are estimated at 450-650 million barrels of oil equivalent.
If Subsidized, Statoil Will Eye Norway's Offshore Wind
Norway's Statoil may take part in the country's first tender to build floating offshore wind turbines, as long as there are sufficient long-term subsidies, Chief Executive Eldar Saetre told Reuters on Tuesday. "If there are (offshore wind) opportunities in Norway being opened with a relevant incentive structure that makes it profitable, that's obviously something that we will assess," Saetre said on the sidelines of a conference. "It would have to be subsidised, definitely, for a long time," he added.
Norway's Arctic Oil Plan Deemed Legal
An Oslo court approved on Thursday Norway's plans for more oil exploration in the Arctic, dismissing a lawsuit by environmentalists who said it violated a constitutional right to a healthy environment. The case, brought by Greenpeace and the Nature and Youth Group, had argued that a 2015 oil licensing round in the Arctic that gave awards to Statoil, Chevron and others was unconstitutional. "The environmental organisations' argument that the plan violates the Constitution's Article 112 has not succeeded," Oslo district court ruled.
Norway Open to Offshore Floating Wind Power
Norway plans to open one or two offshore regions for construction of floating wind turbines, the Ministry of Petroleum and Energy said in a statement on Wednesday. "The government wishes to accommodate offshore wind power, in particular with demonstrations of floating wind turbines in mind," it said, adding that this should happen "as soon as possible." Norway is western Europe's top producer of oil and natural gas, and has so far lagged Nordic neighbours Denmark and Sweden in wind power developments. Reporting by Terje Solsvik
Statoil to Extend Statfjord A Output until 2022
Norway's Statoil plans to extend production at its oldest oil platform still in operation, the Statfjord A, until 2022, two years longer than previously planned, the company said in a letter to the country's Ministry of Petroleum and Energy. "Earlier cease of production may still occur, and work is also ongoing to assess possibilities of prolonged production beyond 2022," the company added in the letter obtained by Reuters. Statoil had planned to halt Statfjord A's production in 2016, but decided in 2013 to extend operations until 2020 to squeeze more oil from the field.
ENI awarded licenses in Norwegian Sea
Eni has been awarded three licenses by Norway’s Ministry of Petroleum and Energy as part of the APA 2016 – Awards in Pre-Defined Areas. Following the award, Eni is now operator in PL900 in the Barents Sea, with a share of 90 per cent in joint venture with Concedo with 10%. In PL901 in the Barents Sea, Eni is partner with 30 per cent share, with Statoil as operator with 50 per cent share and Concedo with 20 per cent. Eni is moreover partner in PL128E with 11.5% shares with Statoil as operator with 63.95% share and Petoro with 24.55%.
Statoil: PDO for Oseberg Vestflanken 2 sanctioned
The Ministry of Petroleum and Energy has sanctioned the Plan for Development and Operation (PDO) of Oseberg Vestflanken 2. Reserves projected at 110 million barrels of oil equivalent the investments are estimated at NOK 8.2 billion (2015). The Oseberg Vestflanken 2 development consists of an unmanned wellhead platform with ten well slots. In addition two existing subsea wells will be reused. All wells will be remote-controlled from Oseberg field centre. “Oseberg Vestflanken 2 is a pioneer project of great strategic importance…
EMGS Expects Revenues from NCS 23rd Licensing Round
On 18 May 2016, The Ministry of Petroleum and Energy announced the offer of ten new production licenses in the 23rd licensing round on the Norwegian continental shelf to a total of thirteen (13) companies. All ten licenses are in the Barents Sea, of which three licenses are in the new area in the southeastern Barents Sea. Based on these awards, Electromagnetic Geoservices ASA (EMGS) expects to realize uplift revenues, net after adjustment for partner's share of revenues…
Noreco Sells Norwegian Petroleum Activities
Norwegian Energy Company ASA (‘Noreco’) announces that its fully owned subsidiary Noreco Norway AS (Noreco Norway) has entered into a Sale and Purchase Agreement (‘SPA’) with Djerv Energi AS (‘Djerv’) for the sale of its exploration licence interests, organisation and management systems. The owners of Djerv will be a US based investment fund (70%) and Noreco (30%). The owners of Djerv will subscribe on equal terms prorata in a primary offering, to ensure that the company is funded for known commitments.
Energy Industry Faces a Tough Reality -Statoil CEO
Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference. In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized that the energy world is changing and the oil and gas industry is currently facing a tough reality, as global upstream investments are estimated to fall by 20 percent in 2015. But oil and gas will continue to play an important role in the future energy mix. “We know that energy demand is growing.
