Okea's IPO Falls Short
Norwegian oil firm Okea has raised 315 million crowns ($36 million) in an initial public offering, the company said on Monday, less than half of what it had initially planned due to a fall in the oil price.Europe's oil and gas sector has built up a crowded pipeline for stock market flotations but investors are cautious given a bumpy recovery following the 2014 downturn and uncertainty over long-term oil demand as the world transitions to cleaner energy.Okea had to extend its bookbuilding period for a week and lower its IPO price to 21 crowns per share…
Okea Eyes Listing by Mid-2019
Norwegian oil company Okea AS said on Tuesday it was planning an initial public offering by mid-2019, in a bid to raise funds to finance further expansions.The company, which is partly owned by Thailand's Bangchak Corporation and private equity firm Seacrest Capital, had previously said the IPO was expected some time in 2019.The company produced around 19,500 barrels of oil equivalents per day (boed) in the first quarter of 2019, compared with just 369 boed in the year-ago period, boosted by an acquisition, it said in a…
Shell Sells $1.3 Billion of Oil and Gas Assets
Royal Dutch Shell announced the sale on Wednesday of oil and gas assets in Norway and Malaysia for over $1.3 billion, bringing it closer to a target of $30 billion in disposals by year-end.The Anglo-Dutch company agreed to sell to OKEA, a Norwegian producer backed by private equity firm Seacrest Capital, its 45 percent interest in the Draugen Norwegian offshore field and a 12 percent in the Gjoa block for a total of $566 million, the two companies said.Earlier, Shell announced the completion of the sale of a 15 percent stake in Malaysia LNG (MLNG) Tiga to the Sarawak State Financial Secretary for $750 million.Shell committed to the ambitious three
Repsol to Submit Norway's Yme Field Plan
Says Spain's Repsol, the operator of the Yme field in the North Sea, is expected to submit a new development plan for the Yme field to Norwegian authorities this summer. An earlier attempt at developing the field failed when the platform had to be taken ashore due to cracks found in its legs . "We think that this is a good opportunity.
Repsol's Yme Platform Removed from Offshore Norway
The topside of Repsol's faulty Yme oil platform was removed from the field offshore Norway on Monday, Swiss-based heavy-lift vessel owner Allseas said, a key hurdle for the Spanish oil firm's planned sale of the production license. Using the giant Pioneering Spirit vessel, the removal in a single lift of the 13,500-tonnes topside marks a new step in decommissioning of offshore oil platforms, which previously had to be taken apart piece by piece, meaning longer operations. "This was the first time in the world that a topside was lifted in a single lift," Jeroen Hagelstein, a spokesman for Allseas said in an email on Tuesday.
Norway Looks to Arctic Oil Exploration
The 22nd License Round announced by Minister of Petroluem and Energy Ola Borten Moe includes as many as 72 blocks in the Barents Sea, several of them near the polar ice ridge, reports the 'Barents Observer'. And Norwegian Arctic drilling will not stop with the 22nd License Round. According to Borten Moe, his ministry is ready to take it all the way to the 84th latitude, the northernmost point in Norwegian waters. In his meeting this week with high-ranking international politicians, including U.S. Secretary of Interior Ken Salazar…
U.K., Norway, Oppose Harmonised EU Offshore Safety Legislation
Norway’s oil industry has objected to the EU initiative. They believe that the EU has very little expertise in offshore operations, and there may be negative consequences if it tries to regulate safety on the Norwegian Continental Shelf, reports Aenergy. A united UK oil industry shares the Norwegians’ criticism of the proposed regulations, believing they are a threat to offshore safety. “I have been in contact with the Norwegian Oil and Energy Minister Ola Borten Moe about this matter and we share a common line. Norway and the UK can confirm that we have the most robust safety regime in the world.
