Var Energi Buys Exxon's Norway Assets for $4.5 Bln
ExxonMobil said on Thursday it will sell its Norwegian upstream oil and gas assets to independent exploration and production company Vår Energi for $4.5 billion as part of an ongoing large-scale global divestment plan.The deal, which is expected to close in the fourth quarter, includes ownership interests in more than 20 producing fields in the North Sea and Norwegian Sea with a combined production of approximately 150,000 barrels of oil equivalents per day (boepd) in 2019.
Exxon Discussing Norway Asses Sale with Var Energi
Oil major ExxonMobil said on Friday it had signed an exclusivity agreement with Var Energi for negotiations regarding a possible sale of Exxon's Norwegian upstream assets.An acquisition of Exxon's production assets in Norway would cement Var Energi's position as the second largest petroleum producer in Norway after Equinor, excluding state-owned Petoro, which manages government stakes in offshore licenses.Reuters reported on Sept.
Goliat Supply Vessel Connected to Shore Power
Vår Energi (formerly Eni Norge) and Norwegian shipowner Simon Møkster Shipping have completed the first phase of hybrid power conversion of the Stril Barents vessel, currently working as a supply vessel on the Goliat field in the Barents Sea offshore Norway.Stril Barents is a supply vessel for the Goliat platform in the Barents Sea, one of the oil fields on the Norwegian shelf with the lowest CO2 emissions."Through efficient and good cooperation, the first phase has been completed.
Aker Solutions Wins Jotun FEED Contract
The newly formed exploration and production (E&P) company Vår Energi is progressing the redevelopment of the Balder and Ringhorne area offshore Norway and a FEED contract for the Jotun FPSO life extension has now been signed with Aker Solutions.In total, about 20 billion NOK ($2.3 billion) will be invested in the redevelopment of the area, which includes the first NCS license area, PL 001 from 1965, said the largest independent E&P company on the Norwegian continental shelf (NCS).Part of the redevelopment…
Eni Must Improve Safety in the Arctic -Norway Watchdog
Italian oil company Eni must do more to improve safety at its Arctic Goliat oilfield, which produces up to 100,000 barrels of crude per day, Norway's oil safety watchdog said on Tuesday.The world's northernmost oilfield has suffered a number of incidents since it started production in March 2016.While previous orders issued by the regulator, including a forced two-month shutdown in 2017, had led to some improvement…
Faroe Petroleum Spuds Well off Norway Coast
Aberdeen-headquartered Faroe Petroleum has started drilling the Brasse East exploration well off the coast of Norway.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK announced the commencement of the Faroe-operated well 31/7-3 S in the Northern North Sea, in which Faroe has 50% working interest.The Brasse East well is being drilled immediately…
After Denmark, Noreco Eyes UK Acquisitions
Norwegian Energy Company (Noreco) plans to acquire offshore assets on Britain's continental shelf in 2019, following its purchase of Shell's upstream oil and gas licenses in Denmark, its chairman told Reuters on Thursday.The Oslo-listed company on Wednesday announced a $1.9 billion deal to acquire Shell's 36.8 percent stake in the Danish Underground Consortium (DUC), which accounts for 90 percent of Denmark's petroleum output."I think we should be capable of doing something in the U.K.…
Point Resources Extends Contract with Aker Solutions
Point Resources has executed the remaining part of the option for the maintenance and modifications contract with Aker Solutions.The EPC O&M contract between Point Resources and Aker Solutions was first signed in June 2012, covering the Jotun A, Jotun B, Balder and Ringhorne operating facilities in the North Sea. The contract extension starts at year-end and runs until June 2022.Knut Sandvik, EVP Projects at Aker Solutions…
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…
Italy's Eni Aims for Oil Industry First with Carbon Neutral Goal
Italian oil major Eni will make a binding commitment to becoming carbon neutral, its chief executive Claudio Descalzi said on Monday.Descalzi said Eni's "epochal" announcement on how it planned to reach its goal would be made by the end of the year, adding that no oil company as yet had laid out binding plans for a net zero carbon footprint.BP has said it will maintain total CO2 emissions in 2025 at 2015 levels and that it will reduce them by 3.5 million tonnes…
Exxon to Shed Norway Oil Assets
Exxon Mobil has agreed to sell its operated upstream business in Norway to private equity firm HitecVision and oil company Point Resources for an undisclosed sum, it said on Wednesday. The deal involves a transfer of about 300 staff and means that the world's largest listed oil firm will no longer operate producing fields on the Norwegian continental shelf. Exxon Mobil retains stakes in more than 20 producing fields operated by Statoil and Shell however…
Statoil's Offshore Norway Project to give 248 mln boe
Statoil submits plans (PDO) for Njord extension, Bauge field; Total $2.4 bln investments, recoverable resources 248 mln boe. * Statoil's project manager Torger Roed says "we are working hard to make more decisions on new projects. Two of them are Johan Castberg and the Snorre expansion.
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…
