Norway Cuts 2019 Oil Output Forecast
The Norwegian Petroleum Directorate (NPD)’s forecasts show that Norway's oil output in 2019 will be smaller than previously forecast and its lowest level in three decades, although it should rebound in the following years."After a minor decline in 2019, oil and gas production will increase from 2020 and up to 2023. Overall production will then approach the record year of 2004," a statement from NPD said.“The activity level on the Norwegian Shelf is high. Production forecasts for the next few years are promising and lay a foundation for substantial revenues…
Norway's Gas Exports Set to Match Annual Record
Norway's gas exports hit a new high of 36.8 billion cubic meters (bcm) this summer and the annual deliveries will be on a par with the record annual figure achieved in 2017, gas system operator Gassco said on Friday.Between May and August, which is normally a season with fewer gas exports, Norway's deliveries almost matched a normal winter level as European importers needed to refill depleted gas storages which drained during last year's cold winter."It's too early to say exactly where we'll end up this year…
Statoil: High Activity in Deep Waters
This spring and summer saw buzzing activity at water depth of 1300 meters on the Aasta Hansteen field. Four vessels have carried out successful field operations for nearly 200 days. The waters on the Aasta Hansteen field are deep, very deep, as much as 1300 meters to be precise, but for the deep-sea fish there was much to watch on the field this year. Pipelines, risers and spoolers have been installed and hooked up to subsea templates and umbilicals that were installed last year.
Statoil ASA: 2015 Q3 Results Announced
Statoil delivered adjusted earnings of NOK 16.7 billion and adjusted earnings after tax of NOK 3.7 billion in the third quarter. Statoil reported net income in accordance with IFRS of negative NOK 2.8 billion, mainly due to net impairment charges and provisions. "We continue to reduce underlying operational costs and deliver a quarter with strong operational performance and solid results from marketing and trading. In the third quarter, our financial results continued to be affected by low liquids prices.
Polarled Pipeline Now in Place
On Monday 28 September, the final pipe in the 482.4 kilometre long Polarled Pipeline was laid at the Aasta Hansteen field at a depth of 1,260 metres in the Norwegian Sea. Polarled is the first pipeline on the Norwegian continental shelf that crosses the Arctic Circle and opens up a brand new highway for gas from the Norwegian Sea to Europe. The pipeline, which has a diameter of 36 inches, extends from Nyhamna in Møre og Romsdal to the Aasta Hansteen field in the Norwegian Sea and was laid by the world's largest pipelaying vessel: “Solitaire” from Allseas.
Polarled Pipeline, First to cross the Arctic Circle
On Friday 21 August the Polarled gas pipeline crossed 66 degrees and 33 minutes north of the equator and became the first pipeline to cross the Arctic Circle. This pipeline will open an entirely new gas highway from the Norwegian Sea to Europe. The 482-kilometre long and 36-inch wide pipeline will run from Nyhamna in western Norway to the Aasta Hansteen field in the Norwegian Sea. The world’s largest pipelaying vessel, Solitaire from Allseas, is carrying out the job and is advancing slowly, exactly 24.4 metres at a time, every sixth minute or so, around the clock.
Statoil: Polarled Pipe-Laying Kicks Off
On 26 March, the Solitaire pipe-laying vessel started on the first stage of the Polarled installation project. The 482-kilometre long pipeline will transport gas from the Aasta Hansteen field in the Norwegian Sea to Nyhamna in western Norway. Statoil is operator during the development of the Polarled project and therefore responsible for laying the pipeline between Aasta Hansteen and Nyhamna. As operator for the gas plant, Shell is responsible for preparing the Nyhamna processing plant for gas reception.
Statoil's New gas Discovery at Aasta Hansteen
Operator Statoil has together with PL218 partners made a gas discovery in the Snefrid Nord prospect in the Norwegian Sea. The discovery is an important contribution to the Aasta Hansteen field development project and Polarled pipeline utilisation. “The Snefrid Nord discovery increases the resource base for the Aasta Hansteen field development project by around 15%,” says Irene Rummelhoff, senior vice president exploration Norway in Statoil. The Snefrid Nord discovery…
Wintershall Takes Over Operatorship of Norwegian Subsea Oil and Gas Field
Wintershall has taken over the operatorship of the subsea oil and gas field Vega from Statoil, Wintershall announced today. Vega is the BASF subsidiary’s first operated subsea tie-in field in Norway. With this transfer, Germany-based Wintershall now operates two production fields on the Norwegian Continental Shelf, Brage and Vega. The takeover of the Vega operatorship is part of a transaction with Statoil that was completed in December 2014. Winteshall is currently producing more than 60,000 barrels of oil equivalent per day in Norway.
Van Oord Breaks Subsea Rock installation Record
Van Oord’s flexible fallpipe vessel Stornes built by CIMC Raffles has set a world record. During a period of four weeks, Stornes placed rock in water depths of up to 1,277 metres. The Subsea Rock installation works were executed in relation to the development of the Aasta Hansteen gas field and Polarled pipeline in the Norwegian Sea. Recently Van Oord completed the first phase of these record subsea rock installation works, for energy company Statoil. Van Oord will execute the second phase in 2015.
Cost Blowouts on Norway's New Oil Developments
Several key oil and gas developments in Norway will cost much more than earlier expected and fields with approved development plans are now seen 10 percent more expensive than originally planned, the oil and energy ministry said on Wednesday. Costs in Norway's offshore oil sector, already one of the most expensive in the world, have soared in recent years, weighing on the budget which provides generous tax breaks during the development phase. The government has…
Wintershall Buys $1.3b of Norwegian Assets from Statoil
German oil and gas firm Wintershall purchased a string of assets from Statoil on Friday, keeping its reliance on Russia in check and helping the Norwegian firm lower its costs in the Arctic. Wintershall, a subsidiary of chemicals maker BASF , will buy stakes in four fields off Norway, including the Arctic Aasta Hansteen project, a stake in the 25 billion crown ($3.7 billion) Polarled pipeline, and smaller stakes in four exploration prospects, the firms said. "With domestic production in Europe…
Statoil: Aasta Hansteen Moving Boundaries
Aasta Hansteen and Polarled are moving the boundaries for technology, deep waters and ripple effects on the Norwegian continental shelf (NCS). "Aasta Hansteen is one of the biggest and most complex industrial projects in Europe. "We are building the largest SPAR platform in the world, and we are setting a new depth record of 1,300 metres for a field development and pipeline on the NCS," says Torolf Christensen, Statoil’s head of Aasta Hansteen, at a press conference during ONS 2014. The investments in Aasta Hansteen and the Polarled pipeline total NOK 57 billion.
Kristin Gas Export Project Terminated
The Kristin gas export project (KGEP) partners have made a decision to terminate the project due to unsustainable economics caused by increased investment costs and increased risk to volume availability. The Kristin gas export project (KGEP) – a pipeline connection between the Kristin field and Polarled – was sanctioned by the KGEP partners (Statoil 53.4%, Petoro 35.6% and GdFS 11%) in conjunction with the Polarled project sanction late 2012. Following the last year's project development…
