US CFTC fines energy traders
The U.S. Commodity Futures Trading Commission ordered TOTSA TotalEnergies Trading SA on August 27 to pay a fine of $48 million for alleged gasoline price manipulation. Ian McGinley, CFTC Director of Enforcement, said that the CFTC had "guarded the integrity of the market in numerous cases during the past 20 years" by detecting these benchmark-related scheme and prosecuting them. The U.S.
Equinor, Rosneft to develop Arctic oilfield
Russia's Rosneft and Norway's Equinor have agreed details on how to develop an Arctic Siberian onshore oilfield, they said on Monday, their first joint investment since agreeing a strategic partnership in 2012.The firms expect to extract about 250 million barrels of oil and 23 billion cubic metres of gas in the first stage of developing the Severo-Komsomolskoye oilfield…
Electrifying Norway's Offshore Production
According to Rystad Energy, Norway has taken several steps to reduce its upstream emissions through electrifying offshore platforms, reducing flaring volumes, installing carbon capture and storage (CCS), and other energy efficiency measures.It said that power from shore to offshore platforms already started in 1996 when Troll East (A) came on-stream…
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…
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…
Equinor Q2 Earnings Lag Forecast
European oil major Equinor said on Thursday it expects less capital expenditure this year, partly due to further cost savings at its Johan Sverdrup oilfield, after reporting quarterly earnings slightly below forecasts.Adjusted earnings before interest and tax (EBIT) fell to $3.15 billion from the year-earlier result of $4.3 billion, missing the…
Book Review: Getting Down to It; 50 Years of Subsea Success in Norway
The Norwegian Continental Shelf’s journey from the very first basic marinized subsea trees to today’s complex and sophisticated subsea processing equipment has been a rapid, at times turbulent, but always remarkable.There are many engineers who have seen through that journey, from the first exploration wells using Norwegian rigs in the mid-1970s to today.
A New York State of Mind
“A new industry is being established in New York, with the primary stimulus being a state-driven procurement process.”New York State Public Service Commission (PSC), July 12, 2018.To a great extent, this PSC comment provides direct insight into the dynamics behind New York’s pace-setting moves to establish offshore wind. First, this new energy development is deliberate – not left to chance or laissez faire markets.
Global LNG Bunker Fuel Market to Reach $1.3bln by 2026
The global Liquefied Natural Gas (LNG) as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%. The bunker fuel market revenue value is exprected to reach US$ 1,263.2 million in 2026.According to a market research report, based on the region the market is segmented into US, Europe, China, India, Japan, and Southeast Asia.
Schlumberger to Manage Equinor Project in Brazil
Schlumberger signed a contract worth over $200 million with oil major Equinor to manage an offshore rig as part of a drilling program in Brazil's offshore Campos oil basin, a person familiar with the matter said on Thursday.The deal would be the first time an oil services company replaces a drilling-rig contractor, the person said, adding pressure…
Offshore Wind Ready To Take Off in US
Up and down the East Coast, initiatives to develop a massive and largely untapped market can make sea change in American offshore wind, says the Institute for Energy Economics and Financial Analysis (IEEFA).IEEFA pointed out that the big lease sales ($405 million) last month in coastal waters off Massachusetts for three federally owned tracts that didn’t sell at an auction in 2015 signal a sea change in how U.S.
8.5% Growth Expected for LNG Bunkering Market by 2026
The global LNG as a bunker fuel market was valued around US$ 550 million in 2017, and is expected to register a CAGR of over 8.5%.The first five-year cumulative revenue (2017-2021) is projected to be USD 3.4 bn which is expected to increase significantly over the latter part of the five-year forecast period, said a research report by Marketresearch.LNG…
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…
Europeans Sweep Record US Offshore Wind Auction
A U.S. government auction for three wind leases off the coast of Massachusetts ended on Friday with record-setting bids totaling more than $400 million from European energy giants including Royal Dutch Shell Plc and Equinor ASA.The Bureau of Ocean Energy Management (BOEM) announced the sale's three winners - Equinor Wind US LLC, Mayflower Wind Energy LLC…
Dudgeon Offshore Wind Bags $1.77B Refinancing
One of the world’s largest offshore wind projects, the 402-megawatt (MW) Dudgeon offshore wind farm in the U.K., announced the signing and pricing of privately placed notes for the refinancing of the project’s existing non-recourse project debt, with financial close expected next week. The original financing for Dudgeon was successfully closed…
UKCS Still Worth Investment Despite Brexit -Equinor
Norwegian oil and gas firm Equinor will remain committed to the mature British continental shelf regardless of the country's plans to leave the European Union, a senior executive told Reuters.British Prime Minister Theresa May abruptly decided on Monday to pull a parliamentary vote on the Brexit deal, thrusting U.K.'s divorce from the EU into chaos…
Equinor to Start Talks With Tanzania Over LNG project
Norway's Equinor is ready to start talks with Tanzania on developing a liquefied natural gas (LNG) project based on a deepwater offshore discovery, the company said on Tuesday.Tanzanian President John Magufuli has asked his government to proceed with negotiations to set out the commercial and fiscal framework for the LNG project, Equinor, a majority state-owned energy company formerly known as Statoil, said."Equinor will now p
Global LNG to be Major Part of Bunker Fuel Market
Liquefied natural gas (LNG) ships is expected to be the major application segment in the global LNG as a bunker fuel market.According to a market research report, LNG fueled ships emit zero sulphur oxide emissions along with decline in carbon dioxide gas release by 25%, these are primary factors promoting the use of LNG as fuel in marine transport.LNG is used as a marine fuel and it offers various advantages for the ships.
Norway to Spend More Looking for O&G Near Russian Border
Norway plans to step up spending on looking for oil and gas in the northern Barents Sea close to its border with Russia, the country's 2019 budget showed on Monday.The government has proposed to allocate an extra 50 million Norwegian crowns ($6.04 million) to conduct a so-called 3D survey over a large geographical structure that straddles the…
Equinor's Martin Linge Field Costs Rise Again, Start-up Delayed
Norway has again revised up the estimated cost of developing the Martin Linge oil and gas field, which state-controlled Equinor bought from France's Total last year, with the start-up delayed until 2020, according to the fiscal budget.The North Sea field is now expected to cost 47 billion crowns ($5.7 billion) to develop, up from the 41 billion crowns estimated last year…
