Equinor Exploration Manager Steps Down to Take New Role
Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down as executive vice president Exploration, a role he held since 2011.In what Equinor said was a planned change to the leadership of Exploration, Dodson will take on the role as vice president Strategy Execution in Global Strategy and Business Development (GSB) from June 1, 2020.Tore Løseth has been appointed acting executive vice president of Exploration and will join the corporate executive committee (CEC) in this capacity.Løseth is a Norwegian citizen and joined Equinor in 2001.
Equinor Plans More International Wells
Norwegian oil and gas firm Equinor plans to drill more exploration wells internationally and more onshore wells in 2019 compared to this year, the company's head of exploration said on Tuesday."In general, there will be more international activity, and a larger share of onshore activity," Tim Dodson told Reuters on the sidelines of an Equinor conference.Equinor's plans include high-impact wells off Canada, the United States, Mexico and Brazil, as well as onshore wells in Turkey, Argentina, Algeria and Russia.Exploration on the Norwegian continental shelf is expected to remain around 2018 levels, 20-25 wells, he added.(Reporting by Nerijus Adomaitis, editing by T
Brazil Becomes Core Ares for Equinor
With daily oil production of over 90 000 barrels per day from current fields and with expected investments of more than 15 billion USD until 2030, Brazil has become a core area for Equinor.A press release said that Brazil stands out globally as one of the most promising offshore oil and gas basins with a significant remaining resource base. In addition, the country has a huge potential within renewable energy.Brazil is a great fit with Equinor’s strategy, using the strengths from the experience on the Norwegian Continental Shelf. Currently Equinor has activity across the value chain…
In Brazil, Equinor Aims to Repeat Norway's Oil Boom
Norway's Equinor will invest up to $15 billion in Brazil over the next 12 years to develop oil, gas and renewable energy sources, the company said on Wednesday.Coinciding with an expected drop in output from many ageing oilfields off the cost of Norway, Brazil is expected to become a core region for Equinor as the firm takes advantage of the country's opening in recent years to more foreign investment.The company plans to raise its Brazilian output to between 300,000 and 500,000 barrels of oil equivalent per day (boepd) by 2030, from 90…
Equinor to Boost Drilling to Extend Norwegian Shelf Life
Oil producer Equinor aims to boost the recovery rate from its Norwegian fields to well above the global average to extend production from the mature basin beyond 2030.Equinor announced plans on Tuesday to drill up to 3,000 wells offshore from its native Norway in coming decades - almost as many as it has drilled since its startup in 1972 - to mitigate declining output from older fields, and extend the production lifetime of more than 20 installations.The company said it remained on track for to keep profitable oil and gas production in Norway towards 2030…
Equinor Deepens Its Offshore Brazil Portfolio
Equinor has expanded its portfolio in Brazil’s prolific Campos and Santos basins after winning the Uirapuru and Dois Irmãos blocks in the 4th Production Sharing Bidding Round in Brazil.Equinor, ExxonMobil and Petrogal Brasil presented the winning bid (75.49% profit oil) for the Uirapuru production sharing contract in the Santos basin. Petrobras exercised its right to enter the consortium and will be the operator with 30% equity.The final equity distribution is Petrobras (30% operator), Equinor (28%), ExxonMobil (28%) and Petrogal Brasil (14%).
Changes in Statoil's Top Deck
Statoil said on Friday it had expanded its leadership team and changed its corporate structure to reflect the company's increased focus on Brazil.Statoil's Brazilian operations will become a separate business unit headed by Margareth Oevrum, the company's current head of technology, project and drilling.Meanwhile, its separate U.S. business is being brought back within the broader international development and production division, which will be headed by current U.S. chief Torgrim Reitan."Torgrim Reitan strengthens his position as a candidate for being the next CEO…
Statoil Bags Four Blocks Offshore Brazil
Statoil and partners were the high bidders for four blocks in the Campos basin in Brazil’s 15th licensing round held on 29 March. With the new licenses, Statoil strengthens its position in Brazil and increases synergies with current projects. A consortium comprising Petrobras (30%), ExxonMobil (40%) and Statoil (30%), presented the winning bid for the C-M-657 block in Campos Basin with a signature bonus of 638,550,000 USD*. The same consortium made up of Petrobras (40%), ExxonMobil (40%) and Statoil (20%), presented the winning bid for the C-M-709 block in the Campos Basin with a signature bonus of 450,000,000 USD. Both blocks will be operated by Petrobras.
Statoil to Drill 5-6 Wells in Arctic Barents Sea in 2018
Norway's Statoil will continue to drill for oil in the Arctic Barents Sea next year even though its 2017 campaign was mostly disappointing, the company's head of exploration told Reuters on Tuesday. Statoil plans to drill between 25 and 30 wells in Norwegian waters in 2018, of which five or six are expected in the Barents and the rest will be split between the North Sea and the Norwegian Sea, which are both located further south. "We have tested a lot of potential there (in 2017), and that potential is gone, but we still believe in the overall potential of the Barents Sea," exploration chief Tim Dodson told Reuters on the sidelines of a Statoil conference.
Statoil to Explore for Shale Oil, Gas in Argentina
Norway's Statoil has signed a deal with Argentina's leading energy company YPF to jointly explore for onshore shale oil and gas resources in the Vaca Muerta formation, the company said on Friday. Statoil and YPF will each hold 50 percent in the Bajo del Toro exploration block, it said. Statoil will recognise YPF's past costs in the block and will finance 100 percent of the costs of some activities, it added. "This is a light oil exploration project in a world-class unconventional resource play, the Vaca Muerta formation," Statoil's exploration chief Tim Dodson said.
Statoil's Mulls Offshore U.S. Exploration Plan
Norway's Statoil will become more cautious in its exploration spending offshore the United States, but does not plan to leave the region, the company's exploration chief told Reuters on Tuesday. As a junior partner, Statoil has been part of several discoveries in the U.S. Gulf of Mexico, but despite spending billions of dollars it has failed to strike oil in drilling campaigns it has operated. "We don't have any plans to divest ... But on the exploration side we have to make a call on whether we are to continue, and I assume that we will," Tim Dodson told Reuters on the sidelines of an investor conference in London.
Statoil May Stop Drilling in US Gulf of Mexico
Norway's Statoil is considering whether to end its costly search for oil and gas in the U.S. Gulf of Mexico, the company's exploration chief told financial daily Dagens Naeringsliv (DN) on Friday. Statoil has been part of several discoveries in the region as a junior licence partner, but the company has failed to strike oil in the drilling campaigns it has operated, despite spending billions of dollars. "Even if the fields we have are paying off, the Statoil-operated exploration campaign could so far be characterised as a failure," Tim Dodson told DN. "We'll consider whether to and how to proceed," he said.
Statoil to Enhance Exploration Drilling
Statoil plans to drill around 30 exploration wells in 2017, an increase of around 30% compared to 2016. More than half of the wells will be drilled on the Norwegian Continental Shelf (NCS). “Taking advantage of our own improvements and changed market conditions, we have been able to get more wells, more acreage and more seismic data for our exploration investments in later years,” says Tim Dodson, Executive Vice President for Exploration in Statoil. This allows us to firm up a strong drilling program for 2017, totalling around 30 exploration wells as operator and partner.
Statoil's Exploration Chief Sees Supply Crunch Coming
Oil companies are not exploring enough and heading for a supply crunch in the coming decades, Statoil's exploration chief said on Tuesday. The industry has been slashing jobs, projects and investments to cope with a 60-percent decline in crude prices since mid-2014, including the exploration needed to find new reserves to replace old ones. "(With) the current level of investments in the oil and gas sector and given the decline rates of existing fields, (this is) a sign a supply gap will open up by 2040," Tim Dodson told the ONS oil conference.
Statoil buys Petrobras stake in Brazil oil find
Statoil aims to offset declining output from mature fields. Norway's Statoil agreed on Friday to buy Petrobras' stake in an exploration licence off Brazil for $2.5 billion, a rare deal in an oil industry struggling with low prices. The purchase of the 66 percent stake from Brazil's state-led Petroleo Brasileiro SA (Petrobras) will help Statoil secure future production as output from its mature fields declines. The deal, Statoil's biggest in several years, will give it the bulk of oil and gas resources in the key Carcará field, one of the largest finds in the world in recent years, and bolster its future production abroad, the Norwegian firm said.
Update: Statoil Follows Shell out of Alaska
Norwegian oil major Statoil said on Tuesday it will pull out of Alaska's Chukchi Sea, just weeks after Royal Dutch Shell abandoned the treacherous waters there after spending billions on oil exploration work. The latest pullback comes as oil companies slash spending on expensive offshore projects during the worst price crash in six years. Businesses, politicians and environmental groups have squared off over drilling in the Arctic, which is widely believed to have large undiscovered oil resources. Statoil said it will exit 16 leases it operates and its stake in 50 leases operated by ConocoPhillips. "Since 2008, we have worked to progress our options in Alaska.
Norway's Statoil to Exit Alaska
Norwegian oil major Statoil said on Tuesday it will pull out of Alaska as its exploration leases in the Chukchi Sea no longer looked competitive. "Since 2008 we have worked to progress our options in Alaska. Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities," Statoil exploration chief Tim Dodson said in a statement. The firm will exit 16 Statoil-operated leases, and its stake in 50 leases operated by ConocoPhillips. (Reporting by Stine Jacobsen)
Statoil Wins licence Bids in Offshore Canada
Statoil and its partners were the successful bidders for six exploration licences in the Flemish Pass Basin, offshore Newfoundland, and two licences offshore Nova Scotia. The licences offshore Newfoundland total 1,466,918 hectares (14,670 km2), and are located in an area in proximity to the Statoil-operated Bay du Nord discovery. Statoil will operate five licences, and participate in one licence as a partner. The licences offshore Nova Scotia (NS15-1 Parcels 1 and 2) cover an area totalling 650,000 hectares (6,500 square kilometres), and are located approximately 250 kilometres from Halifax, Nova Scotia.
Statoil to Drill More Canadian Wells
Norwegian energy firm Statoil will drill five to six exploration wells in Canada during its current 15 month campaign, with most of the work done around the Bay du Nord discovery, exploration chief Tim Dodson said on Thursday. Statoil has already finished one well but does not expect to communicate its result for the time being and the rig has already moved on to the next prospect, Dodson told Reuters on the sidelines of a conference. Statoil has already found up to 600 million barrels of oil equivalents in the Bay du Nord discovery offshore Newfoundland and Labrador and also found up to 200 million barrels of oil equivalents in the Mizzen prospect.
Statoil: No Barents Sea Drilling in 2015
Norwegian energy firm Statoil will not drill exploration wells in the Arctic Barents Sea this year after a failed campaign in 2014, exploration chief Tim Dodson told Offshore.no. Statoil's Norwegian exploration will concentrate on the mature North Sea and areas near its Asta Hansteen field in the Norwegian Sea, with a focus on resources that can be tied into existing platforms, Dodson said. "We are going to drill in the North Sea and the Norwegian Sea," Dodson said in a video interview. Dodson said Statoil would still drill a "relatively large number" of exploration wells in Norway this year and it would reveal the exact number at its strategy update on Feb 6…
