Norway: New Acreage for Exploration Will be Provided
Norway must continue to provide energy firms with new opportunities to explore for oil and gas, the country's newly appointed minister of petroleum and energy told Reuters on Thursday. "I will be on the offensive when it comes to awarding new acreage to ensure the continued development of this industry," Terje Soeviknes said on the sidelines of a business conference. Representing the right-wing Progress Party, the junior partner in Norway's coalition government, Soeviknes was appointed in late December to replace long-serving energy minister Tord Lien of the same party. Norway is western Europe's largest producer of oil and natural gas.
Norway Replaces Oil, Justice, EU Ministers Ahead of Election Year
Norway's right-wing government replaced cabinet ministers for oil and energy, European Union affairs and justice on Tuesday in a reshuffle nine months before the next general election. Oil Minister Tord Lien will leave in favour of Terje Soeviknes, a popular small-town mayor, while Justice Minister Anders Anundsen was replaced by Per-Willy Amundsen, a junior minister at the Ministry of Local Government and Modernisation, the office of Prime Minister Erna Solberg announced. EU Affairs Minister Elisabeth Aspaker of the Conservative Party would be replaced by Frank Bakke-Jensen of the same party, it said. (Reporting by Stine Jacobsen)
Norway, Russia Cooperate in Arctic Oil Hunt
Russia and Norway will soon sign a deal to acquire new seismic data from the two countries' Arctic Barents Sea maritime border region to boost the search for oil and gas, the Norwegian oil minister told Reuters on Monday. "Now we have come to an agreement which will allow shooting seismic data across the border," Tord Lien, Norway's minister of petroleum and energy said after a meeting with Russia's natural resources minister, Sergei Donskoi, in Oslo. "This will make it possible to get a better picture of the reservoirs which cross the border," he said, adding that he expected to sign the deal before Dec. 24.
Statoil submits Trestakk Plan
Statoil, on behalf of the license holders, today submitted a Plan for Development and Operation of the Trestakk discovery on the Halten Bank to the minister for petroleum and energy, Tord Lien, in Bodø. Capital expenditures are estimated at approximately 5.5 billion NOK. The discovery, made in 1986, contains about 76 million barrels of recoverable oil equivalent, mainly oil. The project will be tied back to the Åsgard A oil production vessel, with planned production startup anticipated in 2019. “Trestakk is a good example of what is possible to achieve through spending time on working toward the best concept selection.
Statfjord Passing Historic 5 billion barrels
On Monday, September 19th minister of petroleum and energy Tord Lien together with Statoil, Centrica and ExxonMobil celebrated the 5 billion barrels of oil equivalent delivered by Statfjord since first oil in 1979. The minister got the honor of filling the barrel, which was decorated in golden color for the occasion. “The spin-offs created by Statfjord can hardly be exaggerated. Generating more than NOK 1500 billion in revenues and 200 000 direct and indirect man-years since the 1970s the field has been of great importance to the Norwegian society,” says Arne Sigve Nylund, Statoil’s executive vice president for Development and Production Norway.
Norway: No Brexit Impact on Norwegian Gas Exports
Exports of Norwegian gas to Britain will not be affected by Britain's vote to leave the European Union, Norway's oil and energy minister told Reuters. The Nordic country is Britain's top foreign gas supplier, accounting for some 40 percent of all supplies in 2015. "There is no reason to believe that market access for Norwegian gas exporters to Britain will be affected by Brexit. We have been a stable gas exporter and we will continue to be so," Tord Lien said in an interview. The minister also said he saw signs of improvement in the Norwegian oil industry…
Norway Oil Minister: Most Layoffs Probably Behind Us
Most of the job cutting in the vast Norwegian oil industry is over and the market could turn more positive in six months, the Norwegian oil minister said on Wednesday. Tens of thousands of petroleum jobs in Norway have been lost due to the collapse in global oil prices and the reduction in investment which has ensued. "There are six months yet to go before the crisis starts to change to a more uplifting mood," Tord Lien said in a speech at a subsea conference on Wednesday. "The point is that I expect we have finished most of the reductions in capacity but it will still be tough times ahead of us," Lien told Reuters afterwards.
Construction Starts on Johan Sverdrup Platform
Apprentice Jens Erik Eriksen in Kværner and Norway’s minister of petroleum and energy Tord Lien marked the construction start on the Johan Sverdrup utility and living quarters platform on the island of Stord, north of Stavanger, today, Thursday 31 March. “Johan Sverdrup is the biggest industrial project in modern times in Norway, and will create considerable value for society for generations to come. Today we are kicking off the construction of the utility and living quarters platform, which is the second of four platform currently under construction in the first project phase,” says Kjetel Digre, Statoil’s project director for Johan Sverdrup.
Norway's 2016 Oil & Gas Plan has Arctic Focus
Norway launched its 2016 oil and gas licencing round in mature areas on Thursday, expanding it to include blocks in the Arctic Barents Sea in a bid to increase northern exploration activity, the oil ministry said. "The petroleum industry is still moving towards the north. By announcing new blocks in the Norwegian Sea and the Barents Sea the government is facilitating increased activity in the north," oil minister Tord Lien said in a statement. The ministry said it was seeking applications until September and planning to award licences in early 2016. Some 32 blocks are on offer in the Barents Sea and 24 blocks in the Norwegian Sea.
Norway to Oil Companies: Don't Shut Output
Oil companies operating in Norway should hike recovery rates from mature fields despite falling crude prices, and resist the temptation to shut output earlier than planned, Energy Minister Tord Lien said. "Companies are obliged to maximise the value of each field to prevent profitable resources from being squandered," Lien of the right-wing Progress Party told Reuters on the sidelines of an industry conference. "This is something we must focus on, and it is important to communicate to companies that they have an independent responsibility to follow up," he added.
Norway: EU Long-Term Gas Demand Likely
The European Commission's latest energy policy proposals indicate a continued need for natural gas from Norway, western Europe's top producer, the country's oil and energy minister said on Tuesday. "Norway has significant remaining natural gas resources and will remain a reliable and long-term supplier to Europe," Energy Minister Tord Lien said in a statement. Reporting by Terje Solsvik
EU Offers Norway Warm Words Not Pledges on Gas Investment
The European Union gave Norway reassurances about its importance as an energy partner on Friday, but stopped short of the pledges the non-EU member sought on gas demand and investment. Norway and its energy company Statoil want help in developing potentially huge gas resources in the Barents Sea that could be sold either as liquefied natural gas (LNG) all over the world or shipped to Europe via pipelines. "To ensure future expansion of our export pipeline system, we need clear signals it has a role in Europe's energy mix," Norway's Petroleum and Energy Minister Tord Lien said at talks in Brussels.
Norway Awards 56 Oil & Gas Licences
Norway's oil ministry awarded 56 oil and gas exploration licences in mature areas on Tuesday and said it plans to launch a new licencing round in mature areas before Easter this year. "I have the pleasure to offer 56 new exploration licences. 27 in the North Sea, 24 in the Norwegian Sea and five in the Barents Sea," oil minister Tord Lien told an industry conference. A total of 36 companies were awarded stakes to explore in mature areas, or areas already opened for exploration, the Petroleum and Energy ministry said. The biggest winner was Statoil with 24 licences, including 13 operatorships. Others to win operatorships include Lundin and Eni.
Norway: No Comment on Statoil Dividend
Norway's oil minister declined on Monday to say whether he thinks state-controlled energy firm Statoil should cut its dividend amid the crash in oil prices. The government holds 67 percent of Statoil's shares but manages the firm under an arm's-length policy that gives the board the freedom to make commercial decisions. Two members of parliament for Norway's ruling Conservatives argued in financial daily Dagens Naeringsliv on Monday that Statoil should sharply reduce its dividend in response to lower crude prices, and instead save the cash for investments. "I note that Statoil's dividend is being questioned from several sides.
Low Prices Could Trigger Norway Lofoten Exploration
The low price of crude could make it more likely that oil firms will be allowed to explore in Norway's Lofoten region after 2017, which is currently off-limits due to environmental concerns, the country's energy minister said on Thursday. "The resources offshore Lofoten and Vesteraalen must at some point come into play, and it is clear that this will be more relevant because of the low oil prices and the situation we now see in the industry," Petroleum and Energy Minister Tord Lien told Reuters on the sidelines of a business conference.
Norway Gives up Seeking Subsidy Approval for Arctic Oil Terminal
Norway has given up seeking permission from European competition authorities to provide state support to energy firm Statoil to bring oil and gas onshore from its Arctic Johan Castberg find, the country's oil ministry said on Tuesday. Norway had wanted to offer a package of incentives to Statoil and Italian partner ENI to help set up an onshore processing oil terminal for the field, seen to contain up to 650 million barrels of oil equivalents. Oil and Energy Minister Tord Lien said he believed the field will be developed, and that he expected Statoil to soon present a plan for how to proceed.
Oil Firms Vie for Norway's New Exploration Work
Norway has received applications from 26 oil firms seeking drilling permissions in a licensing round set to move the search for hydrocarbons closer to its border with Russia, the country's Oil and Energy Ministry said on Friday. Competition for many of the blocks had been fierce, the ministry said, not least in the previously unexplored eastern part of the Barents Sea where Norway settled a 40-year border dispute with Russia in 2010. Around 55 percent of the oil and gas resources on the Norwegian continental shelf are yet to be produced, and of that 40 percent lie in the Barents Sea, according to an estimate by the country's petroleum directorate.
Norway: E.ON Deal to be Handled Routinely
The $1.6 billion transaction between utility E.ON and Russian billionaire Mikhail Fridman over Norwegian oil assets will be handled like any other, Norway's oil and energy minister said on Wednesday, despite sanctions on Russia. "An application for such an approval will be handled the usual way," Tord Lien said in a statement to Reuters. "The restrictive measures apply to activities in Russia. That international firms wish to invest on the Norwegian continental shelf is good." Reporting by Stine Jacobsen
Norway Drilling Permit Applications down 47%
A total of 43 oil firms have asked for drilling permits in Norway's annual licensing round in so-called mature areas of its continental shelf, down from 47 last year, the country's Oil and Energy Ministry said on Wednesday. Statoil, BP and Royal Dutch Shell were among the applicants, it added. Norway, western Europe's biggest energy producer, regularly offers blocks that were either handed back or not taken in previous rounds as technological advances and nearby discoveries improve exploration prospects over time. Plunging crude prices have led to a sharp decline in investments by oil firms on Norway's continental shelf this year…
Norway: Wind Power Prospects Will Weather Cheap Electricity
Statkraft's surprise decision to cancel its flagship wind power project in Norway will not stop new wind developments, the country's energy regulator and industry representatives said. The state-owned group said this month it had decided toditch a major investment in large-scale wind power in central Norway because low power prices made it unprofitable. On Friday Credit Suisse's infrastructure fund and Swiss utility BKW AG expressed interest in the 1,000 MW project. The price of electricity on the Nordic power market has slumped to a seven-year low due to an increase in renewable power…
