Category: Norway

Norwegian energy company det Norske says spending forecast for giant Johan Sverdrup oil field lowered. Photo courtesy of det Norske. OSLO, Norway, Sept. 25 (UPI) — A partner in giant Johan Svedrup oil field off the coast of Norway said the initial estimate of expense for the first phase of operations was cut by $1 billion. An initial development plan submitted in February to the Norwegian government called for first-phase capital expenditures of $14.7 billion. Det Norske, a project partner, said lead developer Statoil lowered the estimate by about $1 billion. "The updated estimate is showing reduced capital expenditures as a result of positive market response in contracts and purchase orders," the company said in a statement. The Norwegian government signed off on Statoil’s initial development plans for the giant Johan Sverdrup oil field in August. First oil is expected late 2019. The first phase of operations should yield […]

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Statoil says equipment used for giant Johan Sverdrup reserve field could led to a recovery rate that’s nearly twice as much as the global average. Photo courtesy of Harald Pettersen/Statoil STAVANGER, Norway, Sept. 18 (UPI) — Norwegian energy company Statoil said it awarded a contract for equipment that will help ensure maximum resource recovery from the Johan Sverdrup field. Statoil awarded a contract to equipment manufacturer FMC Technologies to build the subsea portions for the development of the Johan Sverdrup field. "The subsea equipment enables reinjection of sea water and produced water into the Johan Sverdrup reservoir when we have started production," Kjetel Digre, Statoil’s vice president for development, said in a statement. "In this way, we will achieve maximum recovery and value creation from the Johan Sverdrup resources." First oil is expected late 2019. Statoil said the first phase of operations at the offshore field should yield up […]

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FINNØY, Norway—When Arne Nordbø drove his electric car under the toll gantry and into the mouth of a tunnel leading to this small Norwegian island on a recent Monday, he couldn’t repress a chuckle. “They’ve just lost another $20,” said the Finnøy resident and occasional stand-up comedian. On the losing side of Mr. Nordbø’s commute are local municipalities, including Finnøy, which went into debt to dig the $70 million tunnel but charge no fee on electric cars because of national policies aimed at curbing carbon emissions. The incentive helped convince many islanders to shift to electric cars. The vehicles now account for about a quarter of tunnel traffic, and allow owners to dodge one of the heaviest toll burdens in the country. For the Finnøy mayor, however, the math looks awry. “That doesn’t work in the long term,” says Gro Skartveit, who doubles as chairwoman of the company operating […]

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Statoil ASA announced Thursday that the world’s first subsea gas compression plant is now online at the Åsgard field in the Norwegian Sea. The move is a step closer to Statoil’s goal of achieving a complete subsea processing plant (or "subsea factory" ). Statoil said that the recovery from the Midgard reservoir on Åsgard will increase from 67 percent to 87 percent, while recovery from the Mikkel reservoir will improve from 59 percent to 84 percent, as a result of the new facility. The overall effect will be to add some 306 million barrels of oil equivalent to the total output of Åsgard during the field’s life. Statoil began the $2.3-billion project in 2005 and an estimated 11 million man-hours have been spent on it from start to completion. The firm said that more than 40 new technologies have been developed and employed as part of the installation. Compression […]

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Norwegian energy company Statoil installs equipment needed to start production at giant Johan Sverdrup oil field. Photo courtesy of Statoil STAVANGER, Norway, Sept. 11 (UPI) — With the doling out of a new drilling platform contract, Norwegian energy company Statoil said development for the giant Johan Sverdrup field is moving swiftly. For an undisclosed sum, Statoil, acting on behalf of the project consortium, awarded a contract to engineering and construction company Kvaerner Verdal to deliver steel infrastructure needed for the drilling platform at the Johan Sverdrup field. A Norwegian metal worker in late June started cutting steel for the jacket, the tower support structure, for a riser platform used for Johan Sverdrup. Delivery and installation for the jacket for the drilling platform is slated for early 2018. "The Johan Sverdrup project activity will rise considerably in the time ahead as we take new steps in the development," Kjetel Digre, […]

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Norwegian government data show revenue losses during depressed oil economy. Photo by tcly/Shutterstock OSLO, Norway, Sept. 8 (UPI) — The Norwegian government said total revenues for the oil-rich economy were down by nearly 5 percent for the second quarter of 2015. Statistics Norway, the government’s data-recording agency, said total revenue for the second quarter of the year was $40.4 billion, down 4.7 percent from the same period last year. "Sales revenue, transfers and the operating surplus from petroleum activities have all been reduced from the second quarter of 2014," the agency said in a statement. The Norwegian government said its oil-driven economy has been pressured by lower crude oil prices, with overall investments expected to decline by 12 percent this year. Slow global growth leaves the government somewhat pessimistic, but an uptick is expected to emerge on the horizon. German energy company Wintershall last week said it aims to […]

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German energy company Wintershall is set to spend more offshore Norway, where the government sees economic pressure from low crude oil prices. Graph courtesy of Statistics Norway OSLO, Norway, Sept. 4 (UPI) — German energy Wintershall said its development plans for the Maria oil field in the Norwegian Sea were approved by the government in Oslo. "In a challenging oil price environment, we are moving ahead with the execution of this key development project," Hugo Dijkgraaf, the field’s project director for Wintershall, said in a statement. "Through Maria we are investing in one of our core international regions which demonstrates our commitment on the Norwegian Continental Shelf." Wintershall in June sold its minority shares in four fields on the Norwegian shelf to Tellus Petroleum, which has headquarters in Oslo. Tellus, which said its strategic goal is to become a premier player offshore Norway, agreed to pay more than $600 […]

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Norwegian energy regulator revises estimates of potential oil in North Sea field tapped by Lundin Petroleum. Photo by num_skyman/Shutterstock STAVANGER, Norway, Aug. 25 (UPI) — The national energy regulator in Norway said preliminary results from a North Sea field show a potential increase in estimated recoverable oil reserves. The National Petroleum Directorate said it was reviewing the preliminary results from an appraisal well drilled by Lundin Petroleum in the Edvard Grieg oil field in the central section of the North Sea. "Preliminary calculations show that the results from the well may result in an increase of between 6.2 million and 50 million barrels of recoverable oil in this section of the Edvard Grieg field," the regulator said in a statement. "Further work is expected to reduce the uncertainty of this estimate." Lundin in early August revised its production guidance lower to 32,000 barrels of oil equivalents per day as […]

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Statoil gets government approval for first phase of operations for giant Johan Sverdrup reserve field. Photo courtesy of Harald Pettersen/Statoil STAVANGER, Norway, Aug. 21 (UPI) — Norwegian energy company Statoil said the first phase of development plans for the giant Johan Sverdrup oil field were approved by the government. "We are on schedule in the Johan Sverdrup development," Oivind Reinersten, Statoil’s senior vice president for development, said in a statement. "The project activities will now be stepped up, and more contracts will be awarded in the autumn." First oil is expected late 2019. Statoil said the first phase of operations at the offshore field should yield as much as 380,000 barrels of oil per day, roughly half of the expected peak production rate. A Norwegian metal worker in late June started cutting steel for the jacket, the tower support structure, for a riser platform used for Johan Sverdrup. At […]

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