Statoil testing battery storage for wind energy
Norwegian energy company Statoil said it started a pilot project for battery storage of energy generated from wind at a project off the coast of Scotland. Dubbed Batwind, the company Continue Reading
Eni Starts Pumping Oil From World’s Northernmost Offshore Platform
After long delays and cost overruns, Italian oil company Eni SpA has started to pump oil from the world’s most northern offshore platform, Goliat, which is located in the Arctic Continue Reading
Statoil Ends Rig Deal in Wake of Fatal Accident
“The conditions for terminating the contract signed with COSL Offshore Management AS have, in our opinion, been met,” said Geir Tungesvik, Statoil’s senior vice president for drilling and well, in Continue Reading
Norway Is Gearing Up for More Spending as Economy Sputters
Norway is ready to spend its way through the drop in oil prices. The plunge in crude prices is squeezing the economy of western Europe’s biggest oil producer, driving up Continue Reading
Statoil cancels Maersk rig contract
Norwegian energy company Statoil said Wednesday it decided to cancel a rig contract with Maersk Drilling, transferring the terms to French supermajor Total. The Norwegian company said it decided to Continue Reading
Statoil starts new energy investment fund
Norwegian energy company Statoil announced the launch of a new $200 million investment fund to help drive a strong renewable energy growth strategy. “The transition to a low carbon society Continue Reading
Norway’s Economy Barely Grows in Fourth Quarter Amid Oil Rout
Norway’s economy barely expanded in the fourth quarter as consumer spending held up amid a plunge in oil prices. Mainland gross domestic product, which excludes oil, gas and shipping, grew Continue Reading
Repsol to Shut Unprofitable Norwegian Oil Field
Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse. “Varg Continue Reading
Statoil cuts spending to prepare for rebound
Norwegian energy company Statoil said Thursday it was cutting spending for the year in an effort to position its portfolio for growth once the market recovers. The company outlined a Continue Reading
Statoil Deepens Cuts to Maintain Dividends Amid Crude Slump
Statoil ASA, Norway’s biggest oil company, deepened investment cuts and offered to pay dividends in stock as a collapse in crude prices eroded earnings. The company said it plans to Continue Reading
‘No Crisis’ Norway Holds Talks on Economic Cost of Oil’s Plunge
Norway’s prime minister, finance minister and central bank governor are holding an extraordinary meeting to assess just how bad the deepening plunge in the price of oil will be for Continue Reading
Statoil Nearly Halves Costs of Delayed Arctic Project
Norway’s Statoil AS STO -0.34 % A said Tuesday it had almost halved the planned capital expenditure at the delayed Johan Castberg oil field in the Barents Sea to around Continue Reading
Statoil Trims Costs on Giant Sverdrup Field Amid Oil Collapse
Statoil ASA and partners have cut costs to develop the giant Norwegian Johan Sverdrup oilfield by more than 10 percent as a devaluation sweeps through the offshore industry of western Continue Reading
Statoil awards $1.2 billion in offshore contracts
Norwegian energy company Statoil said it awarded contracts worth an estimated $1.2 billion for work on the country’s continental shelf. Statoil awarded long-term contracts to field services companies Beerenberg Corp. Continue Reading
Statoil cancels Transocean rig contract
Rig company Transocean said a contract for rig work in the deep waters of the U.S. Gulf of Mexico was cancelled by Norwegian energy company Statoil. Total revenues for the Continue Reading
Seismic Surveyor Dolphin Files for Bankruptcy as Oil Woes Spread
Dolphin Group ASA, a Norwegian seismic surveyor that maps the seabed for oil and gas reservoirs, filed for bankruptcy as the collapse in crude prices claimed another victim. The Oslo-based Continue Reading
DNO receives Kurdish oil payments
Norwegian energy company DNO became the latest company to confirm payments from the Kurdish government of Iraq for crude oil exports. DNO shares $30 million with its partners at Genel Continue Reading
Norway Businesses Predict Contraction Ahead Amid Oil Slump
Norwegian businesses expect to cut production as they struggle to cope with slumping oil prices and falling investments, according to the central bank’s regional network report. An indicator for aggregated Continue Reading
Statoil dumps stake in European gas pipeline
Italian energy company Snam said it bought Statoil’s stake in the planned Trans Adriatic gas pipeline, billed as a near-panacea for European diversification. For total consideration of $220 million , Continue Reading
New oil production started in North Sea
The start of commercial oil production from the Edvard Grieg field in the North Sea could be transformational, operator Lundin Petroleum said. Commercial production started Saturday. The company discovered the Continue Reading
Carless cities are Europe’s future
Norway’s capital, Oslo, has announced it will eliminate conventional automobiles from its city center by 2019, replacing them with electric cars — and thus slash its greenhouse gas emissions 50 Continue Reading
Norway expects steep drop in rig activity
Norwegian government expects a decline in the number of rigs exploring for or producing oil and gas offshore in 2016. File photo by A.J. Sisco/UPI OSLO, Norway, Nov. 24 (UPI) — There should be a steep drop in the number of rigs deployed for exploration of oil and gas reserves offshore Norway, national statistics show. Lower crude oil prices are influencing exporting and importing nations alike. For Norway’s citizens, the number of jobs in the energy sector decreased by half from third quarter 2014 to third quarter 2015. Data gathered by Statistics Norway find total investments in oil, gas, manufacturing, mining and electricity for 2015 so far are $27.4 billion, down 9.4 percent year-on-year. For oil and gas alone, the year-on-year decline was 11.8 percent. Brent crude oil, the global benchmark price, is about 45 percent lower than this time last year. The decline acts as a form of […]
Statistics Norway: Number of Active Rigs on Norwegian Shelf to Fall in 2016
The number of active rigs on the Norwegian Shelf is expected to decrease in 2016 due to low oil prices and operator processes to cut rig costs, according to a new survey by Statistics Norway. The number of active rigs on the Norwegian Shelf is expected to decrease in 2016 due to low oil prices and operator processes to cut rig costs, according to a new survey by Statistics Norway. Investments in oil and gas extraction and pipeline transport for 2016 are estimated at $19.7 billion, which is 9.3 percent lower than the corresponding estimate for 2015 given in the fourth quarter of 2014, and 5.6 percent lower than the estimate given in the previous quarter. As a result of this decreased investment, there is expected to be a “sharp decline” in the number of exploration wells drilled in the region next year, according to Statistics Norway. The investments […]
Norwegian energy giant addresses climate concerns
Norwegian energy company Statoil sees change coming in energy industry, with renewables meeting most of the future demand. File Photo by Stephen Shaver/UPI OSLO, Norway, Nov. 23 (UPI) — Oil and gas will continue playing a strong role in the global energy sector, but climate issues are sparking an industry sea change, the head of Statoil said. Most major economies have offered climate proposals ahead of the late November meetings in Paris. The U.S. government has plans to cut emissions by about 25 percent of their 2005 levels by 2025, and similar commitments have come from Europe, Russian and Scandinavian countries. Eldar Saetre, the chief executive officer at Norwegian energy company Statoil, said those commitments are not enough to keep climate change in check . "But there are weak signals that give cause for optimism," he said. "On the political side there is stronger willingness and commitment from some […]
Statoil Follows Shell in Quitting Alaska
Explaining its decision, Statoil said its exploration activities in the Chukchi Sea couldn’t compete with projects elsewhere. “Solid work has been carried out, but given the current outlook we could not support continued efforts to mature these opportunities,” said Statoil’s head of exploration, Tim Dodson. The Norwegian oil and gas producer, which entered Alaska in February 2008, said it would close its office in Anchorage following recent exploration results in neighboring leases, and exit all its operations in the Chukchi Sea. The Chukchi Sea is believed to hold about 15 billion barrels of recoverable oil, but weak oil prices are reducing companies’ appetite for high-cost exploration in Arctic frontier areas, where they face long transportation distances, a challenging environment and lack of infrastructure. Shell announced on Sep. 28 that it would stop its exploration activity in Alaska for the foreseeable future, as its discoveries were insufficient to warrant further […]
Energy jobs in Norway down by half
Employment prospects in the Norwegian oil and gas sector have been falling since late 2012, federal data show. File photo by Maryam Rahmanian/UPI OSLO, Norway, Nov. 13 (UPI) — Though trade levels increased during the third quarter, the number of jobs opened in the Norwegian oil and gas sector continues to decline, national data show. Economic growth has been slow for most of the year for Norway, with gross domestic product increasing by slightly less than 1 percent for the past four quarters combined. Statistics Norway said the trade surplus for September was $1.9 billion, the second lowest level since March 2003. In a snapshot of labor figures, the data-mining body oil and gas said employment prospects were dwindling. "The number of job vacancies in the production of oil and gas decreased by half from the third quarter of 2014 to the third quarter of 2015," the agency said. […]
Oil Slump Pits U.K. Carrots Against Norwegian Stick in North Sea
The Oseberg A offshore gas platform operated by Statoil ASA stands in the Oseberg North Sea oil field 140kms from Bergen, Norway. Faced with the collapse in oil prices, the two dominant North Sea producers are taking opposite approaches to bolster dwindling investment: The U.K. is offering carrots, while Norway is wielding a stick. Britain plans to extend the 1.3 billion pounds ($2 billion) of tax cuts granted to producers in March after more than one in three fields was rendered uneconomic by the slump in crude. In contrast, Norway has shunned incentives and warned companies that scrapping projects could hurt their chances of getting new Arctic licenses. The differing strategies highlight the divide between depleted British waters and the untapped potential and larger reserves on the Norwegian side of the North Sea. Norway can afford to be uncompromising, while the U.K. struggles to extend the life of aging […]
Rig `Graveyard’ Looms as Statoil Cuts North Sea Drillers Loose
The pressure is building on North Sea drillers starved of contracts as Statoil ASA deepens cuts in investment to cope with a collapse in crude prices. In less than 18 months, Norway’s biggest oil company has scrapped four years worth of drilling by canceling or suspending rig contracts, according to Bloomberg calculations based on Statoil statements. That includes Monday’s cancellation of a Songa Offshore rig four months early. The cuts by Statoil, operator of more than 70 percent of Norway’s oil and gas production, are bad news for companies including Transocean Ltd., Seadrill Ltd.’s North Atlantic Drilling Ltd. unit and Fred Olsen Energy ASA, which have floating rigs idling or completing offshore contracts in the country in the coming year, analysts said. By the time the market turns, they may be forced to scrap as many as 20 units in Norway and the U.K., said Janne Kvernland of Nordea […]
Norway looks for silver lining in weak oil climate
Statistics office in Norway searching for bright spots in an economy burdened by the ongoing decline in crude oil prices. File photo by A.J. Sisco/UPI OSLO, Norway, Oct. 29 (UPI) — Though lower crude oil prices continue to drag on the Norwegian economy, the government said it expects some form of recovery by late 2016. A publication from Statistics Norway said oil prices are expected to remain low, spelling trouble for an economy that relies heavily on oil and gas for export revenue. The government said the depressed industry should result in a reduction in investment volume by about 30 percent through a five-year period ending in 2018. The statistics office said mainland gross domestic product increased by less than 1 percent between the second quarter of 2014 and the second quarter of 2015. Unemployment, meanwhile, has increased by about 1 percent year-on-year. "The fall in demand from the […]
Norway’s Wealth Fund Suffers Biggest Loss in Four Years
Yngve Slyngstad. Photographer: Krister Soerboe/Bloomberg The world’s largest sovereign wealth fund posted its biggest loss in four years, dragged down by Chinese stocks and Volkswagen AG, just as the Norwegian government prepares to make its first ever withdrawals to plug budget deficits. The $860 billion fund lost 273 billion kroner ($32 billion) in the third quarter, or 4.9 percent, the Oslo-based investor said on Wednesday. Its stock holdings declined 8.6 percent, while it posted a 0.9 percent gain on bonds and a 3 percent return on real estate. It was the first back-to-back quarterly loss in six years. “We have to expect fluctuations in the value of the fund when there are large movements in the market,” said Yngve Slyngstad, its chief executive officer. “With the fund as big as it is today, this can have a considerable impact in the short term. The fund has a long-term horizon, […]
Oil at $50 Is Driving Norway to Zero as Recession Risk Soars – Bloomberg Business
With oil prices still wobbling around $50, Norway is in danger of a recession that could drive its benchmark interest rates, already at a record low, to zero. That’s what economists at Continue Reading
Statoil boosts recovery at North Sea gas field
Norwegian energy company Statoil boosts recovery at key North Sea natural gas field by installing new compressors on the Troll A Platform, pictured. Statoil photo by Øyvind Hagen STAVANGER, Norway, Oct. 22 (UPI) — Norwegian energy company Statoil said boosting recovery rates at a North Sea natural gas field is a win for European energy security. The installation of two new compressors at the Troll A platform in the North Sea will increase recovery by as much as 2.9 trillion cubic feet. Vidar Helgesen, a Norwegian diplomat serving as the minister for European affairs, said the European energy market is undergoing an overhaul in terms of climate and competition. "Stable and competitive gas deliveries from the Norwegian continental shelf play a key role along these two axes," he said in a statement. "Higher production and flexibility from the Troll field is therefore good news to both Norway and Europe." […]
Norway’s oil production increases, but new investment is declining
Source: U.S. Energy Information Administration, based on Norwegian Petroleum Directorate Norwegian petroleum and other liquids production, which had been declining since 2001, increased in 2014 and will likely continue increasing in 2015. The production growth in 2014 was mainly the result of new fields coming online, but also included a small increase in output from existing fields. Production has continued to grow in the first half of 2015 and is expected to remain relatively stable over the next few years as growth from new fields balances declines from older fields. Petroleum development projects in the North Sea generally have long lead times, meaning that production from a new field occurs several years after the decision to develop that field. These lead times often increase for projects that are farther north or far from existing infrastructure. The decisions to develop many of the fields now coming online in Norway occurred […]
Norway Is a Model for Encouraging Electric Car Sales
Photo Norway has become a global model for how to persuade the public to embrace electric vehicles. Above, a Tesla S parked near a police horse stable. Credit Thomas Haugersveen for The New York Times OSLO — Berit Nordgarden and her husband, Eivind Tellefsen, loved their nonpolluting Nissan Leaf electric car . But they found its 85-mile battery life too short for weekend trips to their cottage with their two young children. So the outdoorsy couple took a deep breath and bought a second car: a Tesla Model S luxury sedan with three times the battery range, the best of any electric car on the market. Buying an $87,000 car was a stretch, requiring them to refinance their primary residence, a cozy wooden home in Oslo. But the Tesla would have been completely out of reach — costing perhaps double the price — without generous subsidies and incentives that […]
Development of giant Norwegian oil field evolving
Statoil awards more contracts to help build the giant offshore Johan Sverdrup oil field. Photo courtesy of Harald Pettersen/Statoil STAVANGER, Norway, Oct. 15 (UPI) — Statoil announced more contracts were rolling out for the Johan Sverdrup oil field offshore Norway ahead of the 2019 start of production. Statoil, working on behalf of the consortium managing the Johan Sverdrup oil field, awarded Norwegian contractor Aibel with a $74 million contract to lay electricity cables from the shore for field development. "Aibel has already been awarded the contract for construction of the deck for the drilling platform on Johan Sverdrup," the Norwegian company said in a statement. "This contract is the last of the three major contracts covering the land-based power supply project." Statoil and its partners at Johan Sverdrup, Maersk Oil and Lundin Petroleum, in early 2014 outlined the development plan for the field using multiple phases. The company said […]
Statoil squeezing more gas out of North Sea
Norwegian energy company Statoil says subsea processing steps will increase gas recovery from the North Sea. Photo courtesy of Statoil STAVANGER, Norway, Oct. 12 (UPI) — Norwegian energy company Statoil said it may be able to boost recovery rates from the Gullfaks gas field in the North Sea using a novel cost-effective solution. Statoil and its partners at the Gullfaks field in the North Sea started what they said was the first wet gas compression process on the seabed. Subsea compression gives companies more maneuverability in terms of gas processing and above-ground infrastructure. When testing the process in mid-2015, Statoil said the compression method could extend the production plateau at Gullfaks by about two years. "The recovery rate from the Gullfaks South Brent reservoir may be increased from 62 percent to 74 percent by applying this solution in combination with other measures," Kjetil Hove, a senior vice president for […]
Statoil Puts Second Subsea Gas Compression Project into Action
Statoil reports that its Gullfaks gas compression project is now in operation in the North Sea. Statoil ASA reported Monday that it has started operating its second gas compression system at the Gullfaks area in the Norwegian North Sea. This latest project follows on from Statoil putting the world’s first subsea gas compression plant online at the Åsgard field in the Norwegian Sea in mid-September. Gullfaks subsea gas compression will increase recovery from the Gullfaks South Brent reservoir by approximately 22 million barrels of oil equivalent. Compression is a way to get fields to produce more oil or gas for longer as the natural pressure in a reservoir drops. Until now compression plants have been installed on platforms or onshore, but this new facility is under almost 1,000 feet of water. In addition to improving recovery Statoil’s models show that subsea gas compression will be more energy efficient than […]
Liquidity Squeeze Is on for Norway Bonds as Oil Drop Drains Cash
Norway’s bond market is feeling the squeeze and the country’s regional banks are the main victims. Companies and banks seeking to raise debt are finding few willing investors out there, after life insurance companies filled up on bonds and real estate before the summer this year and as the plunging krone is keeping away foreign investors, according to DNB ASA, Norway’s largest lender. “Many investors have been rather fully invested,” said Jan Krogh-Vennemo, global head fixed income sales at DNB. “When spreads first start widening buyers become cautious and there were some issuers, especially within finance, that were ready after the summer and needed money.” The squeeze is mainly being felt for Norwegian savings banks. Spreads on five-year senior unsecured bank funding widened by 17 basis points last week to 105 basis points, the highest since February 2013, according to DNB. Sparebank 1 SMN, for example, paid 105 basis […]
Final leg of new European gas line completed
Norwegian energy company Statoil completes last stretch of Polarled pipeline for European gas needs. Map courtesy of Statoil STAVANGER, Norway, Sept. 29 (UPI) — Norwegian energy company Statoil said the last stretch of a 300-mile natural gas pipeline crossing the Arctic Circle has been completed. The final piece of the 36-inch diameter Polarled gas pipeline was placed more than 4,000 feet below the surface of the Norwegian Sea in the Aasta Hansteen field. "With this pipeline, we open up for the export of gas to Europe from a completely new area, and with the infrastructure in place it will also be more attractive to explore the area," Statoil project planner Torger Rod said in a statement. Aasta Hansteen is estimated to hold between 175 billion and 300 billion cubic feet of recoverable natural gas, making it one of the largest fields in the region. Once it starts, an onshore […]
Expense forecast for Norwegian oil field cut
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 […]
Statoil making headway with Johan Sverdrup
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 […]
Electric-Car Perks Put Norway in a Pinch
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 […]
World’s First Subsea Gas Compression Plant Now Online
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 […]
Statoil: Johan Sverdrup development in full swing
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, […]
Revenues down for oil-rich Norway
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 […]
New oil development planned for Norway
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 […]
More oil than expected in Norwegian North Sea
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 […]
Statoil gets nod for early phase of Johan Sverdrup
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 […]
Statoil’s Polarled pipeline becomes first to cross Arctic Circle
Norwegian energy company Statoil passes Arctic Circle during construction phase of new Polarled natural gas pipeline. Image courtesy of Statoil. STAVANGER, Norway, Aug. 21 (UPI) — Norwegian energy company Statoil said Friday a pipelaying vessel passed a milestone with construction of the Polarled gas pipeline crossing the Arctic Circle. "The Polarled gas pipeline crossed 66 degrees and 33 minutes north of the equator and became the first pipeline to cross the Arctic Circle," the company said in a statement. "This pipeline will open an entirely new gas highway from the Norwegian Sea to Europe." Statoil started the process of laying the 300-mile long pipeline from the Aasta Hansteen natural gas field in the Norwegian Sea in March. Its aim is to cross the Arctic Circle to a gas processing plant in the northwest of the country. It’s the first large-diameter pipeline of its kind to be placed in waters […]