Tag Archives: ConocoPhillips

ConocoPhillips Norway “Explorer of the Year” After Significant Discoveries Warka and Slagugle

With a strong belief in a considerable resource potential, ConocoPhillips is determined to continue exploration on the NCS.

«In 2016 ConocoPhillips built a new exploration strategy,” Arild Skjervøy, Exploration Manager in ConocoPhillips Norway, says.

“We focus on countries, basins and plays, with substantial remaining potential and material value propositions that compete in the global portfolio. For Norway, where we have legacy positions and a long-term presence, we can further leverage that knowledge and competence”.

The multinational oil company that discovered Ekofisk in 1969 and Heidrun in 1985, maintained a special focus on four business units for growth; Norway, Malaysia, Alaska and the Lower 48 (the 48 adjoining U.S. states on the continent of North America).

Four years later, in 2020, ConocoPhillips was undeniably and by far the most successful explorer on the NCS.

 GeoPublishing and Wittemann E&P Consulting have therefore unanimously chosen ConocoPhillips Norway as “Explorer of the Year (2020)”.

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ConocoPhillips Announces Significant Oil Discovery in the Norwegian Sea

HOUSTON – ConocoPhillips (NYSE: COP) today announced a new oil discovery in production license 891 on the Slagugle prospect located 14 miles north-northeast of the Heidrun Field in the Norwegian Sea. ConocoPhillips Skandinavia AS is operator of the license with 80 percent working interest. Pandion Energy AS is license partner with 20 percent working interest.

Preliminary estimates place the size of the discovery between 75 million and 200 million barrels of recoverable oil equivalent. Extensive data acquisition and sampling has been carried out in the discovery well 6507/5-10, and future appraisal will be conducted to determine potential flow rates, the reservoir’s ultimate resource recovery and potential development plan.

“This discovery marks our fourth successful exploration well on the Norwegian Continental Shelf in the last 16 months,” said Matt Fox, executive vice president and chief operating officer. “All four discoveries have been made in well-documented parts of the North Sea and the Norwegian Sea and offer very low cost of supply resource additions that can extend our more than 50-year legacy in Norway.”  

The discovery well was drilled in 1,165 feet of water to a total depth of 7,149 feet by the Leiv Eiriksson drilling rig.  

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Reuters: ConocoPhillips discovers gas offshore Norway

Nov 11 (Reuters) – ConocoPhillips said on Wednesday it has discovered gas condensate offshore Norway, sending the oil producer’s shares up 2% in premarket trade.

The discovery was made northwest of the Heidrun oil and gas field and 150 miles (241.4 km) from the coast of Norway in the Norwegian Sea.

The company said preliminary estimates place the size of the discovery between 50 million barrels and 190 million barrels of recoverable oil equivalent.

Read entire article here

E24: ConocoPhillips krever at ansatte bruker munnbind på kontoret

Oljeselskapet dobler antallet ansatte på kontoret, men setter inn nye tiltak for å hindre koronasmitte.

Tirsdag 20. oktober økte ConocoPhillips bemanningen ved sitt norske hovedkontor i Risavika fra i underkant av 300 til 600.

Samtidig ble det innført krav om bruk av munnbind i fellesområdene på kontoret.

– Vi vet at bruk av munnbind gir økt oppmerksomhet på smittepotensialet og minner oss om at vi fremdeles har en pandemi pågående, noe som igjen er med på å redusere risiko, forklarer pressekontakt Stig S. Kvendseth til Aftenbladet/E24.


OffshoreTechnology: Aker Solutions secures work at ConocoPhillips-operated North Sea fields

Norwegian engineering and contracting firm Aker Solutions has secured a three-year contract extension for maintenance and modifications work from American multinational energy company ConocoPhillips.

Norwegian engineering and contracting firm Aker Solutions has secured a three-year contract extension for maintenance and modifications work from American multinational energy company ConocoPhillips.

The contract extension is to an existing framework agreement for work at North Sea fields operated by ConocoPhillips.

Read entire article here

Reuters: Norway plans temporary tax relief for oil firms

OSLO (Reuters) – Norway proposed on Thursday to temporarily ease tax rules for oil firms to try to prevent a collapse in investments due to the coronavirus pandemic and a related collapse in crude prices.

The plan could boost the liquidity of oil companies by as much as 100 billion Norwegian crowns ($9.7 billion) over 2020 and 2021, Prime Minister Erna Solberg said.

The companies will be allowed to write-off investments more quickly, effectively postponing tax payments until later years.

Read entire article HERE.

Government: APA 2019: New High Award Secures Further Exploration of the Norwegian Continental Shelf

The Norwegian Ministry of Petroleum and Energy offers 69 production licenses on the Norwegian continental shelf in the Award in Pre-Defined Areas 2019 (APA 2019).

– I am proud to offer 69 new production licenses in this year’s APA round. The companies show great interest in further access to new exploration acreage. This means that the industry believes in future value creation on the Norwegian continental shelf, says Minister of Petroleum and Energy, Sylvi Listhaug.

The 69 production licenses are located in the North Sea (33), the Norwegian Sea (23) and the Barents Sea (13). A total of 28 different oil companies, ranging from the large international majors to smaller domestic exploration companies, are offered ownership interests in one or more production licenses. Of these, 19 will be offered operatorships. The licenses are awarded with work-programme commitments or as additional areas to such licenses.

– Hopefully, the exploration in the awarded acreage will result in new discoveries. This is important to ensure employment, value-creation and future government revenue for Norway’s largest industry, says Listhaug.

The APA licensing rounds cover the most explored areas on the Norwegian shelf. One of the primary challenges in mature areas is the expected decline in discovery size.

Smaller discoveries may not be able to carry standalone developments, but can have good profitability when making use of existing and planned infrastructure. It can also be seen in context with other discoveries or planned developments. Timely discovery and exploitation of such resources is therefore important. 


The first licensing round on the Norwegian continental shelf (NCS) took place in 1965. The activity started in the North Sea, and exploration in the Norwegian Sea and the Barents Sea started around 15 years later. Thus, Norway will soon have more than 40 years of experience in all sea-areas on the NCS.

Approximately 225 000 people are today directly or indirectly engaged in the Norwegian petroleum sector. The competence and the competitiveness in the industry also produces positive ripple effects into other industries. Since the first oil-discovery was made, the sector has contributed with over 14 900 billion NOK in value creation. It has also given the Norwegian state a net cash-flow of over 6 450 billion NOK since the start of the new millennium. The State’s net cash-flow in 2020 from the petroleum sector is estimated to be approximately 245 billion NOK. That equals approximately 185 000 NOK for a family of four.

The award of new exploration acreage takes place in two equal licensing rounds. The numbered rounds takes place in the least known exploration areas, which for all practical purposes now means remaining parts of the deep-water areas in the Norwegian Sea and parts of the Barents Sea. Acreage in the best-known exploration areas is awarded in the annual APA-rounds. As a consequence of the fact that exploration has been going on for decades, the majority of the North Sea, large parts of the Norwegian Sea and an increasing area in the Barents Sea is now included in the APA-rounds.

The only difference in the process for the two rounds is in how the authorities stipulates the applicable area. In the numbered rounds, this happens after proposals (nominations) from the companies. This gives the authorities the best possible basis for announcing the areas that will give the most information about the regional geology and thus, effective exploration. This approach is not needed in the APA-rounds, where the key challenge is to identify resources in a timely manner in order to best utilise existing and planned infrastructure in the area.

The petroleum activity on the NCS is conducted with great emphasis on health, safety and the environmental standards. Exploration, development and production takes place with low emissions to air. Greenhouse gas-emissions is a part of the EU Emissions Trading System (ETS). In addition, a high CO–tax is paid.  This policy gives the companies financial incentives to reduce their own emissions, as recently demonstrated by the industry’s initiative to cut emissions from the activities on the NCS. In a system like the ETS, the only way to reduce total emissions is to reduce the number of quotas available.

The level of safety on the NCS is high, and normal exploration-activities, development and production has no proven negative effects on the natural environment. As with all other industrial activity, petroleum activities leads to the risk of accidents with consequences for employees lives and health, loss of established infrastructure and the natural habitat. Great emphasis has therefore been made to avoid large-scale accidents.  

Potential damage to the natural environment is limited to large accidental oil spills. The probability of an oil-well blow-out is estimated to be one in more than every 7000 exploration wells drilled. On the NCS, approximately 50 wells are drilled each year. There has been very few larger oil spills on the NCS. There are requirements in place for emergency preparedness in order to reduce the consequences in the event of an accidental oil spill. Restrictions have in addition been placed on exploration drilling in oil-bearing layers for parts of the year. During 50 years of petroleum activities, no accidental oil spills have reached Norwegian shores, and no damage to the marine environment has been proven.

  1. Map
  2. Awards with work-programme

Offer of licenses to 28 licensees

(Number of licenses /operatorships)

Aker BP (15/9)

AS Norske Shell (5/2)

Capricorn (3/3)

Chrysaor (8/3)

Concedo (4/0)

ConocoPhillips (5/3)

DNO (10/2)

Edison (2/1)

Equinor (23/14)

Idemitsu (2/0)

INEOS (2/1)

Lime (2/0)

Lotos (2/0)

Lundin (12/7)

Neptune (13/4)

OKEA (5/2)

OMV (4/1)

ONE-Dyas (3/0)

Pandion (3/0)

PGNiG (3/0)

Repsol (1/0)

Source (3/0)

Spirit (6/1)

Suncor (5/2)

Total (2/1)

Vår Energi (17/7)

Wellesley (7/3) 

Wintershall Dea (9/3)

Lite olje- og gassfunn nær Balderfeltet i Nordsjøen

ConocoPhillips Skandinavia AS, operatør for utvinningstillatelse 917, har avsluttet boring av undersøkelsesbrønn 25/7-8 S.

Brønnen er boret om lag 10 kilometer nordvest for Balderfeltet i midtre del av Nordsjøen, og 200 kilometer vest for Stavanger.

Primært letemål for brønnen var å påvise petroleum i nedre jura og øvre trias reservoarbergarter (Nansen-, Eiriksson- og Skagerrakformasjonen). Sekundært letemål var å påvise petroleum i midtre jura reservoarbergarter (Hugin- og Sleipnerformasjonen).

Les hele saken HER.

Bloomberg: ConocoPhillips Launches Plan to Distance Itself from Shale

ConocoPhillips announced a 10-year plan to buy back $30 billion of shares, equivalent to about half of its current market capitalization, as the oil producer attempts to distance itself from the troubled U.S. shale industry.

The company also said it will pay dividends of about $20 billion over the period and limit average capital expenditure to about 10% above current levels.

Read entire article HERE.

Sysla: ConocoPhillips økte inntektene med ti milliarder kroner på to år

Oljeselskapets omsetning har ikke vært høyere siden før krisen. Bedre oljepris er årsaken.

Selskapene som produserer olje og gass, var ikke de som ble hardest rammet av den alvorlige krisen som begynte sommeren 2014. Langt lavere oljepris førte likevel til at inntektene falt kraftig.

Slik var det også for ConocoPhillips’ norske virksomhet. På to år ble inntektene nesten halvert da de falt med ti milliarder kroner fra 2014 til 2016, da de endte på 14,8 milliarder.

Høyere oljepris

Men de siste årene har situasjonen snudd. I 2017 økte inntektene med 43 prosent til 21,1 milliarder kroner, og i fjor fortsatte framgangen. Inntektene i 2018 endte på 24,9 milliarder kroner.

Resultatet før skatt ble 13,6 milliarder kroner, en økning på 45 prosent fra 9,6 milliarder kroner i 2017.

– ConocoPhillips Skandinavia har i 2018 nok en gang levert et år med verdiskapning og sterkt finansielt resultat, skriver kommunikasjonsdirektør Stig S. Kvendseth i en e-post til Sysla.

Les hele saken HER.