Tag Archives: NCS

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

Hellenic Shipping News: Best Year For Discoveries On NCS Since 2014

Commenting on Equinor’s oil and gas discovery near the Fram field in the Norwegian North Sea, announced on 6 November 2019, senior analyst Palzor Shenga at Rystad Energy said:

“After a string of recent discoveries, 2019 is shaping up to be the most successful exploration year since 2014 on the Norwegian Continental Shelf (NCS).”

Conventional discovered resources Norway 2014 2019 million barrels of oil equivalent Rystad Energy ECube November 2019

Read entire article HERE.

World Oil: Norwegian oil, gas production continues to miss forecast targets

OSLO – The Norwegian Petroleum Directorate’s preliminary production figures for August 2019 show an average daily production of 1.647 MMbbl of oil, NGL and condensate, which is a decrease of 67,000 barrels per day compared to July.

Average daily liquids production in August was 1.353 MMbbl of oil, 267,000 bbl of NGL and 27,000 bbl of condensate. Oil production in July is 3.9 percent lower than the NPD’s forecast, and 3.7 percent below the forecast so far this year.

Read entire article HERE.

Press Release: ExxonMobil to sell Norway upstream operations for $4.5 billion

IRVING, Texas – ExxonMobil signed an agreement today with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion as part of its previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.

  •  Agreement includes ExxonMobil’s upstream portfolio in Norway
  • Part of ExxonMobil’s previously announced plans to divest $15 billion by 2021
  • ExxonMobil retains downstream refining operations and Esso-branded retail network in Norway

“Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value. This sale is an important part of our divestment program, which is on track to meet our $15 billion target by 2021.”

The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 oil-equivalent barrels per day in 2019.

Read entire press release HERE.

DN: ExxonMobil og Vår Energi bekrefter eksklusive kjøpsforhandlinger som vil gjøre det sistnevnte oljeselskapet nest størst på norsk sokkel.

Etter at DN torsdag kveld brakte nyheten om at Vår Energi vil kjøpe ExxonMobils norske portefølje, bekreftet partene diskusjonene offisielt fredag.

– Vi kan bekrefte at det er signert en eksklusivitetsavtale om videre forhandlinger mellom ExxonMobil og Vår Energi om et eventuelt kjøp av ExxonMobils eierandeler i lisensene på norsk kontinentalsokkel. Det er ikke signert en endelig salgsavtale, skriver informasjonsdirektør Anne Fougner i ExxonMobil i Norge.

– Vi har informert våre ansatte om at denne prosessen er i gang, men vi kan ikke kommentere ytterligere detaljer knyttet til hverken tidsløpet eller andre forhold, sier kommunikasjonsdirektør Andreas Wulff i Vår Energi.

Ifølge DNs kilder vil Vår Energi betale rundt 38 milliarder kroner for porteføljen. Selskapet skal ha vært villig til å betale en merpris for å få eksklusivitet i sluttforhandlingene. Planen skal være å offentliggjøre en endelig avtale i slutten av denne måneden. Disse opplysningene vil ikke selskapene bekrefte.

– Ut over det kommenterer vi ikke spørsmål knyttet til denne typen kommersielle forhold, skriver Fougner.

Les hele saken HER.

Reuters: Exxon Mobil seeks bids for Norwegian offshore assets

OSLO (Reuters) – Exxon Mobil is considering selling all of the stakes it holds in oil and gas fields off the Norwegian coast, a spokeswoman said.

Two years ago the U.S. major – the world’s largest oil company – sold its operated assets in the area. But it has retained stakes in more than 20 other fields, including Equinor-operated Snorre and Shell-operated Ormen Lange.

“Following interest expressed by several parties, Exxon Mobil has decided to open a data room to test the market interest for the upstream portfolio in Norway,” Anne Fougner said, adding that no decision to sell had yet been made.

Read entire article HERE.

Government: Announcement of Awards in Predefined Areas (APA) 2019

The Norwegian Ministry of Petroleum and Energy announces this year’s licensing round in mature areas on the Norwegian continental shelf – Awards in Predefined Areas (APA) 2019.

– I am delighted to announce this year’s APA round. We are continuing our practice of offering regular concessions on the NCS to provide the industry access to new acreage. Awarding prospective acreage is a central element in the Government’s policy. I believe the oil companies are well motivated to continuing exploring the NCS, says Minister Kjell-Børge Freiberg.

In the APA 2019, the predefined area has been expanded by a total of 90 blocks – five in the North Sea, 37 in the Norwegian Sea and 48 in the Barents Sea.

– The expansion of the APA-area is important to ensure effective exploration of larger parts of the NCS, including the Barents Sea. The expansion will give the companies access to new opportunities that can enable value creation, employment and technology development.

Read entire press release HERE.

Press Release: TechnipFMC Awarded a Significant Integrated EPCI (iEPCI™) Contract for the ConocoPhillips TOR II Development

LONDON & PARIS & HOUSTON–(BUSINESS WIRE)– TechnipFMC (Paris:FTI) (NYSE:FTI) has been awarded a significant(1) integrated Engineering, Procurement, Construction and Installation (iEPCI™) contract from ConocoPhillips for the TOR II development, located in the Norwegian sector of the North Sea at a water depth of 80 meters.

This contract covers the delivery and installation of a subsea production system including installation of umbilical, rigid flowlines and associated subsea equipment.

Arnaud Pieton, President Subsea at TechnipFMC, commented: “This is the first iEPCI™ award by ConocoPhillips. Through early engagement and collaboration, with ConocoPhillips we engineered an integrated subsea solution enabling first oil sooner than with a traditional project execution. We have partnered with ConocoPhillips in the Ekofisk area on several projects and are honored that ConocoPhillips is expanding its scope with us, embracing our innovative and comprehensive approach”.

(1) For TechnipFMC, a “significant” contract ranges between $75 million and $250 million.

Read entire press release HERE.

World Oil: Equinor reports “profitable” oil discovery from the Visund A platform

STAVANGER — Equinor has, together with partners Petoro, ConocoPhillips and Repsol, made an oil discovery from the Visund A platform in the Telesto exploration well in the North Sea. The resources are estimated at 12-28 MMbbl of recoverable oil.

Source: Equinor

“We are pleased to have made a new discovery on Equinor-operated acreage on the Norwegian continental shelf (NCS). These are profitable barrels that can be quickly tied in to existing infrastructure and generate substantial revenues for society. Infrastructure-led exploration is an important part of our roadmap for the NCS,” said Nick Ashton, Equinor’s senior V.P. for exploration in Norway and the UK.

Read entire article HERE.