Tag Archives: Rystad Energy

Energy Voice: ExxonMobil’s Norway exit could break records, Rystad says

Business News, Energy,

US supermajor ExxonMobil could be looking to fetch as much as $3.1 billion through the sale of its Norwegian portfolio, according to Rystad Energy.

Rystad Energy partner Simon Sjøthun notes that a sale of this magnitude could be the largest private transaction ever recorded on the Norwegian Continental Shelf.

“The valuation implies that a combined divestment of the entire portfolio would put the transaction at the very top of pure Norwegian transactions since the SDFI spin off in 2001,” Sjøthun said, with reference to the divestment of 15% of the State’s Direct Financial Interest (SDFI) in Norwegian offshore licenses when then Statoil was partially privatized 18 years ago.

Read entire article HERE.

Bloomberg: The Curious Case of Norway’s 60 Million Barrels of Missing Oil

Business News, Energy, , , , ,

Norway has built a reputation as one of the calmest and most predictable corners of the global oil industry, but lately it’s been full of surprises.

During the worst downturn in a generation, from 2014 to 2016, companies would regularly exceed official forecasts as oil production rose in defiance of falling prices. More recently, with crude surging back to multiyear highs, they’ve run into trouble.

The Norwegian Petroleum Directorate now expects output to fall to a 31-year low in 2019, with production expected to be almost 60 million barrels short of its previous forecast for this year and in 2018. That’s 80,000 barrels a day less than expected.

Read whole article HERE.