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Norwegian oil company Aker BP has ordered the topside and steel substructure from Kvaerner for the normally unmanned wellhead platform at the Hod field. This is the second project in the wellhead platform alliance, which was established between Aker BP, Kvaerner, ABB, and Aker Solutions. The contract has a value of approx. NOK 1 billion (USD 106 million) for Kvaerner.
Equinor, Total and Shell intend to set up a joint-venture company and initially invest close to NOK 6.9 billion (USD 682.3m/EUR 629.4m), with some 57% of the amount going to Norwegian contractors. Northern Lights is part of the Norwegian full-scale CCS project which will include capturing carbon dioxide (CO2) from up to two industrial plants.
Neptune Energy has conducted what is reportedly the “world’s first” dual drilling operation from an integrated subsea template structure at the Fenja field in the Norwegian North Sea. Neptune teams maximized the full capabilities of Seadrill’s West Phoenix drilling rig to drill two wellbores at the same time. This is a monumental step and can be adopted as a standard practice in the future.
Polish President Andrzej Duda has informed that the construction of Baltic, a new pipeline, will commence soon. This major gas pipeline from Norway will mark the independence of Poland from Russian gas. Its capacity is said to be 10 billion cubic meters of gas per year. Italian oilfield services major, Saipem who will take care of pipeline's construction said that the contract is worth $307 million.
Norwegian accredited registrar, DNV GL has approved Aker Solutions' carbon capture and heat recovery technology as qualified, paving the path for a full-scale demonstration project in Norway to eliminate carbon emissions at a cement plant. The post-combustion technology developed by Aker intends at capturing and liquefying 400,000 tons per year of the released carbon dioxide at the Norcem plant.
Sweden-based Coor has landed a contract extension from Norwegian energy major, Equinor for offshore facility management. The contract extension is a direct continuation of Coor's March 2015 contract. Coor has been delivering facility management services to five Statfjord and Snorre oil platforms for 5 years. The contract agreement is estimated to cost Equinor ~$19.8m each year and the latest extension will come into effect from July, 2020.
Norwegian oil major, Equinor has been aiming to cut around $3 billion in investments, exploration drilling and operating costs in order to navigate through coronavirus crisis and low oil prices. In a statement, Equinor affirmed that the new measures will allow its operations to be cash-flow neutral in 2020 at an average oil price of around $25 per barrel. Equinor has already terminated a $5 billion share buyback program.
Exploration and development firm, Cairn Energy has entered into an agreement to farm out its stakes in Capricorn Norge to Solveig Gas. The deal will fetch Cairn $100m, apart from the customary working capital adjustments, upon completion of the transaction. Capricorn Norge owns a 10% interest in the Nova field, where Wintershall Dea is the operator. Cairn intends to use the proceeds from the transaction to fund its ongoing business.
Aberdeen-based contractor, Dolphin Drilling’s Borgland Dolphin semi-submersible drilling rig has landed more work from AS Norske Shell. Under the contract, Dolphin will provide rig support for drilling and completion operations on a gas producer well on the Knarr field. Work is slated for commencement in early 2020. The contractor will be working under the operator’s One Team system with integrated drilling and completions providers.
Oil supermajor Exxon Mobil has reached an agreement with Var Energi to farm out its Norwegian oil and gas assets in a $4.5 billion deal. The deal will bring an end to Exxon’s upstream operations in Norway, where it has been present for more than a century. The $4.5 billion deal is part of Exxon’s divestment strategy to let go of $15 billion worth of nonstrategic assets by 2021.
Oil supermajor ExxonMobil has confirmed that it has signed an exclusivity agreement with Var Energi. This agreement will enable further negotiations on the possible sale of Exxon's Norwegian upstream assets. But the oil giant has informed that the final aggrement is yet to be signed. ExxonMobil is ready to sell its stakes in 20 partner-operated fields. This decision has been taken two years after Exxon sold its operated assets.
The Norwegian engineering firm, Aker Solutions is bidding for contracts worth approximately £5 billion. And two-third of these contracts are for subsea jobs. In the first-half of the current fiscal year, the company won 74 front-end orders, one more than in the same period last year. Also, its revenue rose to 25% in the first half the year.
Norway's Eni (70%) and its partner Vitol (30%) has been awarded rights to Block WB03. The block is located in the prolific Tano basin, offshore Ghana. Apart from Vitol, the joint venture will have the Ghana National Petroleum Corporation (GNPC) and a local registered Company. Eni will be the operator of the license. This license will help Eni strengthen its presence in the country.
Austrian oil firm, OMV and Equinor have come together for offshore Norway projects. Both the companies will simultaneously work on the Wisting development in the Barents Sea. Also, they will work on the concept development for the Hades-Iris discovery. Equinor’s Nylund said, "It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players".
The Norwegian firm Prosafe has signed a deal to acquire Bermuda-based Floatel International. Amid the need for consolidation in the market facing overcapacity, Prosafe will create the “world’s largest” offshore accommodation company at Floatel. The value of the deal is undisclosed yet and the new company will be named as Prosafe SE. Following the deal’s completion by Q3, Prosafe shareholders will own 55% shares, with Floatel shareholders owning 45%.
According to the executives at the Norwegian energy giant, UK’s significance is increasing for Equinor owing to landmark projects in the North Sea. “It is clearly one of the most important countries in our international portfolio. We have 30 countries in there, including three very significant ones – Norway, Brazil and the US”, said the Executive VP for development and production international at Equinor, Torgrim Reitan.
Energy major, Equinor yesterday released Q1 earnings, reporting $1.54 billion in profits. The Norwegian firm saw a 4% rise in profits from Q12018, as total equity production in the quarter rose to 2,178 million barrels of oil per day (Mboe/day). Conferring to the results, Equinor said that the results were impacted by lower prices, even though the level of production remained consistently high.
Partners Group, a Swiss private equity firm will acquire CapeOmega for nearly $1.34bn. CapeOmega is a Norwegian midstream infrastructure company which was incorporated in 2014. MD of Partners Group Private Infrastructure Europe said, "Partners Group welcomes the opportunity to partner with a well-respected and experienced management team to realise the associated infrastructure expansion potential for CapeOmega in one of Europe’s key natural gas supply hubs”.