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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”.
Some of the installations of Equinor were scheduled for a shutdown in the near future. But, the Norwegian company has now received approval from the authorities for extending the life of eight installations on the NCS during the last three years. The life extension has been given to Gullfaks A, B and C (2036), Oseberg East (2031), Snorre A and B (2040), Norne (2036) and Åsgard A (2030).
Norway’s Government Pension Fund Global (GPFG) recent decision to pull off investment in global oil and gas exploration firms is expected to affect India’s oil and gas sector as well. The world’s largest sovereign wealth fund has so far made $7.39 billion-investment in Indian firms, out of which RIL ($485.19 million), ONGC ($108.74 million), Indian Oil ($61.6 million) and Oil India ($2.03 million) are some of the big names.
Rowan Companies has secured a seven-well program for its N-class jack-up rig, Rowan Viking from Lundin Norway AS. The ultra-harsh environment rig will be deployed in Norway for a minimum duration of 265 days. Work under the contract is likely to begin in second-quarter/third-quarter 2020. The contract also has four additional one-well priced options.
Lundin Norway AS has awarded a sizeable contract to EPC giant, TechnipFMC for the Luno II and Rolvsnes development in the North Sea. The contract requires TechnipFMC to deliver and install subsea equipment including umbilicals, flexible jumpers, rigid flowlines, and subsea production systems. The EPCI contract is estimated to be around £190-£380 million.
DNO Oman Block 8 Limited has given up operatorship and participation in Oman Block 8 to Sultanate of Oman's Ministry of Oil and Gas and state-owned Oman Oil Company Exploration and Production LLC, informed DNO ASA. DNO Oman Block 8 Limited is a subsidiary of DNO ASA. In the handover ceremony held at Muscat, DNO’s MD informed that Block 8 produced 35 MMbbl of oil.
Norway’s energy company, Equinor has completed the sale of its two non-core discoveries on the Norwegian Continental Shelf (NCS). Both the discoveries were announced in October 2018. The first sale worth $250 million, was of a 77.8% operated interest in the King Lear discovery to Aker BP. The second sale worth $220 million, was of 42.38% non-operated interests in the Tommeliten Unit (PL044 TA) and 30% in PL044 to PGNiG.
Norwegian energy major, Equinor has announced the replacement of accounting firm, KPMG with EY in 2019. Final decision with regard to EY’s appointment will be taken at Equinor’s Annual General Meeting in May, 2019. KPMG lost to EY following a competitive audit tender. KPMG will carry out Equinor’s audit for the current financial year. KPMG and EY are part of the ‘big four’ global auditing firms.
Houston-based Fairfield Geotechnologies has farmed out its Seismic Technologies business. The firm informed today that it entered into an agreement with Norway-based Magseis ASA. Fairfield’s Seismic Technologies business comprises of data acquisition, nodal and system sale & rental activities. Magseis will also get ownership of all shares in Fairfield's wholly-owned, WGP Group.
Aker Solutions has signed a huge subsea deal with CNOOC. Under this deal, which is worth more than £158 million, Aker will supply umbilicals and subsea production system for the Lingshui 17-2 gas field. This project is located almost 5000 feet deep and is CNOOC’s first project at this depth. The work scope includes connecting the subsea development to a new, semisubmersible platform and more than 930 miles of umbilicals.
Equinor has signed a framework agreement with Norway Rowan. The Rowan Stavanger jack-up rig has won a £17.7million contract for drilling work at Equinor’s Gurdrun field. Under the scope of the contract, the rig will drill two wells for five months. It has five extension options that are not included in the initial contract value. The framework agreement gives the operator exclusive rights to the rig.
Norwegian oil major, Equinor has entered into an agreement to farm out its non-operated interests in the Tommeliten discovery to PGNiG. The Tommeliten field, containing gas/condensate, was discovered in 1976. This $220 million transaction follows the recent sale of Equinor’s King Lear discovery to Aker BP. Equinor will also divest its 30% stakes in another block of acreage. ConocoPhillips is the operator of both the blocks.