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Norway could offer Europe a significant gas boost
March 9, 2022
Source: Upstream

Norway could offer Europe a significant gas boost

Norway could increase gas exports to the continent by between 15 billion and 30 billion cubic metres by end of year

Former Corrib gas investor Equinor scooped €100m dividend prior to sale
Jan. 19, 2022
Source: Independent

Former Corrib gas investor Equinor scooped €100m dividend prior to sale

The board of the main Irish arm of Equinor approved a dividend payout of €100m days before the energy company sold its stake in the Corrib gas field. That is according to new accounts for Norway’s Equinor Energy Ireland Ltd which also show that the firm’s pre-tax losses increased almost seven fold to €138.9m in 2020.

North Sea oil and gas sector has decades-long energy transition role: executives
Sept. 9, 2021

North Sea oil and gas sector has decades-long energy transition role: executives

The oil and gas sector will continue playing a role in the energy transition for “decades to come,” from decarbonizing operations to capturing emissions at industrial facilities, BP production and operations head Gordon Birrell told the Offshore Europe conference Sept. 7. Birrell, together with executives from Norway’s Equinor and UK producer Harbour Energy, stressed the ability of the North Sea industry to export energy expertise and technology around the world, including carbon capture and storage, hydrogen and offshore wind projects.

Ocean Infinity acquires MMT to expand AUV and uncrewed vessel capabilities
March 3, 2021
Source: world oil

Ocean Infinity acquires MMT to expand AUV and uncrewed vessel capabilities

Ocean Infinity and MMT announced an acquisition to bring together MMT’s expertise and track record as a marine survey and data analytics provider and Ocean Infinity's robotic technology and operational expertise. Following the acquisition by Ocean Infinity, MMT will continue to operate under the MMT brand. The enlarged group will have a headcount of over 300 people and will operate from an expanded geographical footprint with offices in the US, Sweden, UK, Singapore and Norway.

Equinor taps Aker Solutions to cut CO2 emissions on Troll B & C platforms
Feb. 17, 2021
Source: world oil

Equinor taps Aker Solutions to cut CO2 emissions on Troll B & C platforms

Aker Solutions has secured a letter of intent from Equinor for the topside work on the Troll B and C platforms offshore Norway to reduce the CO2 emissions. Modifications include installation of equipment for receiving electrical power from shore via cable. This will replace power generation from gas turbines at the platforms, and thus reduce climate footprint. Scheduled for completion at the end of 2025.

Norway’s sovereign wealth fund scrutinizes its oil holdings
Feb. 5, 2021
Source: world oil

Norway’s sovereign wealth fund scrutinizes its oil holdings

Norway’s $1.3trillion wealth fund is set to take a critical look at stakes it holds in national oil companies, as its ethics council expands scrutiny of corruption in its latest set of guidelines. Oslo-based fund, has already steered away from areas such as tobacco, weapons, coal and palm oil. Norway’s sovereign wealth fund returned $123billion on its investments last year.

Solstad, Ocean Installer firm up Normand Vision deal
Aug. 14, 2020

Solstad, Ocean Installer firm up Normand Vision deal

Solstad Offshore (Norwegian offshore service company) has secured a contract from subsea contractor Ocean Installer for the Normand Vision high-capacity construction support vessel which is capable of carrying out the installation of subsea structures, umbilicals, risers and flowlines with a length of 157cm. It is equipped with a 3,000t underdeck carousel and a 150t vertical lay spread system. The contract starts in the first quarter of next year.

DOF Subsea secures new Asia-Pacific contracts
Aug. 11, 2020

DOF Subsea secures new Asia-Pacific contracts

Norwegian firm DOF Subsea has secured two new contracts in the Asia-Pacific (APAC) region. The company has received an IMR services contract from Chevron Australia to support its North-West Shelf and nearshore subsea assets in Australia. DOF Subsea will provide Chevron with DP vessels, remotely operated underwater vehicles (ROVs), autonomous underwater vehicle (AUVs), and intervention, inspection, management and engineering services.

Remazel engineering gets Jotul FPSO upgrade contract
Aug. 7, 2020

Remazel engineering gets Jotul FPSO upgrade contract

Remazel engineering, an Italy based firm has secured a contract from Bluewater for work on the Jotun FPSO upgrade project. According to the contract, Remazel Engineering will supply the complete mooring and riser pull-in system for the FPSO. The contract includes the design and manufacturing of three windlasses of 250t and a single drum winch for riser pull in.

Neptune Energy makes major oil discovery at Dugong in North Sea
Aug. 5, 2020
Source: Reuters

Neptune Energy makes major oil discovery at Dugong in North Sea

Britain’s Neptune Energy and its partners have discovered oil at a jointly owned drilling license in the Norwegian part of the North Sea, and will now consider options for how to develop the find. The Dugong well is estimated to contain between 40 million and 120 million barrels of oil equivalent, making it the largest find off Norway so far this year.

Kvaerner bags $106M Hod platform order from Aker BP
June 11, 2020

Kvaerner bags $106M Hod platform order from Aker BP

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, Shell, Total to invest in CCS project in Norway
May 19, 2020

Equinor, Shell, Total to invest in CCS project in Norway

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 carries out "world's first" dual drilling subsea operation
May 14, 2020
Source: World Oil

Neptune Energy carries out "world's first" dual drilling subsea operation

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.

Baltic's construction will start soon
May 4, 2020

Baltic's construction will start soon

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.

DNV-GL approves Aker Solutions' carbon-capture technology
April 30, 2020
Source: World Oil

DNV-GL approves Aker Solutions' carbon-capture technology

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.

Coor lands contract extension from Equinor
April 2, 2020

Coor lands contract extension from Equinor

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.

Equinor to cut $3 billion in the wake of COVID-19
March 26, 2020
Source: Reuters

Equinor to cut $3 billion in the wake of COVID-19

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.

Cairn Energy to farm out Capricorn Norge unit
Nov. 29, 2019

Cairn Energy to farm out Capricorn Norge unit

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.

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