Statoil NEWS

The Brazilian oil regulators National Agency of Petroleum, Natural Gas and Biofuels (ANP) has awarded Equinor exploration rights for the Uirapuru and Dois Irmãos blocks in the pre-salt area offshore Brazil. The Norwegian oil major joined forces with ExxonMobil (combined stake 28%) and Petrogal Brasil (14%) for the Uirapuru block, and with Petrobras and BP for the Dois Irmãos block. The exploration rights have added highly prospective acreage to Equinor’s exploration portfolio.

In order to recover remaining resources in the Oseberg Øst field, the Norwegian Petroleum Directorate has granted consent to Equinor for continued use of the facility until March 2031.The remaining oil reserves are estimated at 4.9 MMcm (31 MMbbl) at this field that is located in the northern part of the North Sea.

Equinor (formerly Statoil) has bagged nine new licenses for the UK Continental Shelf (UKCS) in the offshore licensing round. The licenses are given out by the Oil and Gas Authority, UK and are spread all across the UK shelf. The award contains one commitment well on the prospect Lifjellet in the Jæren High area. The Norwegian energy giant is all set to undertake three well exploration campaigns, this autumn.

Statoil has confirmed its new name ‘Equinor’. The name change reflects the firm’s emphasis on broader energy generation and not just on hydrocarbon extraction. Further, removal of the term ‘oil’ from its name is symbolic as the oil giant seeks to diversify its business and attract young talent concerned about fossil fuels’ impact on climate change.

Statoil, the leading oil and gas producer around the world, will witness major rebranding with a change in its name to Equinor. The new name will be recommended to the shareholders in a resolution to the Annual General Meeting, scheduled today. The Norwegian government, as a majority shareholder, backs the proposal and will vote in approval of the resolution.

Marking the beginning of the offshore mobilization of the giant field, which will be in production for more than 50 years, up to 2,400 men and women have started to mobilize for the hook-up and completion of Johan Sverdrup field in the North Sea. This is seen as a big day for Statoil and the Johan Sverdrup partnership.

The Norwegian oil major, Statoil, reported the highest net income since 2014. With this, a return to profit levels from the era of $100/bbl seems within the reach of global oil giants. Further, this is an indication of what’s in store for investors in the other major energy. Statoil stands to gain from prices supported by OPEC production cuts and geopolitical tensions.

With the aim of enhancing value creation from operated fields in Norway, Statoil plans to invest about 1-2 billion kroner in digital technology upto 2020. Digitisation shall pave the way for greater advancements in operational quality and safety in the work environment. The integrated operations support centre (IOC) with the help of digital technology will strengthen offshore and onshore interaction and also, the interaction with the suppliers and partners.