Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that make the Nordic country a major oil exporter. Linking new discoveries to existing platforms sharply reduces development costs. Source: Canada East
Billy Fredagsvik and Jørn B. Lilleby have been elected members of Norsk Hydro ASA's Board of Directors. Fredagsvik, process operator in Hydro, and Lilleby, maintenance supervisor in Hydro, replace Geir Nilsen and Ragnar Fritsvold as two of the Board’s three employee-elected representatives
Norway's state oil firm Statoil said on Friday that a strike by private sector workers would probably start cutting its oil and gas output towards the end of next week. According to company officials, production is going on as usual as the strike by 85,000 private sector workers, including about 1,000 in the oil sector, gripped Norway for a third day. Officials added that crude exports were still blocked at Statoil's 600,000 barrels per day (bpd) Mongstad terminal
According to a report in the Chronicle Herald, the Newfoundland government is not bowing to pressures from big oil to reduce its royalty rates from the proposed $5-billion Hebron heavy oil project in the North Atlantic. In April, it was announced that the Hebron project was being suspended after its partners were unable to reach a development agreement with the government of Newfoundland and Labrador. Hebron, located 350 km off the Newfoundland coast
The Board of Directors of Statoil ASA and Norsk Hydro ASA have now signed the final plan to demerge Hydro as part of the planned merger of Hydro's petroleum activities with Statoil. Hydro's shareholders will own 32.7% and Statoil's shareholders will own 67.3% of the merged company. As recompense for the transfer of Hydro's petroleum division, Hydro's shareholders will receive a 0.8622 share in the merged company for every share they own in Hydro.
Torstein Dale Sjøtveit has been appointed new president and CEO for Aker Yards ASA. Sjøtveit comes from the global industrial company Norsk Hydro, and brings a strong international top management experience. He will start in his new position with Aker Yards at the latest 1 September 2008.In March 2008, Aker Yards announced the start of a recruitment process for a new CEO. In the intermediate period, the chairman of the board of directors, Svein Sivertsen, has acted as CEO
Stolt Offshore S.A. has been awarded a $60 million EPIC contract from Norsk Hydro for the Vigdis Extension. The Vigdis Extension project includes two new templates and two new satellite structures that will be tied back to the existing Vigdis subsea infrastructure. Stolt Offshore will provide engineering, procurement and installation of 14 miles of 6-in. and 12-in. water injection and production flowlines and umbilicals. Engineering work
Smedvig has signed a contract for the sale of the semi-submersible drilling rig West Vanguard to Diamond Offshore Drilling Ltd. The agreed sales price for the drilling rig, which was built in 1982, is $ 68.5 million. The hand-over of the rig is planned for December 2002. West Vanguard is today assigned to Norsk Hydro on the Norwegian continental shelf. Smedvig will bareboat charter the rig until the end of the present contract
Oil and Natural Gas Corp. (ONGC) plans to invest over $5b to produce 25 million standard cubic meters per day (mmscmd) of gas from its eastern offshore Krishna Godavari fields by 2013. The state-run firm submitted to the regulator Director General of Hydrocarbons an appraisal program of the discoveries it had made in KG offshore basin, putting the in-place reserves at 6.37 Trillion cubic feet (Tcf), industry sources said.
Statoil ASA (OSE: STL, NYSE: STO) has agreed to sell 40% of the Peregrino field offshore Brazil to Sinochem Group. Statoil maintains 60% ownership and the operatorship of the field which is set to start production in early 2011. “The transaction confirms the high quality of the Peregrino asset, reflecting Statoil's value added through the field development. The transaction demonstrates Statoil’s ability to leverage its industrial competence developed at the Norwegian
FMC Technologies, Inc. (NYSE: FTI) announced it has signed an agreement with Total Exploration & Production Angola for the manufacture and supply of subsea production equipment for the CLOV development project. The award has a value of approximately $520m in revenue to FMC Technologies.
Jan Arve Haugan has been appointed President and Chief Executive Officer (CEO) of Kvaerner. This new engineering, procurement and construction (EPC) company is being established through a demerger of Aker Solutions. Kvaerner will be separate and listed on the Oslo stock exchange
The Directors to Kvaerner's Board have been elected. From Kvaerner's first day of trading on the Oslo Stock Exchange in July 2011, the Board of Directors will consist of five shareholder-elected members as well as three members elected by Kvaerner's employees
Aberdeen-based Hydro Group Plc, a global design and manufacturer of underwater cables and connectors for subsea, underwater, topside and onshore applications, sets sights on further international growth with opening of new Singapore office.
Aker Kvaerner will officially celebrate the expansion and state-of-the-art upgrade of its integrated subsea engineering and manufacturing facilities in Tranby, Norway on May 10. Aker Kvaerner invested NOK 65 million in 2006 and 2007 to develop the manufacturing operation into the world's most
Norsk Hydro ASA has reduced its oil and gas production target for 2007 by 3.3 percent, to 585,000 barrels of oil equivalents per day (boed) from 605,000 boed, due in large to revised production forecast for several non-Hydro-operated fields on the Norwegian Continental Shelf, including Kvitebjørn
Statoil’s registration statement on Form F-4, which includes the prospectus relating to the planned merger of Norsk Hydro’s petroleum business with Statoil, was declared effective by the US Securities and Exchange Commission (SEC) on May at 25.
Aker Kvaerner signed a contract with Subsea 7 Norway for the manufacturing and supply of steel tube umbilicals for Norsk Hydro's Vega and Troll O2 developments in the North Sea. The contract, worth $74.5 m, is one of Aker Kvaerner's largest stand-alone umbilical contracts to date.
The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term
The merger between Statoil ASA and Norsk Hydro ASA’s petroleum business is expected to be implemented on October 1, 2007, before the opening of the markets in Oslo that day. As a result, this will be the first day of trading in the StatoilHydro share
Statoil Hydro on November 27 said it has won a bid to conduct offshore exploration off Brazil. The Norwegian group was awarded two blocks offshore. The blocks, numbered CM529 and CM530, are located in sea depths of around 100 m. The licenses for the two blocks were to be operated by Anadarko
An agreement to develop the Hibernia South offshore oilfield should be complete this year, Premier Danny Williams said. More than a year ago, the Newfoundland and Labrador government rejected a proposal to develop the project, triggering fears that Williams was alienating the oil industry and
Mr. Breivik will succeed Hilde Merete Aasheim who will leave StatoilHydro on the same date to take up her new position as executive vice president of Aluminium Metal in Norsk Hydro. Gunnar Breivik is currently senior vice president of StatoilHydro's health, safety and environment cluster. Mr
Christian Lange has become the managing partner of Faststream AS, the Oslo based arm of international maritime recruitment specialist Faststream Recruitment Ltd. Commenting on the appointment, Faststream Group CEO Mark Charman said: “Christian is a shipping man through and through
Kurt Anker Nielsen has informed StatoilHydro’s nomination committee that he is resigning from his position as board member on March 25, with immediate effect as a result of the way the Ministry of Petroleum and Energy has handled the issue relating to the company name