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Norsk Hydro

Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway

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


New Members Elected to Hydro's Board

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


Strike Forces Statoil To Cut Off Supply

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


Newfoundland Stands Firm on Hebron Royalties

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


Merger Plan Bigned Hydro, Statoil

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.


New CEO for Aker Yards

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 Awarded $60M Contract in Norway

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 Sells West Vanguard

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


Sinochem Becomes Partner in Peregrino Field

Photo courtesy Annette Westgård, Statoil

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


Kvidal Named Yara Int'l Acting CEO

Torgeir Kvidal is appointed Acting CEO of Yara International

Torgeir Kvidal is appointed Acting CEO effective 7 October 2014, and Jørgen Ole Haslestad has resigned as Yara CEO. "Yara's Board have concluded that Haslestad is not the right person to lead the company going forward, also in light of the on-going talks with CF Industries. Haslestad would not have a role in a potential merged company," says Leif Teksum, Chairman of the Yara Board of Directors. "I would like to take this opportunity to thank Jørgen for his


Norway to Retain Statoil Stake

Prime Minister Erna Solberg (Photo: http://www.regjeringen.no)

Norway's right wing government will retain its current holding in oil and gas firm Statoil , backing off a pre-election proposal to cut the stake to about 50 percent from the current two thirds of the shares.   The government led by the Conservative Prime Minister Erna Solberg has pledged


Yara Names Brandtzæg New CEO

The board of directors of Yara International today announced the appointment of Svein Richard Brandtzæg as the company's new President and Chief Executive Officer. He will succeed Jørgen Ole Haslestad by February 2015. Brandtzæg currently serves as President and CEO of Norsk


Hydro Deck Delivers Ichthys LNG Project Modules

Hydro Deck in action: Photo courtesy of AG&P ALE Ventures

AG&P ALE Ventures Pty Ltd., an Australian-based consortium says it has successfully deployed its proprietary mobile port solution, the Hydro Deck, to deliver the first modules to the Northern Territory’s largest-ever construction project, the INPEX-operated Ichthys LNG Project


Statoil’s President & CEO Helge Lund Resigns

Helge Lund assumed the role as President and CEO of Statoil on 16 August 2004.

Statoil President and CEO Helge Lund has informed the company's board of directors that he will resign. Helge Lund has chosen to leave Statoil to take up the position as CEO of another international oil and gas company. The board of directors has appointed Eldar Sætre as acting president


ONGC to Invest Over $5B in Offshore Gas Finds

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


StatoilHydro Plan for Completion of the Merger

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 wins Offshore Brazil Bid

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


Hibernia South Deal to Follow Hebron Agreement

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


Breivik Acting Exec VP - StatoilHydro

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


Lange New Faststream Partner

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


Nielsen Resigns from StatoilHydro

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


FMC $520M Order for Total's CLOV Development

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.


Haugan CEO of Kvaerner

 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


Kvaerner Announces Election of New Board Members

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


Hydro Group Reports International Growth

Doug Whyte, Hydro Group managing director with Steve Ang, who will head-up the Hydro Group Singapore office. Photo: Hydro Group

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.






 
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