Shell Sells some Norwegian Assets

Thursday, August 02, 2007
A/S Norske Shell announced that the company has entered into an agreement with E.ON Ruhrgas Norge AS to sell its 28% equity interests in the undeveloped Skarv and Idun fields for US$ 893 million. The agreement covers the licenses PL-159, PL-212, PL-212B and PL-262 in the Norwegian Sea.

David Loughman, Managing Director A/S Norske Shell, said: "We remain fully committed to Norway and continue to consider this to be a key area of growth within our European business. We are currently making major investments on the Norwegian Continental Shelf. The Ormen Lange development, where Shell assumes operatorship in November 2007, is very important in our growth strategy. We are currently investing in increased output from the Shell operated Draugen asset, the development of Gjøa and further development of the Statfjord, Troll, Kvitebjørn and Valhall assets. In addition we continue a very active exploration drilling program in the deep-water areas of the Norwegian Sea."

"The divestment of Skarv and Idun is part of the active management of Shell's portfolio-based strategy. We are committed to focussing on assets where we can best use our people, capital and technologies for competitive long-term returns and on a global basis. As any healthy business should, we continually evaluate our portfolio to ensure that the fields, which we own, are those where we can add most value."

The sale is subject to the relevant regulatory approval and is expected to be completed by end 2007.

The Skarv and Idun development will be located in the Norwegian Sea, 200 km west of Sandnessjøen, in water depths of between 350 and 450 meters. The fields are located in Production Licenses PL212, PL262, PL159. It consists of the Skarv gas and oil field and the Idun gas field. Both fields contain hydrocarbons at three reservoir levels and the total recoverable resource basis is estimated to 16.8 MSm3 of oil and condensate and 48.3 GSm3 of rich gas.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

FPSO Trio Receives Side Shell Protection

SPS Overlay has yet again been used for side impact protection on three FPSOs for a major player in the offshore industry. The work was carried out at Enseada do Paraguaçu S.

Vard Wins Farstad's OSCV Contract

Vard Holdings Limited (“VARD”) has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (“OSCV”) for Farstad Shipping (“Farstad”).

US Jury Rules in Favor of Apache Corp.

Apache Corp was not in breach of contract in a lawsuit brought by Houston-based oil and gas producer W&T Offshore Inc in 2011, a federal jury found on Monday, according to a court filing.

Navigation

Port of Amsterdam to Reward Green Barges

The cleaner the vessels, the larger the discount on Inland Harbour Dues. Port of Amsterdam will be joining the Green Award program for inland barges on January 1,

Panama Canal Expansion Moves Ahead

The works for the grout curtain to protect the foundation of Borinquen 1E Dam concluded today. The grout curtain is 2.4 kilometers long and 15 meters deep under

World Magnetic Model Updated

NOAA and British Geological Survey make critical changes to World Magnetic Model to ensure accurate navigation   NOAA officials announced today the World Magnetic Model (WMM),

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1526 sec (7 req/sec)