Dno News

This week Esgian’s Week 50 Rig Analytics Market Roundup notes developments in the semisub sector including that Shell has decided to exercise its option on Stena Don in the North Sea but not on Deepsea Bollsta in Namibia. Meanwhile, a new contract for the Transocean Barents will see it operate in the Black Sea, and jackup Shelf Drilling Perseverance will move to Vietnam.ContractsShelf Drilling has secured a contract award for the 400ft Shelf Drilling Perseverance jackup rig with PetroVietnam Domestic Exploration Production Operating Company Limited (PVEP POC).

Esgian has published its Week 49 Rig Market Roundup highlighting new drilling activity in the North Sea and a new licensing deal in Morocco.Drilling Activity and DiscoveriesSerica Energy is continuing with plans for its four-well drilling campaign in the UK North Sea, scheduled for 2024 and early 2025. The campaign will be carried out using the semisubmersible COSLInnovator. All four wells are production wells. The first well in the campaign will be a sidetrack of an existing well (B1z) on the Bittern field.

Offshore seismic survey specialist Shearwater on Friday announced a new project with the Austrian oil firm OMV for a "pioneering" towed streamer survey with Ocean Bottom Nodes over the Berling gas and condensate discovery in the Norwegian Sea. Spanning 1040 sq.km, this hybrid survey starts in July 2023 and will last for three months. Shearwater's vessels, SW Tasman and Oceanic Vega, will lead the operations. SW Tasman will operate as an ROV node deployment vessel for first time…

Norwegian offshore vessel owner Rem Offshore on Tuesday announced it has secured multiple contracts for several of its platform supply vessels (PSV).Rem Cetus, Rem Insula and Rem Server have been extended for one year with Apache North Sea Limited in the U.K. sector. Rem have had several vessels on charter with Apache over the last years.Rem Arctic has been awarded contracts with Well Expertise (DNO Norge ASA and Wellesley Petroleum AS) for two wells supporting Deepsea Yantai…

The Norwegian oil and gas operator focused on the Middle East and the North Sea, DNO ASA said it has completed the private placement of USD 400 million of new, five-year senior unsecured bonds with a coupon rate of 8.375 percent.The bond placement received strong investor demand across international markets and was oversubscribed, said a press release from Norway's oldest oil company. The bond issue is expected to be settled on or about 29 May 2019, subject to customary conditions precedent.An application will be made for the bonds to be listed on the Oslo Stock Exchange. In connection with the bond placement, the Company has agreed…

North Sea player Faroe Petroleum published an independent valuation of its assets by Gaffney, Cline & Associates (GCA), which is said to highlight the inadequacy of DNO ASA's GBP608 million at 152p per share takeover offer.Faroe Petroleum could be worth more than USD1bln (GBP800m) according the review that values the company well above the bid made by Norwegian oil giant DNO. The findings imply a valuation for Faroe itself in the range of 186 pence to 225p per share, representing a 22% to 48% premium to DNO's offer price of 152 pence.The calculation reflects current market oil pricing and "further reinforces the board's view that DNO's offer is opportunistic and substantially undervalues Faroe"…

Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press note that it has signed a binding agreement with Equinor Energy to swap its interests in the Njord, Hyme redevelopment and Bauge development assets in return for interests in four production assets on the Norwegian Continental Shelf: Alve, Marulk, Ringhorne…

U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to focus on new growth opportunities elsewhere.Chevron is also seeking to sell assets in the British North Sea in order to focus on growing U.S.

French oil and gas giant Total has pulled out of a deepwater block in offshore Oman after failing to make commercially attractive discoveries, a senior Omani official told reporters on Monday.   Nasser Al Aufi, undersecretary at the Ministry of Oil and Gas, did not provide details regarding Total's decision.   The company signed an exploration and production-sharing agreement in December 2013 for Block 41, which lies off the Omani coast northwest of Muscat and covers almost 24,000 square kilometres of seabed with depths of up to 3,000 metres.   Aufi also said that last year Hungarian oil group MOL had pulled out from Block 34, and Norwegian oil firm DNO from Block 31.     (Reporting by Fatma Alarimi; writing by Andrew Torchia; editing by Jason Neely)

Jacob Stolt-Nielsen, 83, passed away today in the company of his family at his home in Oslo. An entrepreneur and visionary of boundless enthusiasm and energy, Jacob Stolt-Nielsen founded Parcel Tankers, Inc. in 1959 and pioneered the global trade for liquid chemicals, ultimately building what is today the world's largest chemical tanker company, Stolt Tankers. worldwide. In 1972, he founded Stolt Sea Farm, a pioneer in salmon farming, which is recognised today as a leader in high-tech aquaculture, focusing on sole, turbot and sturgeon for caviar. A year later, in 1973, he established Stolt-Nielsen Seaway A/S to provide diving and subsea services to the offshore oil and gas industry in the North Sea…

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its operations in the region despite the recent flare-up in violence. The firm could until recently only sell oil on the local Iraqi market, at lower prices than it would have got on the international oil market, due to a long constitutional fight between the region and Baghdad over independent oil sales. That changed earlier this month when the Kurdish Regional Government allowed oil firms to seek out international buyers. Oil revenue is a lifeline for the KRG, whose peshmerga fighters are fighting Islamic State militants.

Oil companies in Iraqi Kurdistan began withdrawing more staff on Friday in the siege of militants from the Islamic State to the capital of the region, with Afren became the first to announce that he was reducing their production. Shares in London-listed oil and operating in northern Iraq fell for a second day because the closure and evacuation of personnel at other sites became more likely in a region hitherto considered relatively safe compared to rest of the country. The United Islamic group considered non-Muslims and adherents of Shia Islam as apostates and in many cities that has taken control made a tough proposition: become, escape or die.

Dove Energy  and its partner Larsen Oil and Gas are repotedly negotiating with the Syrian Petroleum Company and the Ministry of Petroleum and Mineral Resources for a license to drill exploration wells in Syrian waters.Last year Syria offered four blocks offshore Syria with a total area of 5,000 square kilometers, according to a Bloomberg report in the Houston Chronicle. Dove, which started work in Syria three years ago in partnership with Norwegian oil company DNO International ASA, will invest between $5 million and $10 million on exploration in the coming 18 months in Syria. (Source: Houston Chronicle)