Oil And Gas Portfolio News

Equinor and Chappal Energies have entered into an agreement for the sale of Equinor Nigeria Energy Company (ENEC), which holds a 53.85% ownership in oil and gas lease OML 128, including the unitised 20.21% stake in the Agbami oil field, operated by Chevron.Equinor has been present in Nigeria since 1992 and has played a significant role in developing Nigeria’s largest deep-water field, Agbami. Since production started in 2008, the Agbami field has produced more than 1 billion barrels of oil…

Global miner BHP Group is considering getting out of oil and gas in a multibillion-dollar exit as it looks to speed up its retreat from fossil fuels, Bloomberg News reported on Tuesday, citing people familiar with the matter.The world's biggest miner is reviewing its petroleum business and considering options including a trade sale, the report said, adding that the deliberations were still at an early stage and no final decision has been made."BHP does not comment on rumor or speculation…

London-based BP Plc BP has completed the $10.5-billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio, in a move that upgrades and repositions its American onshore business.The portfolio includes assets in the highly-prized Permian-Delaware basin in Texas, along with two premium positions in the Eagle Ford and Haynesville basins in Texas and Louisiana (see map, below).The assets currently produce 190,000 barrels of oil equivalent (boed) per day, of which about 45% are liquid hydrocarbons.Key to unlocking their full potential is BP’s innovative Lower 48 team…

Just days after Deepwater Wind said its Block Island Wind Farm has begun delivering electricity into the New England region’s grid, Statoil reports that it has been declared the provisional winner of the U.S. government’s wind lease sale of 79,350 acres offshore New York. Statoil will now have the opportunity to explore the potential development of an offshore wind farm to provide New York City and Long Island with a significant, long-term source of renewable electricity. Statoil submitted a winning bid of $42,469,725 during the online offshore wind auction concluded by the U.S. Department of the Interior's Bureau of Ocean Energy Management (BOEM).

Statoil today enters the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm. Statoil and E.ON also announced the final investment decision on the 385 megawatt project. The estimated total investment for the project will be in excess of EUR 1.2 billion. The Arkona wind farm will provide renewable energy for up to 400,000 households in Germany, making it one of the largest ongoing offshore wind developments in Europe. “We are pleased to announce our decision to develop this significant offshore wind project together with E.ON. This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions,” says Eldar Sætre, Statoil’s president and CEO.

Brazil's state-run oil company Petroleo Brasileiro SA said on Friday it plans to sell its rights to 104 onshore oil and gas concessions, part of efforts to raise cash and focus increasingly scarce capital on more profitable offshore assets. The company, known as Petrobras, said in a securities filing that 98 of the areas are producing fields. Oil output from those areas is about 35,000 barrels a day, or less than 2 percent of the company's petroleum output and less than some single wells in Petrobras' giant offshore Lula field. The Petrobras statement did not say how much natural gas the areas produce. Six of the areas are still in the exploratory phase. Small Brazilian and international oil companies have long called on the company to sell the bulk of its onshore oil and gas portfolio.

Statoil has made the final investment decision to build the world’s first floating wind farm: The Hywind pilot park offshore Peterhead in Aberdeenshire, Scotland. The decision triggers investments of around NOK 2 billion, realizing a 60-70 percent cost reduction per MW from the Hywind demo project in Norway. Statoil will install a 30 MW wind turbine farm on floating structures at Buchan Deep, 25 kilometers offshore Peterhead, harnessing Scottish wind resources to provide renewable energy to the mainland. The wind farm will power around 20,000 households. Production start is expected in late 2017. “Our objective with the Hywind pilot park is to demonstrate the feasibility of future commercial, utility-scale floating wind farms.

Statoil appoints new chief financial officer (CFO), and launches business area for New Energy Solutions (NES). Three new executive vice presidents (EVPs) are appointed as members of the corporate executive committee (CEC). CFO Torgrim Reitan is appointed EVP for Development & Production USA (DPUSA) after Bill Maloney decided to not prolong his contract with Statoil. Hans Jakob Hegge is appointed new EVP and CFO. Hegge comes from the position as senior vice president for Operations North in Development & Production Norway. Irene Rummelhoff is appointed EVP for New Energy Solutions, and Jens Økland new EVP for Marketing, Midstream & Processing (MMP). Rummelhoff and Økland start in their new positions 1 June 2015. Reitan and Hegge will start in their new positions 1 August 2015.

3sun Group, a specialist provider of products and services to the global energy industry, announced the acquisition of RRC Controls Services Ltd., based in Gourdon Aberdeenshire. The deal, worth a six figure sum, is part of 3sun Group’s plans to expand its footprint in Aberdeen and enhance its service offering to the energy industry. The acquisition of RRC Controls Services, an established manufacturer of subsea control systems for the offshore oil and gas industry, will allow 3sun to provide the global subsea market with full turnkey engineering solutions.

Hydro has entered into an agreement to sell its 10 percent stake in production licences PL064, PL077, PL078, PL097, PL099, PL100 and PL110 in the Norwegian offshore sector, including the Snøhvit gas field development. The buyer is Statoil ASA. At the same time Hydro also entered into another agreement: The purchase of a two per cent interest from Statoil in the PL134B and PL199 licences, including the Kristin field. The Snøhvit transaction is expected to result in an estimated accounting gain for Hydro of approximately NOK 100 million, after tax. "We are very satisfied with the agreements. This is a result of Hydro's active management of the company's oil and gas portfolio, and in line with Hydro's strategic positions.