Pdo News

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 oil and gas giant Equinor last year said that the delivery of an FPSO, being built for the Johan Castberg field development in the Barents Sea, would be delayed after the company discovered issues with the weld quality of the hull of the FPSO under construction in Singapore.In an update on Monday, Equinor said that, following the initial findings, an in-house investigation team from Equinor had studied the deviation in quality of welding and inspection of the Johan Castberg FPSO…

Delivery of the FPSO destined for Equinor's Johan Castberg field in the Barents Sea is expected to be delayed after the company found issues with the weld quality and fatigue calculations program.The FPSO hull was ordered by Equinor (then known as Statoil) back in 2017 from Singapore's Sembcorp Marine and it was at the time said that the construction of the hull was "the most time-critical delivery for the completion of the Johan Castberg project," first production from which…

The Norwegian Petroleum Directorate (NPD) has granted consent to Equinor for the extension of production on Norne FPSO with associated facilities for the Norne, Urd and Skuld fields in the Norwegian Sea.Lifetime extension granted for FPSO is for four years to March 2026, as the operator eyes additional 132m barrels from Norwegian Sea field.In its application for extension, operator Equinor has described an improved drainage strategy for the Norne field and the nearby Urd and Skuld fields.The Norne, Urd, Skuld, Alve and Marulk fields are tied in to the Norne ship. The authorities approved an amended Plan for Development and Operation…

The newly formed exploration and production (E&P) company Vår Energi is progressing the redevelopment of the Balder and Ringhorne area offshore Norway and a FEED contract for the Jotun FPSO life extension has now been signed with Aker Solutions.In total, about 20 billion NOK ($2.3 billion) will be invested in the redevelopment of the area, which includes the first NCS license area, PL 001 from 1965, said the largest independent E&P company on the Norwegian continental shelf (NCS).Part of the redevelopment, is the Balder X Project. For Balder X, Vår Energi has signed a letter of award regarding the front end engineering and design (FEED) contract for the lifetime extension of the Jotun vessel towards 2045.The contract…

Norwegian oil firm Okea is looking at four options to develop its North Sea North Sea Grevling oil discovery, which in turn could impact on the company's valuation in a deal with Thai investor Bangchak Corporation PCL (BCP), it said on Tuesday.BCP has agreed to invest 939 million Norwegian crowns ($112.25 million) in Okea to partly finance the company's 4.5 billion crowns acquisition of Royal Dutch Shell's stakes in the Draugen and Gjoea fields.Okea, which plans to list on the Oslo stock market in the next 12 months, said the deal between BCP and Okea's majority owner, private equity firm Seacrest Capital, values the Norwegian oil firm at 860 million Norwegian crowns.The valuation could fall, however, to 778 million crowns, or rise to 940 million, depending on whether or not the company is

The 22,000-tonne topside for the drilling platform was lifted into position in one single lift on the Johan Sverdrup field last weekend. Equinor and the Johan Sverdrup partners are the first users in the world of this ground-breaking technology.On Thursday, May 31, the topside for the Johan Sverdrup drilling platform sailed from the Aibel yard in Haugesund to Bømlafjorden at Stord.Here the 22,000-tonne steel structure was transferred from the barge to Pioneering Spirit, the world’s biggest heavy-lift vessel.

The licensees in the Johan Castberg and Snorre 2040 licences have decided to spend more time on the projects. “Castberg and Snorre 2040 are two major and important projects in our portfolio, and it is important that we find sound and robust development solutions for them,” says Ivar Aasheim, Statoil’s senior vice president for field development on the NCS. Statoil and its partners have put in an extensive effort to develop cost-effective solutions for the projects. “We see that our efforts have yielded results, and we are focused on reaping the full benefits of this in a way that ensures a sustainable and profitable utilisation of the resources in the Snorre and Johan Castberg fields. The recent decline in oil prices emphasises this,” Aasheim says.

Statoil’s fast-track development projects are increasing the company’s and partners’ oil and gas production through a combination of standardised subsea development solutions and utilisation of infrastructure in a manner which helps extend the lifetime of existing fields. Production start-up on Fram H-North and Svalin C marks the eighth and ninth fast-track development projects for Statoil. "Together with partners, authorities and suppliers we have been able to develop standardised technical solutions and methods of interaction that yield increased production from the Norwegian shelf," says Statoil’s head of field development on the Norwegian shelf, Ivar Aasheim. "We have achieved a lot with regard to costs, development time and HSE.

Norwegian prime minister Erna Solberg officially opened the Gudrun platform in the North Sea today, 19 August. This is the first new Statoil-operated platform on the Norwegian continental shelf (NCS) since Kristin in 2005. Gudrun is the first in a long line of new field developments operated by Statoil, and therefore it represents a new era on the NCS. The next in line is Valemon, which is scheduled for start-up later this year. Gina Krog and Johan Sverdrup on the Utsira High are next in the North Sea.

DNV GL has been recognised by the Society of Petroleum Engineers (SPE) as the organisation that has contributed most to asset integrity in the Middle East at the 2014 SPE Asset Integrity Workshop entitled “Changing the Culture, Raising the Bar” held on 13-14 May in Abu Dhabi. "It is a great honor and a privilege to have been given this SPE award for the best ‘Company Contribution to Asset Integrity in the Middle East’. Asset integrity is in the DNA of DNV GL, and this award is proof of our Middle East team’s dedication to integrity excellence” said Moss Daemi, DNV GL’s Divisional Director for Middle East, North Africa and India. With the objective of “raising the bar” in asset integrity management in the Middle East…

At 7:25 a.m. on April 7, Statoil and its partners (GDF SUEZ and OMV) started production on the Gudrun oil and gas field in the North Sea. "Gudrun is the first new Statoil-operated platform to come on stream on the Norwegian continental shelf since 2005. This is a red-letter day for the company," said Arne Sigve Nylund, Statoil's executive vice president for the Development and Production Norway business area. The new field contributes to important production from the Norwegian shelf. Statoil expects to recover 184 million barrels of oil and gas (oil equivalent) from the field.

Smit Lamnalco passed a milestone in Oman after celebrating 14‐years of continuous marine and offshore support services with no Lost Time Incident (LTI). The 5,100 day record covers support to Single Point Mooring operations 10 km off Muscat Cove for the Petroleum Development of Oman (PDO). The services, which have run since 1998, are offered by a joint venture between Smit Lamnalco and Omani partner Suhail Bahwain Group. The occasion was marked by a celebration at the Crowne Plaza Hotel in Muscat…

Statoil ASA (OSE: STL, NYSE: STO) has signed an agreement to exit the Brage licences, farm down in Gjøa and Vega and acquire a 15 % stake in the Edvard Grieg licence near the Johan Sverdrup field in the North Sea. This transaction with the German oil and gas company Wintershall gives Statoil net proceeds of USD 1.45 billion, and begins a strategic partnership between Statoil and Wintershall. The consideration to be paid by Wintershall includes a contingent consideration of USD 100 million relating to the production on Vega. "This transaction realizes significant value for our shareholders, demonstrates the value of our NCS portfolio, and further enhances the financial flexibility of Statoil.

Under an agreement, the owners of production licenses 265 and 501 will  cooperate in the planning of the Johan Sverdrup field toward an investment decision and submission of the Plan for Development and Operation (PDO). Statoil is appointed the working operator. The work will form the basis for developing and establishing the best field solution for Johan Sverdrup. An agreement for the development and operational phase will be signed between the licensees ahead of the submission of the PDO to the Ministry of Petroleum and Energy. The development of the Johan Sverdrup field is one of the main undertakings on the Norwegian continental shelf (NCS) in the years ahead, and a high-priority project for all partners in the licenses.

The Ministry of Petroleum and Energy has given the green light to the plan for development and operation (PDO) of Skuld, a fast-track development tied in to the Norne field in the Norwegian Sea. Skuld is Statoil’s fifth approved fast-track PDO, and the largest fast-track development so far. All of these fields are scheduled to come on stream by year-end 2012/early 2013.In combination, the approved fast-tracks are expected to produce almost 90.000 barrels of oil equivalent per day in 2014, Skuld accounting for more than half of this.

The warming planet and more predictable El Niño and La Niña cycles are presenting challenges and opportunities to shipping companies in ways that were not realized in the past. With each passing year we are seeing more transits along the Northern Sea Route (north of Russia) and through the NW Passage Route (through the Canadian Arctic). In addition to these climatic changes in the far northern latitudes, we are seeing short term pattern changes that are altering the face of how AWT supports shipping interests around the world. The Earth has been warming since the late 1820’s which marked the end of the "Little Ice Age". Temperatures prior to the 1820’s were much cooler allowing for glaciers to grow down through mountain valleys and along many of the colder northern latitude coastal areas.

Technip was awarded by Lundin Petroleum a lump sum contract, worth approximately €100 million, for the  Brynhild field development. This field, previously known as Nemo, is located in the Norwegian North Sea a few kilometers East of the boundary to UK waters at a water depth of around 80 meters. This project is being developed by Lundin Petroleum as operator of the field, their first in Norway. The development will consist of three wells tied back to the Shell Pierce platform in UK waters. This 37 kilometer long tie-back is based on the use of Technip’s proven technology for the reeled pipe-in-pipe production and plastic lined water injection flowlines.

Statoil's third quarter 2011 net operating income was NOK 39.3 billion, a 39% increase compared to NOK 28.2 billion in the third quarter of 2010. "Statoil delivered strong financial results in the third quarter of 2011, reflecting operational performance in line with expectations and strong oil and gas prices throughout the period," says Helge Lund, Statoil's chief executive officer. Statoil presented the long term strategy and long term growth outlook on its capital markets day in June 2011…

Statoil's second quarter 2011 net operating income was NOK 61 billion, a 129% increase compared to NOK 26.6 billion (nearly $11.3 billion) in the second quarter of 2010. The quarterly result was mainly affected by a 32% increase in the average prices for liquids measured in NOK, a 28% increase in average gas prices, a NOK 8.8 billion (over $1.6 billion) gain related to the 40% Peregrino divestment and an 18% decrease in lifted volumes, when compared to the same period last year. "Statoil delivered record net income in the second quarter of 2011, reflecting an operational performance in line with expectations, the value-creating Peregrino transaction and strong oil and gas prices throughout the period.

Oil has been proven by Statoil and its partners Det norske oljeselskap ASA and Svenska Petroleum Exploration AS on the North Sea Krafla prospect. The well is located in block 30/11 around 26 kilometres south of the Oseberg South field. Based on preliminary calculations the size of the discovery is between 12.5 and 56.5 million barrels of recoverable oil equivalent. ”Statoil has had great exploration success in mature areas during the last years,” says Gro Gunleiksrud Haatvedt, Statoil’s head of exploration on the Norwegian continental shelf (NCS).

Statoil's first quarter 2011 net operating income was NOK 50.7 billion, a 28% increase compared to NOK 39.6 billion in the first quarter of 2010. The quarterly result was mainly affected by a 33% increase in the average prices for liquids measured in NOK, a 20% increase in average gas prices, and a 12% decrease in liftings, when compared to the same period last year. "In the first quarter of 2011 we delivered good financial results and passed important industrial milestones. Through the Skrugard discovery and the new acreage awarded Statoil in the Barents Sea…

Statoil commenced production of oil from the Morvin subsea field towards the Åsgard field in the Norwegian Sea Sunday, 1 August. “The field is strategically important for further development and operation of activities in the Norwegian Sea,” said Ivar Aasheim, head of the Operations North cluster in Statoil. Located 20 kilometres west of the Åsgard B platform on the Halten Bank, Morvin is a subsea development with two templates and four production wells. The well stream is led through a 20-kilometre long pipeline to the Åsgard B platform for processing.