Statoil awards Johan Sverdrup contract to Samsung
Samsung has won a construction contract for Statoil’s flagship Johan Sverdrup project worth NOK7million.
Statoil
Statoil starts construction on flagship Johan Sverdrup
Construction for Statoil’s flagship Johan Sverdrup project has officially begun. Today, Kværner metal worker Stian Myrvold Green flipped the switch on the machine tasked with cutting steel for the riser platform jacket.
Lack of work forces Statoil to cancel rig contract
Statoil has been forced to cancel a rig contract more than a year than originally agreed.
Statoil looks to Rolta to cut costs
Statoil has brought in IT specialists Rolta in to help identify operational efficiency improvements.
Statoil’s Aberdeen base safe amid company cuts
Statoil’s growing Aberdeen base will be safe from the firm’s latest round of job cuts, a spokesman confirmed. The firm announced earlier today it would cut up to 2,000 posts, comprised of permanent and consultant positions, by the end of 2016. The move is part of the Norwegian operator’s robust austerity measures.
Statoil to reduce workforce by up to 2,000
Statoil today confirmed it would cut 1100 to 1500 permanent positions by the end of next year. The firm cited standardisation for the decrease. "We regret the need for further reductions, but the improvements are necessary to strengthen Statoil’s competitiveness and secure our future value creation," said Anders Opedal, executive vice president and chief operating officer in Statoil. The firm confirmed a further 525 consultant posts would also be cut. More to follow.
Norway’s Statoil could cut workforce by 2,000, report says
Norwegian energy firm Statoil could lay off another 2,000 employees by the end of 2016, business daily Dagens Naeringsliv (DN) said on Friday.
Statoil to make safety improvements after audit
An audit by the PSA (Petroleum Safety Authority) Norway has criticised Statoil over an alleged failure to monitor the condition of safety-critical blowout preventer equipment on a pair of North Sea platforms. Between October 2014 and January 2015 the PSA conducted the audits at Oseberg B and Gullfaks C. The authority said the findings were applied primarily to the BOP (Blowout Preventer) system which had been chosen as a particular object of verification during the audit.
Statoil signs joint venture contract for Johan Sverdrup topside
Statoil has signed a joint venture contract with Kvaerener and KBR worth NOK 6.7billion on behalf of the Johan Sverdrup partnership. The contract includes engineering, procurement and construction (EPC) of the topside for the Johan Sverdrup utility and living quarter platform. The utility and living quarter platfrom consists of two modules, one utility module and one accommodation module. Fabrication of the utility module will be done by subcontractors in Poland under management of Kvaerner and completed at Stord Norway.
Statoil wins Nicaraguan licenses
Statoil has been awarded four licenses off the coast of Nicaragua. The award will give the company its first acreage in the region. The licenses awarded cover 16,000sq km in the Sandino basin and Statoil will have an 85% interest as well as acting as operator.
Statoil internal investigation finds Gudrun leak could have ‘been fatal’
An internal investigation by Norwegian oil company Statoil into a gas leak on the Gudrun platform as been classified as the 'highest degree of seriousness'. The report into the incident, which happened in February, found the outcome could have been fatal if anyone had been exposed to the leak. A spokesman said the a gas leak of its size represented a "major incident potential" if ignited.
Statoil eyes acquisition opportunities
Statoil,Norway’s biggest oil company, is keeping a close watch of acquisition opportunities after a crash in crude prices. “Acquiring barrels might be cheaper than exploring for barrels, so we are monitoring it very closely,” Torgrim Reitan, the Stavanger-based company’s chief financial officer, said in an interview with Bloomberg TV Monday. “There are a lot of assets for sale. But I think it’s fair to say that high-quality assets are still not cheap.” A 50 percent drop in oil prices in the second half of 2014 has already led to the biggest takeover deal in the industry in at least a decade, with Royal Dutch Shell Plc’s $70 billion move for BG Group last month. At the same time, oil companies such as Total SA are selling assets to reduce investments and bolster cash reserves to pay investor dividends.
Statoil granted new drilling permit
Statoil has been granted a drilling permit by the Norwegian Petroleum Directorate (NPD). Wellbore 6407/8-7 will be drilled from the Transocean Spitsbergen drilling facility. The well's licence, which is the first in the venture, concerns the drilling of a wildcat well in production licence 348 C, which was awarded in February.
BG chief executive welcomes Shell bid with ‘mixed emotion’
The chief executive of BG Group said he welcomed the takeover bid by oil major Shell with "mixed emotions". The deal, was announced just months after former Statoil boss Helge Lund, took up his new role. Lund said there was still work to be done before the deal would be finalised.
Statoil completes sale of assets in Shah Deniz to Petronas
Statoil has completed the sale of its share in the Shah Deniz production sharing agreement to Petronas. The Norwegian company sold off its 15.5% participating interest in Shah Deniz, 15.5% share in the South Caucasus Pipeline Company, 15.5% share in the SCPC holding company and 12.4% share in the Azerbaijan Gas Supply Company (AGSC).
Statoil spuds Bister well
Statoil has spudded the Bister exploration well in the Norwegian Sea. The company is operator of the well in licence PL 348/C, which also contains the producing Hyme field and the 2013 Snilehorn discovery. The licence is located adjacent to the producing Njord field.
Norway seeks permission to help support Statoil project
Norway is set to ask the European competition authorities whether it can provide state support to energy firm Statoil in a bid to bring oil and gas to the shore from its Johan Castberg field in the Arctic. The country's oil minister, Tord Lien, said bringing it to shore would provide more benefits. Statoil had initially planned to pipe the oil to an onshore loading terminal, but deemed it too expensive and said pumping it onto tankers at sea might be a more viable option.
Statoil chief says more oil deals likely after Shell-BG merger
The chief executive officer of Norway’s largest oil producer said the industry will probably see more deals after Royal Dutch Shell Plc’s $70 billion to BG Plc, especially if crude prices remain depressed. “All player are looking now at opportunities,” Eldar Saetre, said in Washington on Friday. “There could be more deals. It depends on the oil price, if prices stay low players will get distressed and look for deals.” Saetre said that the high valuation expectations of potential sellers was “still a problem.”
Energy minister to open new Norwegian gas field
Norway’s petroleum and energy minister was expected to open the Valemon gas and condensate field in the North Sea. The expected recoverable reserves from the field are estimated at around 192million barrels of oil equivalent. Valemon is the first new Bergen-operated platform since Kvitebjorn was put on stream 10 years ago.
Statoil board member resigns
A member of the Statoil board of directors is set to resign from her position. Catherine Hughes will leave her current position in a bid to "avoid potential conflicts of interest" following a recent change of circumstances.
Statoil may further reduce headcount
Statoil could reduce its headcount by more than 2,000 staff as it looks to make cost savings following the oil price decline. According to reports, the move would affect engineering staff – particularly workers drilling and maintaining wells – as well as administrative staff.
Statoil makes oil discovery in Gulf of Mexico
Statoil has made an oil discovery in its Miocene Yeti Prospect in the Gulf of Mexico. The Norwegian company said the Yeti discovery was made in Walker Ridge block 160, which is located around 15 kilometre south of the Big Foot field and 11 kilometres from the Cascade field. Jez Averty, Statoil's senior vice president for exploration in the North Sea, said: “The Yeti discovery expands the proven sub-salt Miocene play further south and west of the Big Foot field.
Statoil makes Tanzania gas discovery
Statoil has made a new gas discovery in Tanzania. The Norwegian company said the Mdalasini-1 exploration well had resulted in the new find. The discovery of an additional 1.0-1.8trillion cubic feet (tcf) of natural gas in the well brings the total of on-place volumes up to approximately 22 tcf in Block 2. Nick Maden, senior vice president for Statoil's exploration activities in the Western Hemisphere, said: “The Mdalasini-1 discovery marks the completion of the first phase of an efficient and successful multi-well exploration programme offshore Tanzania."
Statoil appoints new chief operating officer
Statoil has appointed a new chief operating officer within the company. Anders Opedal has also been appointed executive vice president in the role change. He will take up his new positions from April 1, and will be responsible for the company's corporate improvement programmes and for driving operational efficiency.
Statoil gains 14 leases in Gulf of Mexico region
Statoil has successfully bid on 14 leases in the Gulf of Mexico region. The company was the highest bidder on the leases in the US Department of the Interior’s sale which took place in New Orleans. Jez Averty, Statoil’s senior vice president of exploration in North America, said: “The acreage high bid today, completes our ownership of the Monument prospect, brings additional prospects in to our portfolio and strengthens our position in prioritised areas of the US Gulf of Mexico.”