Energy Ticker

26/11/2014

Russia's first Arctic offshore installation

Russian oil company Gazprom Neft recently announced that the third oil cargo from the Prirazlomnaja platform in the southeastern part of the Barents Sea is on its way to the market. In total, nearly 1.5 million barrels of crude has been extracted from the field, which started production in December 2013. The field is the first offshore development in the Russian part of the Arctic. Currently there are only production in one well on the field. The company plans to drill more wells in 2015. Gazprom reviews the project as the first in the world where oil is extracted offshore in the Arctic from a stationary platform.

Source: Tu.no
26/11/2014

Fears the oil price will collapse

The world's biggest oil producer sits on his hind legs. Oil prices are reaching their lowest level in four years right before the organization of Petroleum Exporting Countries (Opec) upcoming summit in Vienna, after skepticism towards the members` ability to agree on a production cut that will increase current price levels. - Unless Opec act, I think we will see this market fall apart, and reach a new 10 dollar drop from current level, says Investment Manager Hakan Kocayusufpasaoglu in the Swiss hedge fund Archbridge Capital. CNBC says the Opec meeting is the "most important oil meeting in 30 years." A fall in oil prices of more than 30 percent since just before the summer is largely due to the world's largest oil consumer, the US, which has practically become self-sufficient through production of shale oil and gas. Simultaneously, a weaker demand growth from China and the euro zone push prices down also on the demand side.

Source: Dn.no
26/11/2014

The oil industry gathered to solve the challenges

Minister of Petroleum and Energy Tord Lien was the first to enter the podium during Wednesday's OG21 Forum in Stavanger, where the industry met to discuss how to solve the challenges of rising costs and fewer discoveries. Not surprisingly, profitability on the Norwegian shelf was the Minister`s main topic. - The cost level in the oil industry has increased significantly, which has been possible due to the simultaneously increased oil prices. But now we have a profitability challenge on the Norwegian shelf and a fall in oil prices makes it even more important to deal with this challenge, Lien said and pointed out that low profitability is the reason why several projects already have been postponed. - This represents great value for us all, and substantial employment. Those who have licenses on the shelf are also obliged to make use of these the best way possible. It also implies a duty to keep the cost level from declining further, the minister said. To overcome the profitability challenges Lien believe it is vital that the industry realizes that they are all in the same boat. – The next step is to get a common understanding of the reality. Then we together we can figure out how to combat it, the minister said.

Source: Tu.no
20/11/2014

Jordbær Sørøst well is spudded

BG Norge has started the drilling of exploration well Jordbær Sørøst in PL 373 S, which is located in the northern part of the Tampen area on a water depth of 410 meters. The main target of the drilling is to examine the hydrocarbon potential in the so-called Cook formation in the Jordbær Sørøst structure. It is expected that the Cook formation contains light oil with the same characteristics as in Jordbær Central and Jordbær Vest. After the exploration, the well will be permanently plugged and abandoned. The partners in PL 373 S are BG Norge (operator with 45 percent ownership), Idemitsu (25 percent), Wintershall (20 percent) and RWE Dea (10 percent).

Source: Petro.no

Press Contact


Verena Sattel
Communication Manager North Sea, Spokesperson

verena.sattel[at]wintershall.com