Energy Ticker

23/10/2014

Oil tax stands in the way of Arctic oil activities

States and international oil companies see Arctic as an important source of future oil and gas production. But high costs and risks associated with operations in the area means that an attractive tax regime is essential for developments to be commercially viable. This says analyst Will Scargill in the research and consulting firm Global Data. According to Scargill, Norway's high taxes is a challenge for commerciality compared with Russian, Canadian and American Arctic fiscal regimes. - In contrast to Russia, that introduced tax incentives for arctic oil and gas developments earlier this year, Norway does not provide special incentives for its oil and gas industry. Norwegian fiscal conditions were made even less attractive in May 2013, when the government reduced the uplift from 30 to 22 percent over four years, says Scargill.

Source: Petro.no
23/10/2014

Want one giant development instead of three small

Norwegian authorities hope that Lundin`s recent Alta discovery may be the key to get in place one giant development in the Barents Sea. Preliminary estimates show that the two Lundin discoveries Alta and Gohta contain a total of between 200 and 630 million barrels of oil equivalents. Including Statoil`s Johan Castberg discovery the area contain up to one billion barrels. – The Alta discovery has lifted the mood. It is an important discovery for the entire industry and especially for the development of the Barents Sea. This is because the discovery was made in an area where we have made significant discoveries in the past, like Johan Castberg and Gohta, yet we have struggled to prove sufficient additional resources. Now we have a cluster of discoveries that can be coordinated, says exploration director Sissel Eriksen in the Norwegian Petroleum Directorate (NPD).

Source: Offshore.no
21/10/2014

The oil industry is still male dominated

During ONS in 2006 Prime Minister at the time, Jens Stoltenberg, encouraged the oil industry to increase the proportion of women which was about 20 percent. Eight years later, nothing has happened. Figures from Iris Institute in Stavanger show that only one of eight offshore employees is women. The CEO of Norwegian oil and gas, Gro Brækken, thinks something must happen. – The choice of profession women make today is amazingly traditional, despite the fact that we have a high percentage of labor force participation among women. Men gets first in line, but we have to work to find women, says Brækken who believe the industry is not doing a good job communicating that technical subjects is also about relations and processes, where women prove to be very talented.

Source: Dn.no
21/10/2014

New oil discovery in the North Sea

This week Statoil announced a new oil discovery about eight kilometers south of its Grane field in the North Sea. The discovery is estimated to contain approximately 30-80 million barrels of oil. Statoil is pleased to have proven oil resources in the Grane area, and according to May-Liss Hauknes, Statoil`s production director in the North Sea, infrastructure-led exploration is an important part of the company`s exploration portfolio on the Norwegian continental shelf. – It provides us valuable barrels that are important to extend the lifetime of our installations, says Hauknes. The well was drilled by the rig Transocean Leader that proved a 25 meter oil column in the Heimdal formation. Now, Statoil will consider connecting the discovery with the close by Grane field as one development solution.

Source: Dn.no

Press Contact


Verena Sattel
Communication Manager North Sea, Spokesperson

verena.sattel[at]wintershall.com