Energy Ticker

15/10/2014

Claims the oil crisis is strongly exaggerated

Gro Brækken, CEO of the Norwegian oil and gas Association, believes that the impression that the Norwegian oil industry is in a deep crisis is exaggerated. At the Norwegian Confederation of Trade Unions (LO), that takes place in Bergen this week, she emphasized that although investments on the Norwegian continental shelf are falling, the investment level is still sky high. This year`s level is the third highest level in Norwegian oil history. The oil industry is an industry that has experienced challenges before, says Kåre Fostervold, State Secretary in the Ministry of Petroleum and Energy. He points out that oil and gas still is Norway's most important industry. - For those who lose their jobs, it is obviously very serious. But it is still important to have a long term perspective. Sometimes change is necessary. We still have substantial remaining resources on the Norwegian shelf. The potential is huge, especially in the North. The recent discovery in the Barents Sea is therefore very pleasing, says Fostervold.

Source: Sysla.no
15/10/2014

New standards for Arctic operations

This week, 66 experts from seven countries are gathered in Tromsø to discuss sustainable solutions for standardized international petroleum activities in the Arctic. The meeting is organized by the International Organization for Standardization (ISO). The host is Standards Norway. The goal is that in the course of this week they will agree on six international standards for Arctic operations. This meeting takes place at a time when the petroleum industry is characterized by cost cuts and downsizing, and standardization is highlighted as an important tool to achieve increased efficiency and safety. From the North Sea empirical data shows that there has been up to 30-40 percent savings on investment costs, because companies have used standardized solutions. In Norway, it seems to appear big opportunities in the North, but activities in these areas is challenging both in terms of technology, environment, safety and cost effectiveness. The fields are far from shore and the thermometer can display down to minus 60 degrees. - If it should be profitable to operate in these waters, it is essential that companies agree which solutions to use and avoids the use of special solutions, says CEO Jacob Mehus in Standards Norway.

Source: Petro.no
15/10/2014

Helge Lund goes from Statoil to BG Group

Wednesday morning it was announced that Helge Lund has quit his job as CEO in Statoil. Lund will take over as CEO in BG Group. Lund has been the CEO of Statoil in more than 10 years. – It has been a privilege to lead Statoil through 10 very exiting years. This is a company with many competent employees. I want to thank all of them, for both the cooperation and their everyday effort in Statoil. We have created values for Statoil`s shareholders and for the society. At the same time as we have strengthened our resource base on the NCS as well as internationally, Lund says. Helge Lund resigns with immediate effect but will be “at disposition for the company” until March 1, 2015. The board in Statoil has constituted Eldar Sætre as acting president and CEO until they find a more permanent replacement.

Source: E24.no
14/10/2014

Major oil discovery in the Barents Sea

Lundin is in the process of concluding the drilling of wildcat well 7220/11-1, which proved both oil and gas. The well was drilled about 20 kilometers northeast of oil and gas discovery 7120/1-3 and about 190 kilometers northwest of Hammerfest. The well’s primary exploration target was to prove petroleum in sandstone rocks from the Middle Triassic period and in chalk rocks from the Permian period. The well encountered a 45-metre total oil column with an overlying 10-metre gas column in carbonate rocks in the Gipsdalen group, with good reservoir properties. Preliminary estimates of the size of the discovery are between 14 and 50 million standard cubic meters of recoverable oil, and between 5 and 17 billion standard cubic meters of recoverable gas.

Source: Npd.no

Press Contact


Verena Sattel
Communication Manager North Sea, Spokesperson

verena.sattel[at]wintershall.com