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21.05.2015

Wants to split Statoil in two companies

Renowned oil analyst, Jarand Rystad, believes that Statoil has become too powerful and that the company should be split into two publicly traded companies. He explains that it used to be much more diversity on the Norwegian shelf before Hydro's oil and gas activities were merged with Statoil. - It would be much healthier if we had a strong Hydro, as we did before. It would force Statoil to be more market oriented and strategic, he says. Earlier this week, oil service entrepreneur Ståle Kyllingstad, suggested another solution on how to reduce Statoil’s power dominance. He believes that the government should buy up Statoil and delist the company from the public stock exchange to ensure better political control.

Source: Petro.no

 

20.05.2015

Statoil distributes high dividend despite internal opposition

Trade unions in Statoil has advocated that estimated shareholders dividend should be reduced from 24 billion NOK (€ 2, 85 billion) to 12 billion NOK (€ 1, 42 billion) to increase job security in the company. At Statoil’s general meeting on Tuesday, the shareholders decided otherwise and the proposal was dismissed (including the majority shareholder, the Norwegian government, which voted for maintaining existing dividend levels). - Statoil is gambling on oil prices to rise, oil analyst at Christian Yggeseth in Arctic Securities, says. Yggeseth estimates that Statoil will need to borrow 50 billion NOK (€ 5, 92 billion) over the next two years to maintain its current dividend policy. However, he does not believe that Statoil employees should worry about losing their jobs because the dividend level remains the same.

Source: FVN.no

08.05.2015

Wintershall acquires Ptil permission for Crossbill drilling

Wintershall has got permission from the Petroleum Safety Authority Norway (Ptil) for drilling of exploration well 35/12-5 S Crossbill, with an option for sidetrack 35/12-5 A. The Norwegian Petroleum Directorate (NPD) has already given their permission for this operation. The well is situated in license PL 378. The prospect is located in the northern part of the North Sea, between the Fram-field in the southwest and the Gjøa-field in the north, with 18 and 13 km distance, respectively. The water depth of the location is at 353 meters. Crossbill will be drilled from the "Transocean Arctic" rig, which is already on its way towards the location. The estimated time for drilling is 170 days, including one sidetrack and two test wells.

Source: Petro.no

 

21.04.2015

APA 2015: Extended with 46 blocks

Today the Ministry of Petroleum and Energy announced the awards in predefined areas 2015 (APA 2015). APA 2015 have been extended with more blocks since APA 2014. The new areas include 35 blocks in the Norwegian Sea and 11 blocks in the Barents Sea near the discoveries Alta and Gohta. The awards will be announced during the first quarter of 2016. -  History has shown that APA is very important for increased value creation and activity level on the Norwegian shelf. Therefore, I am very pleased to announce this year's APA round where a significant amount of new blocks are added. APA 2015 is yet an example that the government keeps its promises on keeping a high pace in the awarding new areas for petroleum activities, says Minister of Petroleum and Energy Tord Lien. 

Source: Offshore.no 

Press Contact

Verena Sattel
Communication Manager North Sea, Spokesperson

verena.sattel[at]wintershall.com