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Petoro has continued profit decline

Low gas production resulted in a profit decline of 35 percent for the state oil company Petoro in 2016. Total production fell by 3 percent. Petoro had an operating profit of NOK 57 billion (€ 6.23 billion), down from NOK 89 billion (€ 9.73) in 2015 and NOK 120 billion (€ 13.12) in 2014.



Engie plans more exploration at Gjøa

Engie wants to start exploration drilling at the Gjøa field in 2018 or 2019. Exploration drilling has not been conducted since 2010. The field had a production record in 2016 – 43.8 million barrels of oil equivalents.



Oil players accused of tax evasion

The seismic company TGS and oil company EPH are accused of tax evasion by the Authorities for Economical Criminality. TGS is accused of illegitimately selling seismic data and services to EPH for tax benefits. Both companies refuse the charges. According to the authorities, the former CEO of TGS and former CFO of EPH have contributed to tax evasions of NOK 300 million (€ 33.6 million). As of now, the companies are fined NOK 85 million (€ 9.5 million) respectively.



80 laid off employees in Songa are back at work

The rig Songa Enabler will be out of stack and operating in April. Statoil will use Enabler at the Snøhvit field. Around 80 laid off employees in Sogna will be back at work.



Songa reduces deficit

Songa Offshore had revenues of USD 187 million, compared to USD 159 million in the same period last year. The deficit has been reduced from USD 158 million in the fourth quarter of 2015 to USD 36 million. The total deficit in 2016 was USD 47 million compared to USD 470 million in 2015.



Oil companies increase investment prediction for 2017

Oil field owners in Norway estimate that investments on the Norwegian shelf will be NOK 149.4 billion (€ 16.9 billion) in 2017. This is nearly 2 percent higher than their previous prediction. In 2016, oil investments amounted to NOK 163 billion (€ 18.5 billion).


Press Contact

Verena Sattel
Communication Manager North Sea, Spokesperson