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SSB predicts reduced oil investments

Based on figures given by oil companies to the statistics agency SSB, oil companies plan to invest 150.3 billion NOK (€ 16.25 billion) in 2017. Compared to the previous estimate for 2017, the industry plans to reduce investments by NOK 3.2 billion (€ 345 million).



Statoil and E.ON has entered wind park cooperation

Next year, the companies plan to submit a joint bid for the development of offshore wind parks in the North Sea. Statoil states that they the companies will benefit from common experiences in the offshore wind project Arkona.



DNO delivers positive quarterly results

The Oslo based oil company, DNO, delivers positive financial figures in the second quarter of 2016. Company revenues was $ 61.2 million, which constitutes a revenue increase of  $ 6.1 million compared to the same period last year. Operating profit was $ 16.2 million, compared with a deficit of $ 23.3 million in the corresponding quarter in 2015.



IKM Subsea wins NOK 750 million contract

IKM Subsea has been awarded a service contract for ROV and subsea services on Visund and Snorre B for Statoil. The contract duration is 10 years with a value of up to NOK 750 million (€ 81 million). Additionally, Statoil has options for 5 more years.



Statoil delivers development plan for Utgard

Statoil has finally delivered the development plan (PDO) for the Utgard field in the North Sea. The company estimates that development costs will be NOK 3.5 billion (€ 374 million).



SAFE agrees on well service deal with NOGA

Yesterday, the union SAFE avoided strike for 600 members in well service. The union negotiated a general payment increase of NOK 3.100 (€ 330) with the Norwegian Oil and Gas Association (NOGA). Additionally, overtime payments increases by NOK 1 (€ 0,1). SAFE expressed that the moderate settlement reflects the challenging market situation.




Statoil awarded large contract to Altus

Altus Intervention is awarded a framework agreement with Statoil for wireline services at 16 installations. The contract duration is ten years, including options, and has an estimated value of NOK 1.2 billion (€ 128 million). The agreement will commence on February 1, 2017. Altus is a subsidiary of Qinterra AS.



IKM wins large Statoil contract

Statoil appoints IKM Testing a four-year contract with two additional options for four year. Services include chemical cleaning, cold cutting, hydro jetting and leak sealing on 24 offshore installations and 4 onshore facilities. IKM hopes that the contract will be worth NOK 1 – 2 billion (€ 107 – 214 million).




Brexit can affect Norwegian gas

Today, the oil price dropped due to Britain’s decision to leave the EU – the so-called Brexit. Experts do not predict a lasting decline in the oil price due to the Brexit. However, there is greater uncertainty for Norwegian gas, which is primarily delivered to countries in Europe. – It is difficult to predict how the economy in Europe will be effected by Britain’s action. If Europe is weakened, demand for Norwegian gas will be reduced, oil analyst in DNB markets, Torbjørn Kjus, said.


Press Contact

Verena Sattel
Communication Manager North Sea, Spokesperson