Norwegian Government News

Photo: Jan Arne Wold / Woldcam

Statoil to Become Equinor, Dropping 'Oil'

; from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.From Wednesday, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.The Norwegian government, which has a 67 percent stake in the firm, has said it will back the move.The oil and gas company said the name change was a natural step after it decided last year to become a "broad energy" firm, investing up to 15-20 percent of annual capital expenditure in "new energy solutions&q

(Image: Equinor)

Equinor Explores Floating Wind Turbines to Power N.Sea Oilfields

wind projects in the United States, Poland and Britain.A final investment decision on the plan for Snorre and Gullfaks, known as the Hywind Tampen floating wind farm, will be made in 2019, Equinor said. The company will seek to reduce the cost from the preliminary estimate.Equinor said it hoped Norwegian government subsidies would cover half the capital expenditure for the project, where 11 turbines, each with a capacity of eight megawatts, would meet about 35 percent of the power demand from the two fields.Electricity generation costs could be 40-50 percent less than the 200 euros ($229) a megawatt

Offshore Norway Exploration Plan Gets Funding

facility, approx. 74% of all the Company’s exploration, appraisal and supporting expenditure in Norway will be met by DnB, thereby substantially increasing the Company's capital available for investment in Norway activity. The facility will be fully repaid by funds received from the Norwegian Government under the 78% cash back regime in relation  to all exploration and appraisal cost on the Norwegian Continental Shelf. Ben Arabo, CEO, commented:
“The Exploration finance facility is an important step in Atlantic Petroleum´s growth strategy for Norway. We look forward to

Photo courtesy fo RAMCO

RAMCO Agrees to Contract with Equinor

after two years and four years.RAMCO’s services in Norway have proven safety, cost and time benefits to operations, including reduced manual handling, less preparation at the rig site and lower logistics requirements.Arild Moe, Managing Director Norway, RAMCO, said, “Following the Norwegian Government’s renewed commitments to the Norwegian Continental Shelf (NCS) with the announcement of its recent production licenses round in both new and mature areas, there is optimism for a sustainable future. We are part of that by creating genuine value in the supply chain and this contract is

Photo: Fincantieri

Norway’s New Oceanographic Icebreaker Launched

A new oceanographic icebreaker being built for the Norwegian government has been launched at Fincantieri’s shipyard in Muggiano, La Spezia. The vessel, Kronprins Haakon, touted by the builder as “one of the most advanced oceanographic icebreakers in the world,” will continue to undergo final outfitting ahead of its delivery by the end of 2017.   Kronprins Haakon will be owned by the Norwegian Polar Institute for the Norwegian Government, while the vessel, taking its name from the heir to the Norwegian throne, will be used by the same institute and by the Institute of Marine

Statoil Delays Norwegian Barents Sea Project

On account of applicable Norwegian Government tax changes Statoil as operator has recommended a delay of the investment decision for the Johan Castberg project in the Norwegian Barents Sea. Statoil has continued to mature the resource base and development plans for the project. There are still uncertainties related to the resource estimate and investment level. "In addition, the Norwegian government has recently proposed reduced uplift in the petroleum tax system, which reduces the attractiveness of future projects, particularly marginal fields and fields which require new infrastructur

Ola Borten Moe: Photo credit Norwegian Government

Russian Companies Get Norwegian Arctic Offshore Licenses

Both Rosneft and Lukoil have secured license rights to blocks issued by the Norwegian government in Arctic waters. The massive opening of the Barents Sea for the oil industry includes invitations to Russia’s two powerful Russian petroleum companies, the first ever Russian companies on the Norwegian shelf, reports the 'Barents Observer'. Citing an announcement made by Minister of Petroleum and Energy Ola Borten Boe, Barents Observer says that Rosneft and its Norwegian subsidiary RN Nordic gets 20 percent of one license in the Barents Sea. The license (No 713) will be operated by Statoil

File photo: Ole Jørgen Bratland / Statoil

Statoil Downplays Risks Ahead of Arctic Drilling

of the existing ice that in the event of any spillage, no oil would never reach the marginal ice zone," Statoil said.   Even in winter, there have only been 10 days of ice in the last 14 years in the areas where drilling is planned, it said.   Greenpeace, which is taking the Norwegian government to court over Arctic drilling plans, said any permanent oil platforms in the region would be particularly risky.   "Both the Korpfjell and Koigen Central licenses are within the reach of the historic marginal sea ice edge for the last 30 years," Truls Gulowsen, head of Greenpeace

Technology abstract: File image

UNEP & DNV GL Partner to Combat Climate Change

Environment Programme (UNEP) & DNV GL inform they have joined in a new strategic partnership, designed to assist the Climate Technology Centre and Network (CTCN), hosted by UNEP, aiming to improve access to climate change mitigation and adaptation technologies in developing countries. The Norwegian Government will support the CTCN with NOK 60 mill. in the period 2013-2015. The partnership announcement is being made during a meeting between UNEP Executive Director Achim Steiner and the Norwegian Minister of Foreign Affairs, Børge Brende together with the CTCN Director, Jukka Uosukainen

While FMC Technologies U.S.-based, it is strong, long-term player in Norwegian subsea sector. Image courtesy of FMC Technologies

MTR100: The Norway Way

in 2012. The group’s backlog entering 2014 was NOK 34 billion. Statoil ASA Founded in 1972 as the Norwegian State Oil Company, Statoil is an international energy company and true subsea pioneer with 40 years of experience in oil and gas production on the Norwegian continental shelf. The Norwegian government remains Statoil’s largest shareholder with approximately 67% percent of  the company’s shares, while the rest is held in public stock. With operations in 36 countries and more than 520 subsea wells globally, Statoil claims a position as the world’s second largest subsea

“Kronprins Haakon”: Rendering courtesy of Fincantieri

Fincantieri to Build New Norwegian Polar Institute Ship

, before undergoing final outfitting and sea trials in Norway at VARD – a member of the Fincantieri Group. The new vessel, designed by Rolls Royce Marine, is due to be launched in the second half of 2016, and to be fully operative from the beginning of 2017. The project, promoted by the Norwegian government, has a total value of about 175 million euro. With a gross tonnage of 9,000 tonnes, a length of over 100 metres and a breadth of 21 metres, the vessel will be able to accommodate 55 persons in 38 cabins - research personnel, students and crew - and will be fitted out with the highest standards

CAPEX returns:  “By 2016 oilfield  investments will  begin a four-year spike”  photo: Oyvind Hagen, Statoil

MTR100: Venture into the Norwegian Subsea Valley

oil town Stavanger, where operators and oilfield services already consume the company’s reports. Founder Jarad Rystad, a mathematician, has grown his business exponentially in a decade. Analysis is now broken down into modules for custom offshore market breakdowns. Much of it appears in the Norwegian government’s budget deliberations. Rystad forecasts have become a soothing read for suppliers anxious about demand: “A clear reduction in shale (oil)” production and refined products to 2016, yet “constant shale” to 2018, when an industry-wide upturn will nevertheless

The technology centre at Mongstad (TCM). (Photo: Helge Hansen)

Open Hearing on Mongstad Carbon Projects

answered. "We are pleased for to take his opportunity to inform the Storting and further describe the assessments we made in the course of these demanding projects," said Olav Skalmeraas, head of the carbon projects in Statoil. "Together with Gassnova, and on behalf of the Norwegian government, we headed the task of preparing the investment basis for the full-scale project. In September last year the authorities decided to conclude the project. Since then we have worked on documenting the project results in order to ensure that all we have learnt from it is retained and can be used

Statoil signs letters of intent for Johan Sverdrup phase 2 with Aibel and Aker Solutions-Kværner joint venture Image Statoil

Statoil Inks LOI for Johan Sverdrup Phase 2

suppliers are continuing to be competitive in an international market, enabling them to participate in the next stage of the Johan Sverdrup project," said Margareth Øvrum, executive vice president for Technology, projects and drilling in Statoil.   The contracts are subject to Norwegian government approval of the plan for development and operation for Johan Sverdrup phase 2 due to be submitted in the second half of 2018

Statoil to Conduct North Sea CCS Studies

The Norwegian government has asked oil and gas firm Statoil to conduct new studies on carbon storage on the Norwegian continental shelf, the firm said on Monday. Some 195 nations agreed last month in Paris to limit rising temperatures. Carbon capture and storage (CCS), which captures carbon dioxide and stores it underground so it won't slip into the atmosphere, is seen as an important tool to achieve that. The Norwegian oil major, which is involved in four large-scale CCS projects, was the only tender for the contract, worth 35 million Norwegian crowns ($3.96 million). "We're moving from

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