Oil Ministry News

(Photo: Saipem)

Saipem Wins $100 Mln Pipeline Contract

Equatorial Guinea has awarded a $90-$100 million contract to build a 70 km subsea pipeline linking the Noble Energy operated Alen Unit to the country's Punta Europa petrochemical hub to Italian firm Saipem , the oil ministry said on Thursday.The first gas is expected to be delivered from the project early in 2021, said oil minister Gabriel Obiang Lima in a statement.(Reporting by Wendell Roelf; Editing by Muralikumar Anantharaman)

The Troll C platform (Photo: Øyvind Hagen / Equinor)

Equinor to Build CO2 Storage Under the Seabed

Equinor has won a license to develop carbon dioxide (CO2) storage under the North Sea, Norway's oil ministry said on Friday, part of a push to combat climate change.Equinor is expected to submit a development plan this year, with parliament making a final decision in 2020 or 2021.Proponents of carbon capture and storage (CCS) say countries need the technology to help fulfil pledges made around the time of the breakthrough Paris climate change agreement in 2015.But environmentalists say is a costly technology that will perpetuate the status quo when rapid and deep cuts to energy use are needed to

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Norway Launches New Licensing Round in Mature Offshore Areas

Norway will hold a new licensing round for its offshore oil and gas fields in already opened areas, further expanding the exploration acreage available to energy firms, the oil ministry said on Wednesday.Areas in the North Sea, the Norwegian Sea and the Barents Sea will be offered to oil companies, who have until September to submit their applications. The ministry plans to award licenses at the beginning of 2019, it said."Access to prospective exploration acreage is crucial in order to make new petroleum discoveries. New discoveries on the Norwegian continental shelf ensure value creation

Venezuelan Oil Export Price Drops to Four-year Low

The Venezuelan petroleum export basket, which includes crude oil and refined products, closed the week at $72.80 per barrel, hitting a four-year low due to concerns about oversupply and softer demand growth, the Oil Ministry said on Friday. The OPEC country's basket trades at a discount to other benchmarks because of its higher content of heavy oil. (Reporting by Diego Ore; Editing by Marguerita Choy)

Goliat FPSO, Photo courtesy of Eni

Cost Blowouts on Norway's New Oil Developments

. Costs in Norway's offshore oil sector, already one of the most expensive in the world, have soared in recent years, weighing on the budget which provides generous tax breaks during the development phase. The government has already said it would reduce tax breaks for new developments and the oil ministry launched an investigation into why costs soar. Italian energy company Eni's Goliat field - Norway's first Arctic oil development - will cost 46.7 billion crowns ($7.21 billion), above the firm's 45 billion estimate in May and 49 percent more compared to the development plan approved in 2009

(Source: Google Maps)

Ivory Coast Seeks Deepwater Oil Investors

Ivory Coast will seek investors in its available offshore oil acreage, including seven new ultra-deep water blocks in the Gulf of Guinea, at a promotional event in Texas next week, a senior oil ministry official said on Tuesday. The West African nation will target companies including Exxon Mobil, Total, Eni, Anadarko Petroleum, Tullow Oil and ConocoPhillips , the ministry's oil director Ibrahima Diaby said. Prime Minister Daniel Kablan Duncan and Oil and Energy Minister Adama Toungara will lead the government delegation at its promotional event in Houston on Oct. 14 and 15. "This oil

Gabon Signs Offshore Oil Contracts with 6 Companies

Gabon's oil ministry said on Friday it had signed seven oil contracts with six companies as part of an offshore licensing round expected to attract at least $1.1 billion in investment to the sector. "(We) proceeded on August 8 with the signing of seven oil contracts with the companies Impact, Repsol, Marathon , Noble Energy, Petronas and Woodside," the ministry said in a statement. (Reporting by Gerauds Obangome; Writing by Emma Farge; Editing by Daniel Flynn)

Gabon Selects 7 Firms for Final Oil Block Talks

Gabon's oil ministry said on Monday it has selected seven firms for a final round of negotiations as part of an offshore licensing round the government hopes will reverse a chronic decline in output. The new blocks are located in deep offshore waters - an exploration play that is expensive and uncertain but potentially very rewarding given the similarity of geological structures to oil-rich Brazil, where billions of barrels of oil have been discovered. Former OPEC member Gabon produces around 230,000 barrels per day (bpd), down from a peak of close to 400,000 bpd in the 1990s. An oil ministry

India Denies Reliance from $2.4b Cost Recovery

Niko Resources, the government has raised an additional claim of $195 million as profit petroleum for a period up to March 31, 2014, Pradhan said. Reliance had said earlier that unexpected geology caused the decline in output and drilling more wells would not help, but this has been rejected by the oil ministry, which believes output has fallen due to non-drilling of the promised number of wells. "The issue is currently under arbitration," he said. (Reporting by Nidhi Verma; Editing by Prateek Chatterjee

Photo courtesy of Statoil

Statoil Reduces Stakes in Angolan Blocks

will remain the operator of both blocks. In block 38 it will have a stake of 45 percent, while in block 39 its stake will be 37.5 percent. A Statoil statement did not give the value of the transactions. The deals are subject to approval by Sonangol - Angola's state-owned oil firm - the Angolan oil ministry and the license partners, Statoil said. (Reporting by Gwladys Fouche, editing by Alister Doyle

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