Norway Baffles Analysts by Ceding 15 Million Barrels of Oil

Johan Sverdrup rendering. Photo: Statoil

By Mikael Holter (Bloomberg) -- No one can accuse the Norwegian government of being greedy when it last week decided on the ownership stakes in the giant Johan Sverdrup oil discovery. After months of deliberation, the Petroleum and Energy Ministry’s decision meant it took away as much as 15 million barrels of oil from Petoro AS, the state-owned oil company. The other … [Read more...]

Norway Cuts Det Norske Stake in Giant Johan Sverdrup Oil Field

johan sverdrup field

By Saleha Mohsin and Mikael Holter (Bloomberg) -- Det Norske Oljeselskap ASA, which complained its share of the giant Johan Sverdrup oil field was insufficient, got an even smaller stake after Norway’s government was called in to resolve the dispute. Det Norske fell the most in more than four months in Oslo trading after the government redistributed the stakes on … [Read more...]

Statoil Suspends Another Rig Contract

Scarabeo 5. Photo: Statoil

Norwegian oil major Statoil has decided to suspend its contract for the semi-submersible drilling Scarabeo 5 due to overcapacity in its rig portfolio.  The suspension will take effect once Scarabeo 5 has completed drilling of a well on the Kristin field in the middle of August, and will last until 1 March 2016. “We regret the need to suspend Scarabeo 5, but we will … [Read more...]

Samsung Heavy Wins Johan Sverdrup Contracts

Johan Sverdrup rendering. Photo: Statoil

  South Korean shipbuilder Samsung Heavy Industries has been awarded an NOK 7 billion (US$890 million) contract from Statoil for the construction of the process and riser platforms for the Johan Sverdrup development project offshore Norway. The contract calls for the fabrication of the decks for both the processing platform and riser platform - two of of four … [Read more...]

NorLines’ New LNG-Powered Cargo Ship Ran Aground in Norway

Norlines Kvitbjørn cargo ship

  A brand new LNG-powered cargo ship touted as the 'new generation' of the NorLines fleet ran aground for unknown reasons Sunday morning outside Ulsteinvik, Norway. The Joint Rescue Coordination Centre of Southern Norway confirmed via Twitter that the MV Kvitbjørn ran aground at 09:11 local time on Sunday and that a tug was en-route to assist the vessel. No injuries … [Read more...]

Norway Offshore Workers Agree Wage Deal, Avoiding Strike

Teekay's Petrojarl Knarr FPSO, which is on charter to BG Group. Photo: BG Group

  OSLO, June 25 (Reuters) - Norwegian offshore oil rig workers signed a new wage deal on Thursday, avoiding a strike that could have cut energy production, labour unions said. Union representatives said all workers would get a 1 percent wage increase but added that the minimum raise would be 5,500 Norwegian crowns ($702.01) per year. This means the lowest-paid … [Read more...]

Norwegian Offshore Workers Threaten Strike

Teekay's Petrojarl Knarr FPSO, which is on charter to BG Group. Photo: BG Group

  OSLO, June 18 (Reuters) - Some 574 Norwegian rig workers could go on strike from next Thursday, potentially reducing oil production, unless a wage settlement is reached during talks with a state appointed mediator, three labour unions said on Thursday. Some 101 workers on the Petrojarl Varg oil production vessel, which operates on behalf of Repsol, and 88 people on … [Read more...]