Wednesday, 27 April 2016

DEEP CASING TOOLS EXPANDS INTO NEW TERRITORIES - 27/04/2016

DEEP CASING TOOLS EXPANDS INTO NEW TERRITORIES

Casing and completion tools specialist Deep Casing Tools has expanded into the Kazakhstan market with its reaming and unique drillable turbine technology.

The company’s 7” Turbocaser Express™ high-speed reaming system was deployed recently in the Chinarevskoye field where the client had experienced previous casing running issues.    The casing reached total depth on first attempt and, following a typical cement program, the Turbocaser Express™ was successfully drilled out with a polycrystalline diamond compact bit on a rotary steerable assembly and next section drilled in one run. 

Deep Casing Tools’ technologies provide significant time and cost savings.  With the ability to ream while running in, the casing can be run sooner while the hole is in best condition, eliminating wiper trips and open hole exposure time.

The company’s expansion into Kazakhstan has been supported by Oil Tools Services, a Kazakh company based in Aktobe city with a wide established client base.    Oil Tools Services established the demand for Deep Casing Tools products in the region by performing market research and identifying several applications where clients had suffered significant non-productive time running tubulars attributed to wellbore instability. 

Alan Phillips, Vice President Sales of Deep Casing Tools, said: “Our entry into Kazakhstan is great news for both Deep Casing Tools and Oil Tools Services and is in line with our global expansion strategy.    Despite the downturn we are well placed to succeed in this market as our technology saves clients flat time and reduces overall well costs.   We look forward to further expansion into Kazakhstan and neighboring territories”

A spokesman for Oil Tools Services Management said: “We are proud to be part of this success alongside Deep Casing Tools.   This is the first round of benchmark testing for running production casing with the Turbocaser Express™ versus conventional casing running methods in this region.   A professional commitment from the team led to the client’s success by generating value through the application of innovative products and service”

Additional business expansion for Deep Casing Tools includes a record order book in Russia and a first Turbocaser Express™ deployment offshore Netherlands.

Total global sales for Deep Casing Tools’ products stands at 332.  

Information relating to first quarter 2016 dividend - 27/04/2016

Information relating to first quarter 2016 dividend

Key information relating to the cash dividend to be paid by Statoil (OSE:STL, NYSE:STO) for first quarter 2016.
Dividend amount: 0.2201
Declared currency: USD
Last day including right: 9 August 2016 
Ex-date: 10 August 2016 
Record date:  11 August 2016 
Payment date: On or around 23 September 2016
Date of approval: 26 April 2016

Other information:

Dividend per share in NOK will be communicated 17 August 2016.

Subject to approval of the proposed scrip dividend programme at the Annual general meeting (AGM) 11 May 2016, shareholders will get the option to receive the dividend for the first quarter in newly issued shares in Statoil at a 5% discount. Further information on the scrip programme for first quarter 2016 will be published in due course.

This information is published in accordance with the requirements of the Continuing Obligations.

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act).

Press release 1Q 2016 Stock Market Announcement - 27/04/2016

Press release 1Q 2016 Stock Market Announcement

Statoil (OSE:STL NYSE:STO) reports adjusted earnings of USD 857 million in the first quarter of 2016.

Strong operational performance - financial results affected by low price environment
Continuing to capture cost reductions and efficiency gains
Maintaining competitive capital distribution of USD 0.2201 per share 

"Our financial results were affected by low oil and gas prices in the quarter. We delivered strong operational performance across all business areas, high production efficiency and results in line with expectations from liquids trading and refining. The guidance for 2016 is maintained," says Eldar Sætre, President and CEO of Statoil ASA.

"The industry is facing challenges. However, I am pleased to see progress consistent with the priorities we presented in February. We have a firm plan to improve efficiency and make faster and deeper cost reductions. We are radically improving our project break evens and we are on track to re-set costs and thereby impact the parameters that we can control", says Sætre.

Adjusted earnings were USD 857 million in the first quarter compared to USD 2,945 million in the same period in 2015. The reduction was primarily a consequence of significantly lower liquids and gas prices, partially offset by good operational performance and reduced underlying operating costs. Adjusted earnings after tax were USD 122 million in the first quarter, down from USD 902 million in the same period last year.

IFRS net income was USD 611 million in the first quarter compared to a net loss of USD 4,571 million in the same period of 2015. Net impairment reversals of USD 308 million before tax in the first quarter of 2016 positively impacted the IFRS results compared to net impairment charges of USD 5,935 million before tax in the same period last year.

Statoil delivered equity production of 2,054 mboe per day in the first quarter. The underlying production growth in the quarter, after adjusting for divestments, was 2% compared to the first quarter last year. Production from the Norwegian continental shelf (NCS) grew 2% in the first quarter of 2016 compared to last year, adjusted for divestments. Equity production outside of Norway was 734 mboe per day, in line with the first quarter last year, adjusted for transactions. In the first quarter Statoil made two small discoveries on the NCS. As of 31 March 2016, Statoil had completed seven wells, with four wells on-going. Adjusted exploration expenses in the quarter were USD 280 million, down from USD 351 million in the first quarter of 2015.

Cash flow from operations amounted to USD 2,205 million in the first quarter compared to USD 3,740 million in the same period last year. In light of the low liquids and gas prices in the quarter, Statoil maintained a strong capital structure, and net debt to capital employed at the end of the quarter was 28.1%. Organic capital expenditure was USD 2.4 billion in the first three months of 2016.

The board of directors has decided to pay a dividend of USD 0.2201 per ordinary share for the first quarter. Subject to approval of the proposed scrip dividend programme at the annual general meeting on 11 May 2016, shareholders will get the option to receive the dividend for the first quarter in newly issued shares in Statoil at a 5% discount. Further information on the scrip dividend programme for the first quarter will be published in due course.

The serious incidents frequency indicator was revised as from 2016, and caters now for Safety and Security incidents with an actual serious consequence. The twelve month average Actual Serious incident frequency (Actual SIF) was 0.21 per 31 March 2016, compared to 0.20 in the same period last year.

As from the first quarter 2016, Statoil changed its presentation currency to USD. For information purposes certain key figures are available in NOK in the Supplementary section to the total quarterly report. 

Key events since fourth quarter 2015: 

Drilling of the first of a total of 35 wells for the first phase of the Johan Sverdrup field development commenced early March 

Statoil announced the acquisition of 11.93% of the shares and votes in Lundin Petroleum, increasing Statoil’s exposure to core field development projects and growth assets on NCS, including Johan Sverdrup and Edvard Grieg

In the Awards in Predefined Areas (APA) round 2015, Statoil was awarded interest in 24 licences on the NCS, the highest number of licences since 2005

In April, Statoil entered the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm, providing renewable energy for up to 400,000 households in Germany 

Tuesday, 26 April 2016

ExxonMobil to Release First Quarter 2016 Financial Results - 26/04/2016

ExxonMobil to Release First Quarter 2016 Financial Results

IRVING, Texas--(BUSINESS WIRE)--Exxon Mobil Corporation (NYSE:XOM) will release first quarter financial results on Friday, April 29, 2016. A press release will be issued via Business Wire and available at 7 a.m. CT at www.exxonmobil.com.

Jeff Woodbury, vice president of Investor Relations, will review the results during a listen-only conference call at 8:30 a.m. CT. The earnings presentation can be accessed via webcast or by calling (888) 661-5138 (United States) or (913) 661-9178 (International). Please reference confirmation code 6863243 to join the call. An archive replay of the call will be available at http://ir.exxonmobil.com.

Monday, 25 April 2016

Statoil enters German offshore wind market through EUR 1.2 billion project with E.ON - 25/04/2016

Statoil enters German offshore wind market through EUR 1.2 billion project with E.ON 

Statoil today enters the German offshore wind market, through a 50% acquisition of the Arkona offshore wind farm. Statoil and E.ON also announce the final investment decision on the 385 megawatt project.

The estimated total investment for the project will be in excess of EUR 1.2 billion.

The Arkona wind farm will provide renewable energy for up to 400,000 households in Germany, making it one of the largest ongoing offshore wind developments in Europe.

“We are pleased to announce our decision to develop this significant offshore wind project together with E.ON. This investment is in line with our strategy to gradually complement our oil and gas portfolio with profitable renewable energy and other low-carbon solutions,” says Eldar Sætre, Statoil’s president and CEO.

“We are also pleased to develop this project in Germany, where Statoil is the second-largest supplier of natural gas. We have been delivering gas from Norway through three direct pipelines for over 35 years, and Statoil’s entry into German offshore wind adds a new dimension to the Norwegian-German energy partnership,” says Sætre.

The addition of Arkona increases the total energy production capacity of the offshore wind projects in Statoil’s portfolio by around 50 per cent, and the company’s own production capacity by 65 per cent. The projects now have a combined capacity of more than 1100 MW, supporting more than 1 million European homes with renewable energy.

“Statoil is an established player in offshore wind, leveraging our more than 40 years of experience from offshore oil and gas projects to create value,” says Irene Rummelhoff, Statoil´s executive vice president for New Energy Solutions.

“We already have a solid portfolio of wind projects in the United Kingdom. With our entry into the German wind market and participation in the Arkona development from the start, we further strengthen our position in this attractive and growing industry,” she adds.

The Arkona wind farm will be located in the Baltic Sea, 35 kilometres northeast of the Rügen island in Germany, southwest of the Danish island of Bornholm. It will consist of 60 six-megawatt turbines, to be mounted on monopile foundations installed at water depths of 23 to 37 metres.

“This project offers ideal conditions for further reducing the costs of offshore wind and will take us a big step toward realizing our goal of making renewables truly competitive. We’re pleased to be partnering with Statoil, which has outstanding expertise working in challenging offshore environments,” says E.ON Climate & Renewables CEO Michael Lewis.

E.ON will have responsibility for building and operating the wind farm. Up to 400 people will help build the wind farm during the two-year construction phase.

Start of electricity production is expected in 2019. Once in service, the wind farm will create up to 50 permanent jobs for highly skilled staff in operations, administration, and maintenance as well as, indirectly, another 100 jobs for external service providers.

Wednesday, 20 April 2016

Amarinth secures order to equip the Pioneiro de Libra FPSO with a vertical sump pump capable of withstanding heavy seas - 20/04/2016

Amarinth secures order to equip the Pioneiro de Libra FPSO with a vertical sump pump capable of withstanding heavy seas

Amarinth, a leading company specialising in the design, application and manufacture of centrifugal pumps and associated equipment to the Oil & Gas, petrochemical, chemical, industrial and power markets, has secured an order from London Marine Consultants on a very short 14 week lead for a vertical sump pump that will mounted on the bow of the FPSO Pioneiro de Libra and is IP66 rated to protect against heavy seas washing over it.

London Marine Consultants was awarded the EPC contract to supply an external turret mooring system for the EWT (Extended Well Test) FPSO (Floating Production, Storage and Offloading) vessel Pioneiro de Libra, a conversion of the Suezmax tanker Navion Norvegia. On completion of the build at the Jurong Shipyard of Singapore, the vessel is destined for the ultra-deepwater Libra oil prospect field, operated by consortium leader Petrobas, located in the Santos Basin, about 230km off the coast of Rio de Janeiro, Brazil. The Libra field is estimated to contain recoverable resources of up to 12 billion barrels of oil and is one of the largest deepwater oil accumulations globally. During the design of the turret the need for a wash-down sump facility with drains pump was established and with a short lead time of just 14 weeks to provide this before the vessel was due to be moved, London Marine Consultants turned to Amarinth for its ability to provide bespoke vertical sump pumps on tight deadlines.

Due to much higher seas in the operating region than is usual for where an FPSO might operate, the drain pump in the wash-down sump, which is located in the bow of the vessel, was liable to submersion during heavy seas. Amarinth worked closely with London Marine Consultants to design a pump that could withstand the demanding conditions, modifying its proven T-Series vertical sump pump to be fully IP66 rated, which is defined as “dust tight and protected against heavy seas or powerful jets of water”. The IP66 rating covered the pump, motor and transmitters and even the control panel which was also open to the elements. Level transmitters were installed to automatically start the pump when the sump has filled, pumping the water to the cleaning package before its return to the sea, and to switch off the pump once the sump has been emptied.

Oliver Brigginshaw, Managing Director of Amarinth, commented: “This was our first order from London Marine Consultants and also for the Libra field and we are pleased that we have been able to provide this IP66 rated vertical sump pump so that the vessel can be completed on schedule. We are looking forward to leveraging our expertise gained on this project into new projects for the Libra field that we are starting to see as it is being developed.”

ExxonMobil Starts Production at Julia Oil Field in the Gulf of Mexico - 20/04/2016

ExxonMobil Starts Production at Julia Oil Field in the Gulf of Mexico


  • Production starts under budget and ahead of schedule
  • Subsea development ties into existing infrastructure for capital efficiency
  • Advanced technology enables development of deepwater resources

Oil production has started under budget and ahead of schedule at the Julia oil field in the Gulf of Mexico, Exxon Mobil Corporation (NYSE:XOM) said today. The first production well is now online and a second well will start production in the coming weeks.

The Julia development is located approximately 265 miles southwest of New Orleans in water depths of more than 7,000 feet. The initial development phase uses subsea tie-backs to the Chevron-operated Jack/St. Malo production facility, reducing the need for additional infrastructure and enhancing capital efficiency. Technology has also played a key role in the Julia development including the use of subsea pumps that have one of the deepest applications and highest design pressures in the industry to date.

“Successful deepwater developments like Julia, located more than 30,000 feet below the ocean’s surface, benefit from ExxonMobil’s disciplined project execution capabilities and commitment to developing quality resources using advanced technology,” said Neil W. Duffin, president of ExxonMobil Development Company.

The Maersk Viking drillship is currently drilling a third well, which is expected to come online in early 2017. Production results will assist in the evaluation of additional wells included in the initial development phase, which has a design capacity of 34,000 barrels per day of oil.

“This initial production will provide ExxonMobil with insight into the potential future development of the reservoir,” said Duffin.

Discovered in 2007, the Julia field comprises five leases in the ultra-deepwater Walker Ridge area of the Gulf of Mexico. ExxonMobil, the operator, and Statoil Gulf of Mexico LLC each hold a 50 percent interest in the Julia unit. Over the past decade, ExxonMobil has drilled 187 deepwater wells worldwide in water ranging from 2,100 feet to 8,700 feet.

ExxonMobil is on track to start up 10 new Upstream projects in 2016 and 2017, adding 450,000 oil-equivalent barrels per day of working-interest production capacity. The company is enhancing resource value through production optimization, technology application and cost management.

Aker Solutions Wins Engineering Framework Agreement From Lundin Norway - 20/04/2016

Aker Solutions Wins Engineering Framework Agreement From Lundin Norway

Aker Solutions secured a framework agreement from Lundin Norway to provide engineering services for offshore developments in Norway.

The agreement covers early-phase studies, pre-engineering (FEED) work, verifications and follow-on engineering for Lundin Norway. It encompasses engineering work from Aker Solutions' three business areas - Engineering, Subsea and Maintenance, Modifications and Operations - as well as the company's integrated study house, Front End Spectrum. The contract has a fixed period of three years and may be extended by as many as two years.

The first delivery will be a study for a floating production, storage and offloading (FPSO) unit for the Alta and Gohta oil development in the Barents Sea. The contract is part of the first-quarter order intake.

"We are pleased to have this opportunity to work long term with Lundin," said Per Harald Kongelf, head of Aker Solutions' Norwegian operations. "The company's focus on the southern Barents Sea fits well with our technology and engineering expertise for even the most challenging conditions."

Aker Solutions has previously provided engineering work for Lundin's Edvard Grieg development as well as the subsea production system for the Brynhild field. The new agreement gives Lundin access to Aker Solutions' technical expertise and lifecycle knowledge from the full range of field developments.

Tuesday, 19 April 2016

Drilling permit for well 30/11-13 in production licence - 19/04/2016

Drilling permit for well 30/11-13 in production licence

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for well 30/11-13, cf. Section 8 of the Resource Management Regulations.
Well 30/11-13 will be drilled from the Songa Delta drilling facility at position 60°09’55.78’’ north 02°35’35.13’’ east in production licence 035.

The drilling programme for well 30/11-13 relates to the drilling of a wildcat well. Statoil Petroleum AS is the operator with an ownership interest of 50 per cent and Det norske oljeselskap AS is a licensee with an ownership interest of 50 per cent.

The area in this licence consists of part of block 30/11. Production licence 035 was awarded in the 2nd licensing round on 14 November 1969. This is the thirteenth exploration well to be drilled within the licence area.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing drilling activities.

Rotork Client Support Programme delivers smart maintenance at VTTI Vasiliko (VTTV) oil terminal - 19/04/2016

Rotork Client Support Programme delivers smart maintenance at VTTI Vasiliko (VTTV) oil terminal

VTTI B.V., the worldwide independent provider of energy storage, has awarded a Client Support Programme (CSP) contract to Rotork for the maintenance of critical valve actuation assets at the VTTV Oil Storage Terminal in Cyprus.

Approximately 400 Rotork IQ3 actuators controlled by Rotork’s Pakscan 2-wire digital networks that manage the flow of media throughout the terminal have been covered on the ‘tailor-made’ CSP contract. The programme exploits the functionality of intelligent IQ3 technology with remote diagnostics and monitoring via dataloggers, enabling preventative maintenance to be organised with little or no interruption to plant operations.

The Rotork CSP involves regularly monitoring the current health and operable status of every actuator, keeping a full history of all activities performed and any parts used since the previous report. The information is analysed to provide a breakdown of critical, medium and low priority scheduled work and any corresponding unexpected work activities. Analysis also provides trending of actuator availability and reliability against agreed target costs and historical operating data as compared to agreed key performance indicators. Ongoing technical support further contributes to increased availability, reliability and improved performance.

The local support of Rotork’s Cyprus office assisted the original commissioning of the Rotork equipment at VTT Vasiliko Ltd. and now strengthens the asset management and maintenance functions provided by the CSP.

Thursday, 14 April 2016

The Norwegian Petroleum Directorate’s confidence in the Norwegian shelf remains high - 14/04/2016

The Norwegian Petroleum Directorate’s confidence in the Norwegian shelf remains high

The Norwegian Petroleum Directorate’s (NPD’s) updated estimate for undiscovered resources shows that the total remaining resources on the Norwegian shelf can provide a basis for oil and gas production for decades to come.

The NPD’s Resource Report 2016 presents the Directorate’s new long-term projections for undiscovered resources on the shelf. The changes since the 2013 resource report are insignificant, in spite of the 57 discoveries made during this period. The NPD estimates that nearly three billion standard cubic metres (Sm3) of oil and gas on the shelf have yet to be discovered. Nearly half of the undiscovered resources are in the Barents Sea, while the rest are equally distributed between the North Sea and Norwegian Sea. There was a minor decline in undiscovered resources in the North Sea and Norwegian Sea, but this is offset by an increase in the Barents Sea.

Continued high exploration activity is needed in order for the undiscovered resources to contribute toward maintaining production starting from around 2025, and to create values for the industry and for society at large over a long-term perspective.

Exploration activity creates considerable value
Exploration activity on the Norwegian shelf between 2000 and 2014 has created values in all sea areas on the shelf. This is established in an analysis the NPD presents in the resource report.

The North Sea has seen the greatest positive contributions in both exploration activity and resource growth, with Johan Sverdrup being the largest contributor to this value creation.

The exploration activity in the Norwegian Sea and the Barents Sea generates considerable values for society. The total net cash flow from discoveries during the period has been estimated at nearly NOK 2000 billion after exploration costs are deducted. The value is greatest in the North Sea, with a net cash flow of about NOK 1400 billion. The corresponding figure for the Norwegian Sea and the Barents Sea totals NOK 500 billion.

The fact that discoveries are still being made after 50 years of exploration activity shows that the Norwegian shelf is an attractive petroleum province. Activity has been high over the last ten years, with an average of about 40 exploration wells per year. A total of 56 exploration wells were spudded in 2015, while we expect that about 30 wells will be drilled in 2016.

At the end of 2015, there were 53 companies on the shelf, which is a doubling since 2000. Most of these companies are active in the exploration phase. New players mean greater diversity, and greater diversity means that we test a greater number of ideas and more innovative concepts. Overall, this contributes toward a higher discovery rate and increased values.

The oil and gas industry is currently experiencing a period characterised by low oil prices and considerable challenges. This means it is important to have a long-term perspective. The purpose of the resource report is to increase understanding of the resource base on the Norwegian shelf and thereby contribute to sound decisions for future value creation.

Drilling permit for well 16/1-26 A in production licence - 14/04/2016

Drilling permit for well 16/1-26 A in production licence

The Norwegian Petroleum Directorate has granted Det norske oljeselskap AS a drilling permit for well 16/1-26 A, cf. Section 8 of the Resource Management Regulations.
Well 16/1-26 A will be drilled from the Maersk Interceptor drilling facility at position 58°55’20.15’’ north 02°11’53.03’’ east in production licence 001 B.

The drilling programme for the 16/1-26 A well relates to the drilling of an appraisal well on the 16/1-7 oil discovery, which is part of the Ivar Aasen field, where Det norske is the operator with an ownership interest of 34.7862 per cent.

The other licensees are Statoil Petroleum AS with 41.4730 per cent, Bayerngas Norge AS with 12.3173 per cent, Wintershall Norge AS with 6.4615 per cent, VNG Norge AS with 3.0230 per cent, Lundin Norway AS with 1.3850 per cent and OMV (Norge) AS with 0.5540 per cent.

The area in this licence consists of part of block 16/1. The well was drilled in the eastern part of the 16/1-7 discovery in the central part of the North Sea.

Production licence 001 B was carved out of production licence 001 on 1 Sept. 1999. PL 001 was awarded on 1 Sept. 1965 (Round 1-A). This is the 11th exploration well to be drilled within the licence area.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing drilling activities.

Wednesday, 13 April 2016

Minor oil discovery and dry well southwest of the Oseberg South field in the North Sea - 13/04/2016

Minor oil discovery and dry well southwest of the Oseberg South field in the North Sea

Statoil Petroleum AS, operator of production licence 035/272, is in the process of completing the drilling of wildcat wells 30/11-11 S and 30/11-11 A.
The wells were drilled about two kilometres southeast of the 30/11-9 A discovery (Askja East) and 35 kilometres southwest of the Oseberg South facility in the North Sea.

The primary exploration target for wells 30/11-11 S and 30/11-11 A was to prove petroleum in Upper to Middle Jurassic reservoir rocks (Tarbert formation) in two nearby fault blocks. The secondary exploration target was to prove petroleum in Middle Jurassic reservoir rocks (Ness formation).

30/11-11 S encountered a 25-metre oil column in the upper part of the Tarbert formation, of which 22 metres had moderate to good reservoir properties. 30/11-11 A encountered a corresponding reservoir in the Tarbert formation, but it is aquiferous with traces of hydrocarbons. The well is classified as dry.

Both wells proved sandstones with moderate to good porosity in the Ness formation, but these were aquiferous.

Preliminary estimation of the size of the discovery in well 30/11-11 S is between 0.2 and 0.5 million standard cubic metres (Sm3) of recoverable oil.

Data acquisition and sampling have been carried out in both wells.

The 30/11-11 S and 30/11-11 A wells were drilled to respective vertical depths of 3646 and 3334 metres below the sea surface and measured depths of 3646 and 3987 metres below the sea surface. 30/11-11 S was terminated in the Ness formation and 30/11-11 A was terminated in the Tarbert formation.

The wells are the 12th and 13th exploration wells in production licence 035.

The licence was awarded in the second licensing round in 1969. 

Water depth is 106 metres. The wells will be permanently plugged and abandoned.

Wells 30/11-11 S and 30/11-11 A were drilled by the Songa Delta drilling facility. The results from the wells will not affect future drilling of the exploration campaign in the area. The campaign will continue with the same drilling facility in the same production licence, with wildcat well 30/11-12 S and potentially 30/11-12 A if the structure warrants an appraisal well.

Invitation to presentation of 1st quarter results 2016 - 13/04/2016

Invitation to presentation of 1st quarter results 2016

Kværner ASA will publish its 1st quarter results 2016 at the Oslo Stock Exchange on Tuesday 3 May 2016 at 07:00 CET. The results presentation will be held at Kvaerner's offices at Fornebuporten, Oksenøyveien 10 at 09:00 CET the same morning.

We invite investors, analysts and the media to Kvaerner's results presentation:

Date: Tuesday 3 May 2016
Time: 09:00 CET
Location: Fornebuporten, Oksenøyveien 10, 1366 Lysaker
Language: English

To attend the presentation, please register by emailing ir@kvaerner.com.

The presentation will be broadcast live on www.kvaerner.com and http://webtv.hegnar.no/presentation.php?webcastId=33049793 at 09:00 CET.

Drilling permit for wells 30/11-12 S and 30/11-12 A in production licence 035 - 13/04/2016

Drilling permit for wells 30/11-12 S and 30/11-12 A in production licence 035

The Norwegian Petroleum Directorate has granted Statoil Petroleum AS a drilling permit for wells 30/11-12 S and 30/11-12 A, cf. Section 8 of the Resource Management Regulations.
Well 30/11-12 S will be drilled from the Songa Delta drilling facility at position 60°05’00.12’’ north 02°35’36,32’’ east in production licence 035.

The drilling programme for well 30/11-12 S relates to drilling of a wildcat well. Well 30/11-12 A is an appraisal well that will be drilled in the event of a discovery. Statoil is the operator with an ownership interest of 50 per cent. Det norske oljeselskap ASA is a licensee with an ownership interest of 50 per cent.

The area in this licence consists of part of block 30/11. Production licence 035 was awarded in licensing round 2-A on 14 November 1969. This is the eleventh exploration well to be drilled in the licence area.

The permit is contingent upon the operator securing all other permits and consents required by other authorities prior to commencing drilling activities.

Monday, 11 April 2016

ADIPEC Reveals List of Confirmed CEO Speakers for 2016 Edition of Conference Programme - 11/04/2016

ADIPEC Reveals List of Confirmed CEO Speakers for 2016 Edition of Conference Programme

Abu Dhabi’s Prestigious Energy Event Attracts Top Executives from World’s Leading Oil and Gas Companies

International Speakers to Include Global CEOs of Total, Halliburton, Oxy, and Schlumberger

Nine international leaders from some of the world’s most prominent oil and gas companies have confirmed their participation in the 19th edition of the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC 2016), organisers revealed today.

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, hosted by the Abu Dhabi National Oil Company (ADNOC), and organised by the Global Energy division of dmg events, ADIPEC continues to show significant growth, bolstered by repeat senior level representation from the world’s industry giants in the event’s prestigious Conference Programme. The three CEO Plenary sessions within the programme will offer both national and global perspectives on achieving sustainable practice in the energy sector.

Confirmed global CEO speakers include Patrick Pouyanné, CEO of Total; Jeff Miller, President of Halliburton; Vicki A. Hollub, President and Chief Operating Officer of Occidental Petroleum Corporation; Paal Kibsgaard, Chairman and CEO of Schlumberger Limited; Lars Christian Bacher, Executive Vice President - Production and Development International at Statoil; Mark Garrett, CEO of Borealis; and Toshiaki Kitamura, President and CEO at Inpex Corporation. 

Speakers representing leading companies in the region will also be participating in the high-level discussions, including Ali Rashid Al Jarwan, CEO of the Abu Dhabi Marine Operating Company (ADMA-OPCO), and Mohammad Ghazi Al Mutairi, CEO of Kuwait National Petroleum Company (KNPC).

Established as the world’s most influential exhibition and conference for the oil and gas industry, ADIPEC has a longstanding track record of bringing together globally celebrated luminaries and experts to discuss challenges and opportunities in the energy sector. The landmark event is anchored on the international presence of some of the world’s leading petroleum producing countries, as well as emerging markets, underlining its position as the global meeting place for industry professionals.


With global energy consumption set to increase by slightly more than one-third (34 per cent) by 2035 according to BP’s latest Energy Outlook report, and fossil fuels expected to supply about 60 per cent of this growth, decision makers are increasingly looking for ways to enhance their operational efficiency amid a challenging economic landscape for the petroleum industry – one marked by an evolving global energy mix. 

Mr Ali Khalifa Al Shamsi, Strategy and Coordination Director at ADNOC and ADIPEC 2016 Chairman, said: “ADIPEC has a worldwide reputation as an event where companies within the sector achieve strong business results, and for providing essential thought leadership on the industry’s most significant present and future challenges.”

“By bringing the world’s most knowledgeable experts under one roof, we are able to provide a platform where ideas are exchanged and critical issues are addressed, enabling both established and emerging markets to adopt policies that will strengthen their oil and gas businesses,” Mr Al Shamsi added.

News of the confirmations follows recent announcements that the prestigious energy event will be held under the theme “Transitional Strategies for an Efficient and Resilient Energy Industry”, setting the agenda for ADIPEC’s distinguished Conference Programme.  

“Today’s economic environment makes it critical that industry professionals develop new approaches to doing business across all verticals in the energy sector, from operations to management,” said Christopher Hudson, President – Global Energy at dmg events.

“Empowering stakeholders with knowledge and best practice is fundamental to achieving industry resilience, and ADIPEC provides an international arena where decision makers, innovators, and experts can learn valuable information, network, and generate solid business opportunities.”

Forming the cornerstone of the event, the ADIPEC 2016 Conference Programme will feature 95 technical sessions that will look at topics ranging from Exploration and Production Geoscience to Marine and Offshore. Organisers are looking to build on last year’s record-breaking success, with a target of gathering more than 2,500 abstracts ahead of the 21 April submission deadline. 

The programme will also feature two Ministerial Sessions, eight Panel Sessions,10 VIP Briefings, three Breakfast Sessions, and three Luncheon Sessions that will address some of the most imminent topics in the energy sector.

Through a series of topical features, ranging from the ADIPEC Awards, which recognise excellence in energy, to Young ADIPEC, an ‘edutainment’ programme designed to cultivate the next generation of energy professionals, ADIPEC offers a holistic platform for stakeholders to address all industry requirements. 

Event features also include Women in Industry, a dedicated forum that tackles some of the most pressing challenges facing women in energy, and the Offshore and Marine conference and exhibition, which offers the region’s largest waterfront showcase for the offshore sector.

ADIPEC 2015 generated an estimated USD 9.7 billion in business, welcoming more than 94,000 attendees, 8,500 delegates, 700 speakers, 2,000 exhibitors, and 23 international pavilions. The four-day event takes place annually at the Abu Dhabi National Exhibition Centre.

UAE Oil and Gas Leaders Announce Plans for ADIPEC 2016 - 11/04/2016

UAE Oil and Gas Leaders Announce Plans for ADIPEC 2016

Landmark Energy Event Puts Strategy and Energy Efficiency on Global Agenda 

Abu Dhabi Reaffirms Position as Global Energy Hub, with More Than 80% of ADIPEC Show Floor Already Booked

Driving efficiency in the energy sector will form the cornerstone of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2016, UAE oil and gas leaders revealed at a series of high-level industry meetings yesterday.

Convening in the capital for the first ADIPEC 2016 Executive Committee Meeting and the ADIPEC 2016 Technical Programme Committee Meeting, key event stakeholders outlined plans for the globally acclaimed energy event. More than 80 per cent of the show floor has already been booked for ADIPEC 2016, cementing Abu Dhabi’s position as a global energy hub for the exchange of the latest industry knowledge and information.

Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, hosted by the Abu Dhabi National Oil Company (ADNOC), organised by dmg events, and supported by the UAE Ministry of Energy, the Abu Dhabi Chamber, and the Abu Dhabi Tourism & Culture Authority, ADIPEC will take place from 7 to 10 November 2016 at the Abu Dhabi National Exhibition Centre (ADNEC).

With USD 9.7 billion generated in business last year – nearly double the amount in 2013 – ADIPEC has built a solid track record of consistent growth, bolstered by its capacity to bring international decision makers under one roof for the common goal of advancing the energy sector locally, regionally, and globally. 

Billed as the premier meeting place for industry professionals, including C-level executives from the world’s oil and gas giants, ADIPEC 2016 will be held under the theme “Transitional Strategies for an Efficient and Resilient Energy Industry”, setting the agenda for the event’s distinguished Conference Programme. 

Energy efficiency plays a critical role in limiting world energy demand growth to one-third by 2040, while the global economy grows by 150 per cent, according to the latest International Energy Agency’s World Energy Outlook. The report also indicates that efficiency measures could reduce demand growth to 60 per cent of what would otherwise be expected in OPEC countries. 

Mr Ali Khalifa Al Shamsi, Strategy & Coordination Director at ADNOC and ADIPEC 2016 Chairman, said: “What we are witnessing today is a transformation of the global energy landscape, one in which research, technology, and innovation play a fundamental role. We firmly believe that innovation and efficiency today strongly impacts on the economy of tomorrow. At ADIPEC, we are committed to serving the needs of the oil and gas community by providing an international platform where experts from across the globe can share best practice assuring a solid future for our industry.”

ADIPEC 2016 builds on the remarkable success of last year’s record-breaking event, which welcomed more than 94,000 attendees, 8,500 delegates, 700 speakers, 2,000 exhibitors, and 23 international pavilions. 

Christopher Hudson, President – Global Energy at dmg events, said: “Industry professionals recognise that they must stay ahead of the curve to be resilient in today’s economic environment. At ADIPEC, we firmly believe that every challenge presents an opportunity, and embracing sustainability and efficiency is key to realising success. The overwhelming response we continue to see year-on-year reflects the industry’s thirst for knowledge and information, and we look forward to once again hosting a landmark event that helps enable the progress of the energy sector.”

ADIPEC is again providing one of the world’s largest-scale conference programmes, organised in collaboration with the Society of Petroleum Engineers, with topics and sub-topics covering both technical and non-technical functions in the oil and gas industry. The globally acclaimed forum will bring together government ministers, CEOs of the world’s oil and gas giants, and industry experts to address the current state and future opportunities for the energy sector. 

The ADIPEC Conference Programme has become the global platform for sourcing the latest and most credible information in the oil and gas industry, with continuous progress in both the range and the quality of proposals submitted. All abstracts go through a rigorous evaluation process by the Technical Programme Committee, ensuring that attendees and delegates have access to valuable content.

Nearly half of the conference content in 2015 was generated outside the Middle East, cementing the event’s position as a global hub for the energy sector. Last year, the ADIPEC Conference Programme received 2,278 abstracts from 540 organisations across 65 countries, breaking previous records. 

Organisers are looking to continue the record-breaking streak, with a target of gathering more than 2,500 abstracts ahead of the 21 April submission deadline on topics ranging from Exploration and Production Geoscience to Marine and Offshore. 

In line with regional and global efforts to continue exploring and developing offshore production, last year’s inaugural ADIPEC Offshore, Marine and Heavy Equipment Zone also witnessed great success, making the event the first oil and gas exhibition in the MENA region to dedicate an entire waterfront section to offshore, subsea, and marine products and services. The dedicated area gave more than 85 exhibitors from across the sector an opportunity to showcase a variety of offshore supplies and services, ranging from ships and rigs to oceanography and mapping equipment.

Also featuring at ADIPEC this year are the ADIPEC Awards, which celebrate excellence in energy, the Women in Industry Conference, which tackles some of the most pressing challenges facing women in energy, Young ADIPEC, a dedicated ‘edutainment’ programme designed to encourage students to choose a career path in energy, and a VIP conference programme for members of the Middle East Petroleum Club.

Participation in the ADIPEC 2016 Executive Committee meeting and the Technical Programme Committee meeting included Mr Ali Khalifa Al Shamsi, ADNOC Strategy & Coordination Director and ADIPEC 2016 Chairman; Mr. Saif Ahmed Alghfeli, CEO of Al Hosn Gas and ADIPEC 2016 Co-Chairman; Mr Fareed Abdulla, Senior Vice President – North East Bab (NEB) Asset at ADCO and ADIPEC 2016 Technical Conference Chairman; Christopher Hudson, President – Global Energy at dmg events; Jean-Philippe Cossé, Vice President – Energy at dmg events, Middle East; Claire Pallen, Conference Director at dmg events, Middle East; and Michelle Boyd, Director – SPE Middle East, North Africa, and South Asia.

Thursday, 7 April 2016

Aker Solutions ASA: Minutes From Annual General Meeting 2016 - 07/04/2016

Aker Solutions ASA: Minutes From Annual General Meeting 2016

Shareholders of Aker Solutions adopted all proposals on the agenda of the company's annual general meeting held today in Fornebu, Norway.

Minutes of the meeting are attached. Reference is also made to the annual general meeting notice from March 16 available on http://akersolutions.com.

Presentation of new resource report - 07/04/2016

Presentation of new resource report

The Norwegian Petroleum Directorate will present its new resource report on 14 April.
The contents of the report include an updated estimate of undiscovered resources on the Norwegian shelf and an analysis of exploration profitability. The report will be presented by exploration director Sissel Eriksen.

Time and place: Thursday, 14 April at 10.00 at the Norwegian Petroleum Directorate (Valhall meeting room).

The presentation will be in Norwegian. The event will end at 12.00.

We have a limited number of parking spaces, so we recommend public transportation. However, if you are arriving by car, you must collect a parking permit from the reception.

Wednesday, 6 April 2016

New report positive to unmanned wellhead platforms - 06/04/2016

New report positive to unmanned wellhead platforms

Well-head-ingress
The Norwegian Petroleum Directorate (NPD) takes a positive view of unmanned wellhead platforms as an alternative development concept to subsea developments.
Rambøll Oil & Gas has submitted a study which sheds light on the advantages and disadvantages of unmanned wellhead platforms. The conclusion is that unmanned platforms may provide efficient development solutions in terms of costs and production for shallow water developments on the Norwegian shelf.

The study was commissioned because the Norwegian Petroleum Directorate considers concepts of this type to be an important contribution to good resource utilisation.

An unmanned wellhead platform is a facility resting on the seabed where the wells are placed on the platform deck. The concept is an alternative to subsea wells with wellheads situated on the seabed. There are various types of unmanned wellhead platforms – from simple facilities to more advanced solutions which include e.g. process equipment. Access may be via gangway from vessels, while others have helicopter decks.

In December 2015, Statoil and its partners submitted a Plan for Development and Operation (PDO) for Oseberg Vestflanken 2 in the North Sea, where the development concept entails an unmanned wellhead platform, a jack-up rig and a support vessel. This facility does not have a helicopter deck.

The following main topics are addressed in the study:

Basic types and locations for unmanned platforms
Experience from operation and maintenance of unmanned platforms
Regulations and framework conditions, Norwegian shelf and comparable continental shelves
Development of these types of concepts comprises both technical solutions and regulations. Amendments to the regulations are handled by the Petroleum Safety Authority Norway.

Delineation of the 7324/8-1 (Wisting) oil discovery in the Barents Sea - 06/04/2016

Delineation of the 7324/8-1 (Wisting) oil discovery in the Barents Sea

OMV Norge AS, operator of production licence 537, is in the process of completing the drilling of appraisal well 7324/7-3 S on the 7324/8-1 (Wisting) oil discovery.
The well was drilled about 310 km north of Hammerfest.

The discovery was proven in reservoir rocks from the Middle and Early Jurassic (upper Realgrunnen subgroup) in 2013. Before well 7324/7-3 S was drilled, the operator's resource estimate for the Wisting area was between 32 and 80 million standard cubic metres (Sm3) of recoverable oil equivalents.

The objective of the well was to confirm the size of the 7324/8-1 discovery in the "Wisting Central Sør" and "Wisting Central Vest" segments. An additional objective was to test whether the well can be drilled horizontally in the shallow reservoir approximately 250 m below the seafloor, as well as to formation-test the Stø formation.

The well was drilled with a horizontal section of about 1400 metres. It encountered sandstones in the Stø and Fruholmen formations. The "Wisting Central Sør" segment has good reservoir properties in the Stø formation and moderate reservoir properties in the Fruholmen formation. Reservoir quality in the Stø formation in the "Wisting Central Vest" segment is also good. The oil/water contact was not encountered. The estimate of the discovery size will be updated based on evaluation of the new well data. The result will be important for further maturation of the Wisting area, as regards a potential development.

Extensive data acquisition and sampling have been carried out. A successful formation test was conducted in the Stø formation in the "Wisting Central Vest" segment. Maximum production rates were 762 Sm3 of oil and 48 310 Sm3 of associated gas per flow day through a 104/64-inch nozzle opening. The gas/oil ratio is 73 Sm3/Sm3. The formation test revealed production and flow properties that were mainly good.

This is the fifth exploration well in production licence 537. The licence was awarded in the 20th licensing round in 2009.

Appraisal well 7324/7-3 S was drilled to vertical and measured depths of 673 and 2314 metres, respectively, below the sea surface, and was terminated in the Stø formation from the Middle Jurassic Age. Water depth in the area is 402 metres. The well will now be permanently plugged and abandoned.

The well was drilled by Transocean Spitsbergen.

Tuesday, 5 April 2016

Kværner ASA: CFO change in Kvaerner - 05/04/2016

Kværner ASA: CFO change in Kvaerner

Kvaerner's executive vice president & CFO, Eiliv Gjesdal, has decided to seek new challenges outside Kvaerner, and will step down from the role as CFO as of 6 April 2016. He will work with special tasks until his notice period ends 30 June 2016.

"Eiliv Gjesdal started as CFO in Kvaerner when the company was demerged from Aker Solutions in 2011. During a period of five years, he made significant contributions to Kvaerner's development and financial management. He has been an important part of our executive management team and has provided strong support to our colleagues. We wish Eiliv all the best in his future assignments", says President & CEO Jan Arve Haugan.

Idar Eikrem has been appointed as new executive vice president & CFO He will start in his new position 5 April 2016 and will be supported by Eiliv Gjesdal in a period until his notice period ends.

"Idar Eikrem has an outstanding record and a perfect background for this leadership role in our team, and it was good to get him on board. I am looking forward to a seamless transition and wish him welcome to the team", says Haugan.

Idar Eikrem, (53) is born in Norway and holds a M.Sc. of economics and business administration from the Norwegian School of Economics and Business Administration in Bergen, Norway and is state-authorized public accountant. He has comprehensive experience from a variety of top management positions, including financial management and turn-around processes. He was until 2014 executive vice president and CFO for the leading contracting group Aibel, and has also held management positions overseas for the same company. Eikrem's former experience also includes the position as CFO for the Canadian company Synenco Energy and he worked 15 years for Norsk Hydro where he held several positions in financial management in Norway and Singapore and he was also Head of Investor Relations.

Monday, 4 April 2016

Aker Solutions Wins MMO Contract From Statoil for Tie-In of Utgard to Sleipner - 04/04/2016

Aker Solutions Wins MMO Contract From Statoil for Tie-In of Utgard to Sleipner

Aker Solutions' maintenance, modifications and operations (MMO) business in Norway secured a contract from Statoil for preliminary engineering work to enable a tie-in of the Utgard gas and condensate field to the Sleipner facilities in the North Sea.

The work involves preliminary engineering for platform modifications at Sleipner to tie in the Utgard subsea field. Statoil may also exercise an option in the contract for engineering, procurement, construction, installation and commissioning (EPCIC) services for the platform modifications, which will be decided on later this year by the development's license partners.

"This builds on the strengths of our operations in Norway and our expertise in complex modifications," said Per Harald Kongelf, head of Aker Solutions' Norwegian operations. "We are pleased to be working further with Statoil on this important field development to secure crucial resources."

The work will be managed and executed by Aker Solutions' MMO unit in Stavanger. It builds on a series of modification projects that Aker Solutions has carried out for Statoil at Sleipner over the past five years.

"We are continually working on delivering the most cost-effective and efficient solutions for our customers," said Knut Sandvik, head of Aker Solutions' MMO operations. "This award confirms that we are on the right track."

North Sea Power Solutions partner with AMI Marine - 04/04/2016

North Sea Power Solutions partner with AMI Marine

North Sea Power Solutions (NSPS) are proud to announce a sales and service link-up with AMI Marine. Based in Southampton, AMI Marine are manufacturers of electronic navigation and vessel tracking equipment.

NSPS’ continued growth as electrical service providers has made expanding their range of products and services a priority. “Moving into the maritime sector represents diversification with enormous potential. Adding the AMI Marine product range to our existing offering opens up a whole new client base while staying true to our core business as safety-critical electrical engineers”, commented Graeme Harper, MD. “In AMI Marine we’ve found a compact and proactive company like ourselves, with an industry-best product, and we’re excited to work with them.”

Located on the south coast, AMI Marine are ideally placed to serve cruise vessels and cargo shipping clients. Linking up with NSPS will provide them with a service base from which to also supply offshore oil & gas clients. “Our Voyage Data Recorders in particular are ideally suited to the high-profile activity of the North Sea”, added Robin Grigg, AMI’s Technical Manager. “Having NSPS act as distributors creates a new route-to-market with FPSO, supply vessel and shuttle tanker operators, and strengthens our own global service capability through their team of skilled engineers.”

AMI Marine’s range of Voyage Data Recorders are to ships what “black boxes” are to aircraft, and provide data gathering, recording and recovery in the event of an incident or sinking.