Ole Lie, a drilling supervisor who’s worked for Norway’s oil giant Equinor ASA since the 1990s. The Norwegian offshore survey company EMGS has signed an $8 million multi-client contract. The feeling unloved as many are starting to turn their backs on an industry. Norwegian oil and gas giant Equinor slipped to a net loss in the third quarter of 2019. Global offshore exploration activity has been flat year-to-date. The Norwegian Petroleum Directorate (NPD) has granted MOL Norge, a Norwegian unit of the Hungarian oil company MOL.
Norwegian oil major Equinor has received consent from the Petroleum Safety Authority (PSA). A proposed merger between two world’s largest offshore accommodation rig providers has now raised regulatory concerns. It’s not of providing the support needed to keep the industry alive. Thirty-three oil companies, including ConocoPhillips, Repsol, Aker BP, Total, and Equinor, have applied for offshore acreage. Norwegian oil production during July 2019 was slightly above expected levels.
Lie, 54, who works on the Gullfaks C platform says “Politicians are very fond of re-distributing the money we make”.
Western Europe’s biggest petroleum producer has a complicated relationship with oil amid growing concern. EMGS has also received a final verdict related to a Municipal Services Tax claim in Brazil. Equinor on last Thursday reported adjusted earnings of $2.59 billion. The situation has been far more buoyant on the Norwegian Continental Shelf (NCS). Oil was discovered in the North Sea in the 1960s and has made Norwegians rich. The Norwegian Competition Authority said on last Monday that it was considering intervening against Prosafe’s acquisition of Floatel.
It’s fairy tale is now losing sway as a growing number of politicians. The Norwegian APA rounds offer the best known areas on the Norwegian Shelf. The environmental groups are calling for a shutdown of production with as much half of the estimated resources. Adjusted earnings after tax were $1.08 billion, down from $1.99 billion in the same period last year. The PSA said on Wednesday that the consent for operation of the Alve field expires on December 31. As neighbors in Sweden are grappling with “flying shame” from the pollution air travel causes.
Rystad Energy expects that this high activity level will be sustained through the winter season. The transaction involves the two closest competitors in the Norwegian market. Kjell Borge Freiberg said the number of the companies which applied showed. Offshore workers across the fjord-edged nation are complaining about “oil shame”. Preliminary production figures for July 2019 show an average daily production of 1,799,000 barrels of oil. Noe fighting back against what they perceive as a new stigma on their profession.
The NPD said on last Monday that the well was given the name of Evra/Iving, would be drilled. The offshore safety watchdog has now granted consent for the use of the facilities on the Alve field. The Competition Authority has notified the parties that it is considering blocking Prosafe’s acquisition of Floatel. It’s identifying more resources through exploration is vital for Norwegian employment. Many have fitted their Facebook profile picture with a filter proclaiming to be a “Proud Oil Worker”.
Oil and gas accounts for about half of the country’s exports and the industry employs almost 200,000 people. The Alve gas and condensate field, located in the Norwegian Sea, was discovered in 1990. The government expects to get $26 billion from taxes, stakes in fields. The Norwegian market for offshore accommodation services has a limited number of players. Almost all of it goes straight into the budget. Prosafe and Floatel are the only suppliers that can offer modern semi-submersible accommodation units.
The rest will top off Norway’s sovereign wealth fund, the world’s biggest at about $1.1 trillion. EMGS said on Monday that the customer would license certain data from EMGS. Equinor also just started Norway’s biggest oil field in decades, promising a revival of production. NGL and condensate, which is an increase of 402,000 barrels per day compared to June. Yet some polls show that popular support for the industry is eroding. The drilling program for the well relates to the drilling of a wildcat well in production license 820 S.
It being challenged by other groups and even their own youth wings. The preliminary analysis shows that a total of 130 wells are likely to be drilled this year. According to the NPD, this is the first well to be drilled in the license. The stability of Norway’s oil regulations, one of the high-cost country’s main selling points. Total gas sales were 9.5 billion Sm3 (GSm3), which is an increase of 0.1 GSm3 from the previous month. In past months it has been increasingly used in discussions on whether Norway has a moral obligation to phase out production.
The area in this license consists of parts of blocks 25/7 and 25/8. It follows on the proliferation of “flying shame” in Sweden, a campaign against flying that has hurt air travel. Oil workers started a push back on social media after Norway’s local elections in September. A great deal of acreage has been awarded over the last two years. The election had little immediate impact on the industry. Oil production in July was two percent higher than the NPD’s forecast. The Green Party gain a record number of votes in the capital, where its top politician.
Spokesman Morten Eek says “It represents us well by showing that we’re becoming a broad energy company”.
It makes particularly gratifying to see the continued strong interest in new exploration acreage. The find led to the discovery of the Norne oil and gas field. The Competition Authority is of the opinion that the two suppliers are close competitors. While it was addressing the powerful oil lobby, many offshore workers took it personally. According to the regulator, other suppliers on the Norwegian continental shelf offer accommodation units. The Green Party has only one lawmaker in parliament but could add seats in the next general election.
The increased activity this year relates primarily to an uptick in exploration drilling. The party wants to phase out oil production over 15 years but sees oil workers as key participants. The well will be drilled about six kilometers northwest of Ringhorne. The APA area was further expanded prior to this year’s round. Oil workers have nothing to be ashamed of. Alve was developed as a subsea satellite field tied back to the Norne field’s FPSO. The NPD will now start the work of evaluating the applications with focus on geological understanding.
Company responsible for the big political decisions that must be made to secure a safe transition to green jobs. The field came on stream in March 2019. Equinor changed its name from Statoil last year to reflect an increased focus on renewable energy. The total petroleum production for the first seven months in 2019 is about 127.8 million. The Alve field was part of an asset swap agreement between Equinor and Faroe Petroleum. Equinor countered that there’s a “good mix” of oil platforms and wind farms in office graphics.