Latest news with #NorwegianContinentalShelf
Yahoo
5 hours ago
- Business
- Yahoo
Norway to launch major oil and gas licensing round
Norway's energy minister has announced preparations for a significant oil and gas licensing round on the Norwegian Continental Shelf, marking the first issuance of new drilling permits in unexplored regions since 2021, reported Reuters. Minister of Energy Terje Aasland was quoted as saying: 'Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian Continental Shelf will continue to create value and jobs for our country.' The timeline for awarding these permits has not been specified. In 2021, the government agreed to a four-year moratorium on frontier exploration, allowing new acreage awards only near existing fields. This was part of a compromise to secure parliamentary support from a smaller left-wing party. With an election approaching on 8 September, the minority Labour Government holds a slight advantage over centre-right parties in opinion polls. Norway, which produces around four million barrels of oil equivalent per day – half in the form of natural gas and the rest as crude and other liquids – relies heavily on the petroleum sector, which accounted for 60% of its export revenue last year. However, the country faces a potential production decline in the 2030s unless new fields are discovered. The oil and gas industry is a significant part of the Norwegian economy, accounting for approximately 10% of private-sector employment. 'If we are to deliver on our commitment, we must find more, and in order to find we must explore,' Aasland emphasised. Earlier in May, Norway initiated the 2025 offshore licensing round for pre-defined areas, with announcements of awards expected in early 2026. Oil and gas exploration companies are invited to submit bids for the predefined areas 2025 (APA 2025) round by 2 September 2025. The APA 2025 round has been expanded to include 76 blocks, with 68 in the Barents Sea and eight in the Norwegian Sea. "Norway to launch major oil and gas licensing round" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
3 days ago
- Business
- Reuters
Norway prepares first major oil, gas licensing round in years
OSLO, Aug 8 (Reuters) - Norway's energy minister said on Friday he is preparing to launch a new oil and gas licensing round on the Norwegian continental shelf, the first offer of new drilling permits in unexplored frontier regions since 2021. "Norway will be a long-term supplier of oil and gas to Europe, while the Norwegian continental shelf will continue to create value and jobs for our country," Minister of Energy Terje Aasland of the Labour Party said in a statement. It was not immediately clear when awards could be made. The government in 2021 agreed to a four-year moratorium on frontier exploration, limiting the awards of new acreage to areas near existing fields in return for backing in parliament of a smaller left-wing party. The minority Labour government holds a narrow lead over centre-right parties in opinion polls ahead of an election for parliament due on September 8. Norway, which pumps around four million barrels of oil equivalent per day, around half in the form of natural gas and the rest as crude and other liquids, last year got 60% of its export revenue from the petroleum sector. But with many ageing fields, production is set to decline in the 2030s unless new discoveries are made in the industry, which directly and indirectly represents around 10% of private-sector employment. "If we are to deliver on our commitment, we must find more, and in order to find we must explore," Aasland said.
Yahoo
31-07-2025
- Business
- Yahoo
Saipem secures Scarabeo 8 contract extension with Aker BP until 2027
Aker BP has exercised the option to extend a contract with Saipem for the semi-submersible drilling unit Scarabeo 8 until 31 December 2027. The extension is a direct continuation of the previous one-year contract and solidifies the ongoing collaboration between the two companies. The contract was originally awarded by Aker BP to Saipem for a drilling campaign for a three-year period in March 2022. The $325m (€284.88m) contract included the option of two one-year extensions. The Scarabeo 8, a sixth-generation drilling unit owned by Saipem, will continue to perform drilling activities for Aker BP offshore Norway. Designed to withstand challenging offshore conditions, the derrick deep-water unit is equipped with dynamic positioning and advanced mooring systems, adhering to the highest regulatory standards. Saipem's Scarabeo 8 drilling rig was previously employed on various projects with major oil companies across the Norwegian Continental Shelf (NCS), including the Barents Sea. In a press release, Saipem said this contract extension is a testament to the unit's high performance and Saipem's commitment to safety and efficiency. In July 2024, Aker BP and its partners announced a gas discovery in an exploration well, drilled with the Scarabeo 8 rig in the Barents Sea, nearly 300km off Norway's northern coastline. Designated 7324/8-4 (Hassel), the discovery followed the initial exploration effort at well 7324/6-2 in production licence 1170. Saipem provides engineering services for the design, construction and operation of complex energy infrastructure and plants, both offshore and onshore. With an employee base of 30,000, the company operates in 50 countries through six business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Robotics & Industrialized Solutions, and Sustainable Infrastructures. "Saipem secures Scarabeo 8 contract extension with Aker BP until 2027" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
02-07-2025
- Business
- Reuters
DNO sells four years of Norwegian gas output to Engie
OSLO, July 2 (Reuters) - DNO ( opens new tab has sold its entire gas production over a four-year period from the Norwegian continental shelf to French utility Engie ( opens new tab for an undisclosed sum, the Norwegian company said on Wednesday. It said the deal had been facilitated by a loan from a U.S. bank as U.S. lenders step up funding to the fossil fuel industry, adding it was in discussions over a similar offtake agreement and related financing facility for its North Sea oil production. The offtake agreement takes effect from October 1 and covers DNO's increased gas production after its acquisition of assets from Sval Energi in March, DNO said in a statement. Sval's acquisition quadrupled DNO's North Sea production to about 80,000 barrels of oil equivalent per day, about half of it natural gas. Engie did not immediately respond to a request for comment. While DNO did not disclose the volume of the four-year contract with Engie, last year DNO and Sval Energi produced 1.82 bcm of gas from the Norwegian continental shelf. DNO has entered into a financing facility with an unnamed U.S. bank for up to $500 million, which will be used to repay Sval Energi's debts and for general corporate purposes. "We have received strong interest by buyers to prepurchase our enlarged North Sea production," DNO's Executive Chairman Bijan Mossavar-Rahmani said in a statement.
