Record volumes of gas produced is one of the main reasons why cash flow from the State’s Direct Financial Interest (SDFI) on the Norwegian continental shelf (NCS) in the first nine months of 2012 increased by NOK 17.9 billion from the same period of last year.Net cash flow thereby reached NOK 115.1 billion. A record 38.5 billion cubic metres of gas were sold from the SDFI in the gas year from 1 October 2011 to 30 September 2012. Gas revenues for the first nine months increased by 32 per cent from last year.
The record gas sales primarily reflected reduced imports of liquefied natural gas (LNG) to Europe, which gave room for higher exports from Norway.
Income after financial items for the SDFI totalled NOK 110.4 billion for the first nine months, up by 16.8 per cent from the corresponding period of 2011. Oil and gas production averaged 1 093 000 barrels of oil equivalent per day (boe/d), an 11 per cent increase from the first nine months of last year. Gas production was up by 21 per cent, while output of oil and natural gas liquids (NGL) declined by just 0.8 per cent.
Kjell Pedersen, chief executive of Petoro, is very satisfied with results so far this year. “The state’s direct investments in the oil and gas industry continue to show results which any company might envy. I believe it’ll be important that this is borne in mind by those responsible for awarding new licences over the next few years. It’s also very positive that oil production has remained at the same level as 2011. The challenge for the future will be to ensure that this continues.”
Operating income for the third quarter came to NOK 30 billion, compared with NOK 29.5 billion in the same period of 2011. Net cash flow was NOK 30.6 billion, up by four per cent from the third quarter of last year. Total oil and gas production for the third quarter averaged 958 000 barrels of oil equivalent per day (boe/d), compared with 879 000 for the same period of 2011.
Work done by Petoro during the third quarter shows that 1 000 new production wells need to be drilled in fields with a direct state interest in order to get out their reserves and improve recovery.
(Vårt Land/Press release)
Lundin Norge AS has announced the discovery of an oil discovery south of the Edvard Grieg field in the North Sea, after concluding the drilling of wildcat well 16/4-6 S.
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Norwegian energy provider Statoil has reported a first quarter 2013 net operating income of NOK 38.0 billion, compared to NOK 57.9 billion in the first quarter of 2012. Adjusted earnings were NOK 42.4 billion, compared to NOK 59.2 billion in the first quarter of 2012.
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The Norwegian Government has presented a proposal to open for petroleum activity in new areas in the south-eastern Barents Sea.
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The National Congress of Prime Minister Jens Stoltenberg's Labour Party has voted yes to do a study that examines the effects of potential oil drilling in the Lofoten-Vesterålen area in the north of Norway.
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Norwegian energy provider Statoil and partner Petoro have proven considerable additional resources in the Shetland Group/Lista Formation in the Gullfaks licence.
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Norwegian engineering firm Aker Solutions has entered a frame agreement with Petrobras to provide subsea equipment for the oil company's deepwater pre-salt field developments in Brazil.
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Norwegian energy provider Statoil and its partners have started production from the Vigdis North-East oil field located in the southern North Sea...
Aker Solutions has acquired Managed Pressure Operations International, Ltd. (MPO), a company that has successfully developed the next generation of continuous circulation, riser gas handling and managed pressure drilling systems.
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Final investments in oil and gas activity in 2012 - including pipeline transportation - were NOK 172.5 billion; 18 per cent higher than in 2011. The forecast for 2013 has been adjusted downwards to NOK 198.7 billion, according to Statistics Norway.
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This week, Statoil and its partners began production from the Hyme oil field in the southern part of the Norwegian Sea. Hyme is the second of Statoil’s 12 so-called fast-track projects.
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