GUDRUN WAS OPENED
Statoil and Norway's Prime Minister Erna Solberg officially opened the Gudrun platform in the North Sea on Tuesday.
'This is the first new Statoil-operated platform on the Norwegian continental shelf (NCS) since Kristin in 2005,' wrote the company on its website.
According to the company, the platform has been put on stream on time and below the cost estimate of the plan for development and operation (PDO).
"Gudrun is a good example of how we manage to realize projects by combining new field developments with existing infrastructure. This is good value creation that helps maintain activity and extends the life of a wide range of offshore fields and facilities," said Statoil's chief executive Helge Lund.
Gudrun is an oil and gas field in production licence PL025, about 55 kilometres north of the Sleipner installations.
Statoil has combined a new field development with existing infrastructures. It is the first new Statoil-field in the Stavanger region since Sleipner in 1993, and it will be soon followed by similar projects.
"It's good to see a new field joining the old giants - Statfjord, Snorre and Sleipner. Later on, Gina Krog will also come to Operations South. This field will also be tied in to Sleipner - yet another win-win situation," Nylund commented.
The licensees in PL025 are Statoil (operator - 51%), GDF SUEZ E&P Norge (25%) and OMV Norge A/S (24%).
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.