RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2015-12-04 21:30:00

STATOIL WANTS ARCTIC

STATOIL WANTS ARCTIC

Statoil ASA's not about to give up on the Arctic.

The state-controlled oil producer will need the output from the far north to meet a goal of keeping up production levels in Norway to 2030 and beyond, Arne Sigve Nylund, Statoil's head of development and production in Norway, said in an interview on Thursday. Norwegian production now makes up about 61 percent of the total.

Statoil this week submitted an application to Norway's 23rd licensing round which includes untapped area in the southeastern Barents Sea that many explorers are betting hold promise. Still, it won't drill any exploration wells in the Barents this year or next after a disappointing campaign in 2014. Now many are calling into question the costs of venturing too far north amid slumping crude prices.

"There are no geographical boundaries for profitability," Nylund said in the interview in Kristiansund on the coast of central Norway. "When you work with solutions, optimizations, adjustments here and there, you see that the cost level comes down."

Nylund said it was also "entirely possible" to realize the Johan Castberg project in the Barents Sea. Statoil has also urged the government to go ahead with an impact study to potentially open the protected waters off the Lofoten islands to oil exploration.

Castberg's third delay earlier this year underscores the challenge faced by Arctic oil projects after Brent prices collapsed to less than $45 a barrel from about $115 in 2014. While the Gulf Stream ensures the Barents has less ice than other Arctic waters, profitability is undermined by a need to build infrastructure in the frontier region, which has only one producing field to date.

Statoil is still working on reducing costs on Castberg and isn't yet ready to "push a button," Nylund said. It plans to make a decision on a development concept in the second half of 2016, he said.

"I'm quite hopeful that the ongoing work will release Castberg and other projects in the Barents in the future," he said.

A decision on whether to build an oil terminal at North Cape, which was part of initial plans and would need to involve other fields to be viable, could be made after deciding to go ahead with the project, he said. Statoil said last month that a solution involving a floating production, storage and offloading unit is the most competitive option at the moment.

"We have great hopes in the north," Nylund said. "But we don't have all the answers."

bloomberg.com

-----

More: 

NORWAY NEEDS GUARANTEES 

NORWAY'S INVESTMENTS WILL FALL 9.3% 

STATOIL LEAVES ALASKA 

NORWAY'S GAS UP 

RELIABLE PARTNERS FOR EUROPE

 

Tags: STATOIL, ARCTIC, OIL
Chronicle:
STATOIL WANTS ARCTIC
2022, January, 20, 15:29:00
ГИДРОЭНЕРГЕТИКА ЦЕНТРАЛЬНАЯ АЗИЯ И КАСПИЙ 2022, ВЫСТАВКА И КОНГРЕСС
Рады сообщить, что свое участие в 6-м ежегодном международном конгрессе и выставке «Гидроэнергетика Центральная Азия и Каспий 2022» (г. Душанбе, Таджикистан, 16-17 февраля) подтвердили уже более 150 руководителей ключевых энергетических компаний региона.
STATOIL WANTS ARCTIC
2022, January, 20, 15:28:00
TRANSPORTATION OIL AND GAS CONGRESS, 21th-22th of February, 2022
Business and Technical Views On The Market At The Transportation Oil and Gas Congress 2022
STATOIL WANTS ARCTIC
2022, January, 20, 15:27:00
LEARN THE LATEST GLOBAL LNG TRENDS WITH LNGCON 2022
The next edition of the International LNG Congress (LNGCON 2022) takes place in Dusseldorf, Germany on March 28-30, 2022. Covering the whole LNG value chain, the Congress brings together decision makers of the industry to tackle the most relevant issues such as the role of LNG in the transition towards zero-carbon shipping.
STATOIL WANTS ARCTIC
2022, January, 20, 15:26:00
ENERGY WEEK CENTRAL ASIA & MONGOLIA 2022
To learn more, join the upcoming high-level international investment conference Energy Week Central Asia & Mongolia 2022, which will take place on 26-28th April in Tashkent.
STATOIL WANTS ARCTIC
2022, January, 20, 15:25:00
WORLD GAS CONFERENCE 2022
The 28th World Gas Conference (WGC 2022) takes place in Daegu, the energy city of Korea in May 2022.
STATOIL WANTS ARCTIC
2022, January, 20, 15:24:00
ARABIAN GREEN HYDROGEN $5 BLN
Engie plans to create a green hydrogen hub in the UAE and potentially other regions in a deal worth $5 billion, with the first 200 MW green hydrogen and ammonia project being developed in Abu Dhabi.
STATOIL WANTS ARCTIC
2022, January, 20, 15:20:00
INDONESIA'S ELECTRICITY + 3 GW
In 2022, the country is expected to commission 2,950 MW of power capacity and to build 4,632 km of transmission lines.
All Publications »