 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 by Daniel J. Graeber Washington (UPI) Apr 4, 2018
Norwegian energy company DNO, which has focused on Iraq, said it paid nearly $100 million to take a stake in a petroleum company working in the North Sea. DNO stated Wednesday that it acquired a 15.4 percent stake in Faroe Petroleum from Delek Group Ltd., an Israeli conglomerate, for $99 million. Faroe, which focuses on production in British and Norwegian waters, ended last year with proved plus probable reserves of 97.7 million barrels of oil equivalent and a daily production average of 14,349 barrels of oil equivalent per day. Faroe announced Wednesday it made a "significant" discovery at its Hades and Iris prospects in the Norwegian Sea. An appraisal program is in the planning stages and Chief Executive Graham Stewart said it's "extremely gratifying" to see the prospects pay off. For DNO, it said it moved back into the North Sea last year after taking a six-year break to build up its position in the Kurdish region of Iraq, where it operates the Tawke oil field. After an auction last year, the company now holds 19 licenses for work offshore Norway and the United Kingdom. "DNO now has decided to build a long term strategic shareholding in Faroe Petroleum and to support Faroe Petroleum management's growth focused North Sea strategy," the company stated. DNO's total operated production last year averaged 113,500 barrels of oil equivalent per day, up just 900 boe per day from 2016. Annual revenues, however, climbed 72 percent from 2016 to $347 million Faroe said it planned to spend about $112 million on exploration this year. Production is expected to be in the range of 12,000-15,000 boe per day.
More than $1 billion on contracts awarded offshore Norway Washington (UPI) Apr 3, 2018 More than $1.5 billion in contracts for drilling services were awarded to companies for work in Norwegian waters, energy major Statoil said. The company said Tuesday it awarded contracts to energy services companies for work ranging from maintenance to drilling on 18 of Statoil's fixed platforms on the Norwegian continental shelf. Drilling services company Archer Ltd. received the bulk of the four-year contracts for work offshore Norway. Combined, Archer took in about half of the total c ... read more
|
|||||||||||||
|
|
| The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |
del.icio.us
Digg
Reddit
Google
