Statoil makes North Sea oil discovery

According to The Norwegian Petroleum Directorate, Statoil has made two discoveries in the North Sea, one in the south of the Askja Øst field, and the other, at about 35 km southwest of the Oseberg Sør facility.

Statoil’s wildcat discovery at the first well encountered a 37-metre oil column in the upper part of the Tarbert formation, of which about 30 metres had good to moderate reservoir properties. The second well was drilled further down on the structure, encountered similar reservoir rocks, but came up dry.

Preliminary estimates place the size of the discovery at between 0.7 and 2.5m standard cubic metres (Sm3) of recoverable oil equivalents. The discovery would be included in the evaluation of a new field development, along with other earlier discoveries in the area.

Wildcat drilling is a process of drilling for oil or natural gas in an unproven area, that has no concrete historic production records and has been unexplored as a site for potential oil and gas output.

Source: Energy Voice

Norwegian fund to sue Volkswagen over emissions scandal

Norway’s $850bn sovereign oil fund Norges Bank Investment Management, was expected, in the coming weeks, to file a class-action lawsuit against Volkswagen in German courts.

Volkswagen had admitted last year that it had used sophisticated secret software in its cars to cheat exhaust emissions tests.

Norway’s wealth fund said that Volkswagen’s actions had contributed to a loss of NOK 4.9bn in the fund’s portfolio during the second quarter of 2015.

Previously, Volkswagen reached a nearly $10 billion deal with the U.S. government in April 2016, to buy back or fix about a half million of its diesel cars and set up environmental and consumer compensation funds.

Norway’s wealth fund had also recently demanded that U.S. oil companies, such as Exxon Mobil and Chevron, should do more to report on the risks of climate change.

The fund, itself built from Norway’s oil and gas wealth, had also made similar demands of oil firms worldwide.

Source: Reuters

Centrica sells its licenses in certain North Sea assets

British energy sector operator Centrica Plc sold its stake in some of its North Sea licences to Det Norske. Centric a stated that the assets sold were no longer core to the company.

Amongst the asset sale, Centrica sold its 30% stake in three licences in PL 442; PL 026B; and PL 026, including the operatorship in the Frigg Gamma Delta and Rind oilfields.

Source: Offshore Post