Statoil, Noble Ink Deal for Newbuild Jackup

Statoil ASA has awarded a drilling contract valued at $655 million, including mobilization costs, to Noble Corp. for a newbuild ultra-high specification jackup.

The rig, an enhanced version of Statoil's Cat J specifications, will begin a four-year drilling contract in the third quarter of 2016 for Statoil at the Mariner project in the UK North Sea.  Statoil is operator of Mariner, located on the East Shetland Platform approximately 150 miles east of the Shetland Isles.

The newbuild jackup will be based on the Gusto MSC CJ-70-150 design, and uniquely suited to operate over a very large platform or in a subsea configuration in the Norwegian sector.  It will be capable of operating in up to 492 feet (150 meters) of water in harsh environments, with total drilling depth capacity of 33,000 feet (10,000 meters). The rig also will be capable of deploying either a surface or subsea blowout preventer when drilling wells in these challenging environments.

"We believe that the fundamentals of the high-specification jackup market segment will continue to be strong in the decade ahead," said Noble President and Chief Executive Officer David W. Williams in a statement Tuesday. "This unit is designed to meet some of the industry's most stringent operating requirements and supports Noble's ongoing commitment to increasing the technological and operational capabilities of our fleet."

Zug, Switzerland-based Noble is negotiating a contract for the new jackup, which will have construction and delivery costs of approximately $690 million, including project management, spares and start-up costs, but excluding capitalized interest.

The deal will position Noble strategically with a key North Sea operator, and continues to recent trend among offshore drillers opting to build jackups versus additional ultra-deepwater floaters, according to a May 14 analyst note from Tudor Pickering and Holt.

Noble has eight jackups currently operating in the North Sea, and is expected to deploy several of its JU-3000N newbuilds to the region, but has no rigs currently working for Statoil, according to a May 14 GHS Research analyst note.  GHS also sees opportunity for second newbuild in the future. However, the economics of the deal aren't attractive when the build cost and cash flows are combined versus the recent newbuild drillship and jackup awards obtained by Noble.

Karen Boman has more than 10 years of experience covering the upstream oil and gas sector. Email Karen at kboman@rigzone.com.

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Statoil, Total Agree to Barents Sea Asset Swap

Statoil reported Monday that it has agreed on an asset swap with France's Total in the Barents Sea.

Statoil said that it will acquired a 10-percent interest in Norwegian production license 535 in exchange for Total taking a 10-percent equity in PL395.

The two production licenses are situated on the Bjarmeland Platform in the central Barents Sea, where both companies have found gas resources: the Ververis discovery on PL395 in 2008 and the Norvarg discovery in PL535 in 2011.

"The Bjarmeland area has an interesting resource potential which may become important for future gas developments in the Barents Sea. We believe that this transaction creates an interesting platform for future opportunities in this area," Gro Haatvedt, Statoil’s senior vice president for exploration in Norway, commented in a company statement.

The agreement is subject to approval by the Norwegian Ministry of Petroleum and Energy.

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ExxonMobil, Statoil to Begin Developing Julia Oil Field in Gulf of Mexico

Exxon Mobil Corp. and Statoil ASA have agreed to begin jointly developing the Julia oil field, estimated to hold nearly six billion barrels of resources, in the Gulf of Mexico.

The companies each own a 50% stake in the field, located about 200 miles south of New Orleans, La., and which is expected to take about three years to develop.

Exxon said capital cost for the project, which is expected to begin oil production in 2016, is estimated to be more than $4 billion.

The field will initially produce 34,000 barrels of oil a day and includes six wells with subsea tie-backs to the Jack & St. Malo production facility operated by Chevron U.S.A. Inc.

Two weeks ago, Exxon reported its first-quarter profit rose slightly compared with last year but its production of oil and natural gas fell for the seventh consecutive quarter on a year-over-year basis.

Shares of Exxon slid seven cents to $91.08 in after-hours trading. The stock is up 7.9% over the past 12 months.

Last week, Norwegian oil and gas company Statoil posted 58% lower first-quarter net profit on the year, missing expectations amid lower production volumes and lower prices.

Copyright (c) 2013 Dow Jones & Company, Inc.

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Statoil: Proposed Tax Change Threat to Projects

Statoil has warned that a proposed change to tax breaks for investors on the Norwegian Continental Shelf threatens the attractiveness of future projects.

Norway is proposing to reduce the uplift in its petroleum tax system from 7.5 percent to 5.5 percent, which according to a Statoil statement Monday would reduce tax deductions on NCS projects by $38 million for every $1 billion invested.

Statoil said that a predictable and stable fiscal framework is important to secure the attractiveness of continued investment in the NCS.

"The proposed change in the Norwegian petroleum tax reduces the attractiveness of future projects, particularly marginal fields, and raises questions regarding the predictability and stability of the fiscal framework for long-term investments on the Norwegian continental shelf," Statoil CFO Torgrim Reitan said in a statement.

The proposed change is to be included in Norway's Revised National Budget 2013, which will be announced Tuesday.

The reduction in the uplift was designed to bring offshore investment in line with onshore investment in the country, an aide to Norway's Minister of Petroleum and Energy, Ola Borten Moe, currently attending the Offshore Technology Conference show in Houston, told Rigzone Monday.

The Norwegian government has also proposed a transition rule for projects where the Ministry of Petroleum and Energy has received a plan for development and operation (PDO), or a plan for installation and operation (PIO), prior to May 5. For investments covered by this transition rule, the current uplift of 7.5 percent will still apply.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Statoil: Proposed Tax Change Threat to Projects

Statoil has warned that a proposed change to tax breaks for investors on the Norwegian Continental Shelf threatens the attractiveness of future projects.

Norway is proposing to reduce the uplift in its petroleum tax system from 7.5 percent to 5.5 percent, which according to a Statoil statement Monday would reduce tax deductions on NCS projects by $38 million for every $1 billion invested.

Statoil said that a predictable and stable fiscal framework is important to secure the attractiveness of continued investment in the NCS.

"The proposed change in the Norwegian petroleum tax reduces the attractiveness of future projects, particularly marginal fields, and raises questions regarding the predictability and stability of the fiscal framework for long-term investments on the Norwegian continental shelf," Statoil CFO Torgrim Reitan said in a statement.

The proposed change is to be included in Norway's Revised National Budget 2013, which will be announced Tuesday.

The reduction in the uplift was designed to bring offshore investment in line with onshore investment in the country, an aide to Norway's Minister of Petroleum and Energy, Ola Borten Moe, currently attending the Offshore Technology Conference show in Houston, told Rigzone Monday.

The Norwegian government has also proposed a transition rule for projects where the Ministry of Petroleum and Energy has received a plan for development and operation (PDO), or a plan for installation and operation (PIO), prior to May 5. For investments covered by this transition rule, the current uplift of 7.5 percent will still apply.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Statoil: Proposed Tax Change Threat to Projects

Statoil has warned that a proposed change to tax breaks for investors on the Norwegian Continental Shelf threatens the attractiveness of future projects.

Norway is proposing to reduce the uplift in its petroleum tax system from 7.5 percent to 5.5 percent, which according to a Statoil statement Monday would reduce tax deductions on NCS projects by $38 million for every $1 billion invested.

Statoil said that a predictable and stable fiscal framework is important to secure the attractiveness of continued investment in the NCS.

"The proposed change in the Norwegian petroleum tax reduces the attractiveness of future projects, particularly marginal fields, and raises questions regarding the predictability and stability of the fiscal framework for long-term investments on the Norwegian continental shelf," Statoil CFO Torgrim Reitan said in a statement.

The proposed change is to be included in Norway's Revised National Budget 2013, which will be announced Tuesday.

The reduction in the uplift was designed to bring offshore investment in line with onshore investment in the country, an aide to Norway's Minister of Petroleum and Energy, Ola Borten Moe, currently attending the Offshore Technology Conference show in Houston, told Rigzone Monday.

The Norwegian government has also proposed a transition rule for projects where the Ministry of Petroleum and Energy has received a plan for development and operation (PDO), or a plan for installation and operation (PIO), prior to May 5. For investments covered by this transition rule, the current uplift of 7.5 percent will still apply.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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EMAS AMC Awarded Smorbukk South Contract by Statoil

Subsea services firm EMAS AMC reported Thursday that it has been awarded a $75-million contract from Statoil for its Smørbukk South extension project in the Norwegian Sea.

The contract will see EMAS AMC supply subsea engineering, procurement and offshore construction services to the project. This will include the installation of flexible flowlines, tie-in spools, manifolds and umbilicals, as well as associated abandonment and removal activities. The extension will be developed with a new subsea template connected to existing infrastructure in the area.

Offshore activities will start in the second quarter of 2014, with the project being expected to last through 2015.

EMAS Managing Director Lionel Lee commented in a statement:

"We have been investing heavily in building up our global engineering expertise as well as technologically advanced and game-changing assets. This has borne fruit and I am extremely pleased with this latest win by EMAS AMC. It demonstrates an ever growing confidence in our project execution capabilities and validates EMAS."

Discovered in 1985, the Smørbukk South Extension holds estimated recoverable reserves of 16.5 million barrels of oil equivalent. 

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EMAS AMC Awarded Smorbukk South Contract by Statoil

Subsea services firm EMAS AMC reported Thursday that it has been awarded a $75-million contract from Statoil for its Smørbukk South extension project in the Norwegian Sea.

The contract will see EMAS AMC supply subsea engineering, procurement and offshore construction services to the project. This will include the installation of flexible flowlines, tie-in spools, manifolds and umbilicals, as well as associated abandonment and removal activities. The extension will be developed with a new subsea template connected to existing infrastructure in the area.

Offshore activities will start in the second quarter of 2014, with the project being expected to last through 2015.

EMAS Managing Director Lionel Lee commented in a statement:

"We have been investing heavily in building up our global engineering expertise as well as technologically advanced and game-changing assets. This has borne fruit and I am extremely pleased with this latest win by EMAS AMC. It demonstrates an ever growing confidence in our project execution capabilities and validates EMAS."

Discovered in 1985, the Smørbukk South Extension holds estimated recoverable reserves of 16.5 million barrels of oil equivalent. 

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Statoil Proves New Resources on its Gullfaks License

Norway's Statoil reported Friday that it has proven significant additional resources within the Shetland Group/Lista Formation in its Gullfaks license in the Norwegian North Sea.

Statoil said that preliminary calculations indicate that the discovery contains between 40 million and 150 million recoverable barrels of oil equivalent. However, the company cautioned that this resource estimate involves a "high degree" of uncertainty and that data gathering and studies are currently ongoing to clarify the potential and further development of the resources.

Production well 34/10-A-8 on the Gullfaks A platform, where the well test is being carried out, is currently producing at a rate of 7,500 barrels per day, the firm added. The well has produced nearly one million barrels since December 2012.

"The discovery provides new volumes that can give high-value production in a short time as well as new and promising perspectives for the field and the installations," Øystein Michelsen, Statoil's executive vice president for Development and Production Norway, commented in a company statement.

"This is a result of Statoil's strategy for revitalization of the Norwegian continental shelf."

Located in the Tampen area in the northern North Sea, Gullfaks came on stream Dec. 22 1986. The field development consists of three permanent installations, which have produced more than 2.4 billion barrels of oil and more than 56 billion cubic meters of gas.

Statoil, the operator, holds a 70-percent interest in the Gullfaks field, while its partner Petoro holds 30 percent.

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Statoil Proves New Resources on its Gullfaks License

Norway's Statoil reported Friday that it has proven significant additional resources within the Shetland Group/Lista Formation in its Gullfaks license in the Norwegian North Sea.

Statoil said that preliminary calculations indicate that the discovery contains between 40 million and 150 million recoverable barrels of oil equivalent. However, the company cautioned that this resource estimate involves a "high degree" of uncertainty and that data gathering and studies are currently ongoing to clarify the potential and further development of the resources.

Production well 34/10-A-8 on the Gullfaks A platform, where the well test is being carried out, is currently producing at a rate of 7,500 barrels per day, the firm added. The well has produced nearly one million barrels since December 2012.

"The discovery provides new volumes that can give high-value production in a short time as well as new and promising perspectives for the field and the installations," Øystein Michelsen, Statoil's executive vice president for Development and Production Norway, commented in a company statement.

"This is a result of Statoil's strategy for revitalization of the Norwegian continental shelf."

Located in the Tampen area in the northern North Sea, Gullfaks came on stream Dec. 22 1986. The field development consists of three permanent installations, which have produced more than 2.4 billion barrels of oil and more than 56 billion cubic meters of gas.

Statoil, the operator, holds a 70-percent interest in the Gullfaks field, while its partner Petoro holds 30 percent.

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NPD Grants Statoil Drilling Permit

The Norwegian Petroleum Directorate (NPD) has granted Statoil Petroleum AS a drilling permit for wellbore 7220/5-2, cf. Section 8 of the Resource Management Regulations.

Well 7220/5-2 will be drilled from the drilling facility West Hercules (UDW semisub) at position 72 degrees 33' 40.29" north and 20 degrees 23' 54.84" east.

The drilling program for well 7220/5-2 relates to drilling of a wildcat well in production licence 532. Statoil Petroleum AS is the operator with an ownership interest of 50 percent. The other licensees are Eni Norge AS with 30 percent and Petoro AS with 20 percent.

The production licence consists of blocks 7219/9, 7220/4, 7220/5, 7220/7 and 7220/8. The production license was awarded in the 20th licensing round in 2009.

Wildcat well 7220/5-2 is the fourth exploration well in production licence 532.

The permit is contingent upon the operator securing all other permits and consents required by other authorities before commencing drilling activities.

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Statoil Oil Sands Production Up More Than 60% in 2012

Statoil announced Thursday that it boosted production from its Canadian oil sands activities by more than 60 percent during 2012, while the Norwegian firm reduced its carbon dioxide intensity by almost 24 percent.

Statoil said that its "2012 Oil Sands Report" demonstrates clear progress in reaching the firm's ambitious targets for responsible oil sands production in Canada.

Production at Statoil's Leismer Demonstration Project began in January 2011. A steam-assisted gravity drainage facility, Leismer produced 16,333 barrels per day during 2012.

Statoil – which also operates sand oil leases at Kai Kos Dehseh in northern Alberta – said its ambition is to reduced carbon dioxide intensity in its production process by 25 percent by 2020 and by 40 percent five years later. Average carbon dioxide emissions per barrels during 2012 were 55.6 kilograms – down from 72.7 kilograms in 2011.

"In 2012 we increased oil sands production by more than 60 percent and reduced CO2 intensity by almost 24 percent. We reduced water usage, improved our steam-oil ratio and planted 267,000 trees to reclaim land. We are proud of the results we have achieved and are encouraged to continue our efforts to reach our ambitious targets," Statoil's senior vice president in Canada, Ståle Tungesvik, said in a company statement.

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Statoil Oil Sands Production Up More Than 60% in 2012

Statoil announced Thursday that it boosted production from its Canadian oil sands activities by more than 60 percent during 2012, while the Norwegian firm reduced its carbon dioxide intensity by almost 24 percent.

Statoil said that its "2012 Oil Sands Report" demonstrates clear progress in reaching the firm's ambitious targets for responsible oil sands production in Canada.

Production at Statoil's Leismer Demonstration Project began in January 2011. A steam-assisted gravity drainage facility, Leismer produced 16,333 barrels per day during 2012.

Statoil – which also operates sand oil leases at Kai Kos Dehseh in northern Alberta – said its ambition is to reduced carbon dioxide intensity in its production process by 25 percent by 2020 and by 40 percent five years later. Average carbon dioxide emissions per barrels during 2012 were 55.6 kilograms – down from 72.7 kilograms in 2011.

"In 2012 we increased oil sands production by more than 60 percent and reduced CO2 intensity by almost 24 percent. We reduced water usage, improved our steam-oil ratio and planted 267,000 trees to reclaim land. We are proud of the results we have achieved and are encouraged to continue our efforts to reach our ambitious targets," Statoil's senior vice president in Canada, Ståle Tungesvik, said in a company statement.

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Statoil Farms Out Mozambique License

Norwegian oil major Statoil announced Tuesday that it has farmed down a 25-percent working interest in its exploration license offshore Mozambique to Japan's Inpex Corporation.

The license, which consists of two blocks, is located in areas 2 and 5 offshore Mozambique in the Rovuma Basin. They are situated in a frontier area covering 3,100 square miles in water depths that vary between 985 and 8,200 feet.

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first out of two wells in the license will be drilled during 2Q by the drillship Discoverer Americas," Nick Maden, Statoil's senior vice president for international exploration at Statoil.

"Our presence in Mozambique is in line with Statoil's exploration strategy, focusing on early access in a prolific region. Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising."

After the farm-in completion the license will continue to be operation by Statoil Oil & Gas Mozambique with a 40-percent participating interest. As well as Inpex, other partners include Tullow Mozambique, with a 25-percent interest, and the Mozambican state oil company, which has 10 percent.

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Statoil Farms Out Mozambique License

Norwegian oil major Statoil announced Tuesday that it has farmed down a 25-percent working interest in its exploration license offshore Mozambique to Japan's Inpex Corporation.

The license, which consists of two blocks, is located in areas 2 and 5 offshore Mozambique in the Rovuma Basin. They are situated in a frontier area covering 3,100 square miles in water depths that vary between 985 and 8,200 feet.

"The farm-down reflects the attractiveness of Statoil's acreage in Mozambique. Bringing INPEX onboard allows the companies to diversify geological risk while sharing the potential upside. The first out of two wells in the license will be drilled during 2Q by the drillship Discoverer Americas," Nick Maden, Statoil's senior vice president for international exploration at Statoil.

"Our presence in Mozambique is in line with Statoil's exploration strategy, focusing on early access in a prolific region. Large gas discoveries have recently been made north of the acreage and the prospectivity for hydrocarbons in the Statoil operated blocks is promising."

After the farm-in completion the license will continue to be operation by Statoil Oil & Gas Mozambique with a 40-percent participating interest. As well as Inpex, other partners include Tullow Mozambique, with a 25-percent interest, and the Mozambican state oil company, which has 10 percent.

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FMC Renews Subsea Agreement with Statoil

FMC Technologies announced Tuesday that it has signed a renewed Framework Agreement with Statoil to provide subsea operations services for its developments on the Norwegian Continental Shelf. The duration of the agreement is five years with options for three additional three-year extensions.

Under the terms of the agreement, previously announced by Statoil, FMC Technologies will continue to provide installation services, asset management, equipment intervention and well access services.

"FMC Technologies has supported Statoil's subsea development efforts for more than two decades," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "This agreement will provide continued life-of-field support for many of Statoil's developments."

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FMC Renews Subsea Agreement with Statoil

FMC Technologies announced Tuesday that it has signed a renewed Framework Agreement with Statoil to provide subsea operations services for its developments on the Norwegian Continental Shelf. The duration of the agreement is five years with options for three additional three-year extensions.

Under the terms of the agreement, previously announced by Statoil, FMC Technologies will continue to provide installation services, asset management, equipment intervention and well access services.

"FMC Technologies has supported Statoil's subsea development efforts for more than two decades," said Tore Halvorsen, FMC Technologies' Senior Vice President, Subsea Technologies. "This agreement will provide continued life-of-field support for many of Statoil's developments."

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Statoil Spuds New Johan Sverdrup Appraisal Well

Sweden's Lundin Petroleum reported Tuesday the spud of appraisal well 16/2-17S on the Statoil-operated production license 265 on the Johan Sverdrup discovery in the Norwegian North Sea.

The well is located close to the western-bounding fault of the Johan Sverdrup discovery and its main objective is to investigate the Jurassic reservoir thickness, quality and distribution close to the fault – approximately a mile southwest of appraisal well 16/2-8 and 1.5 miles west of appraisal well 16/2-11.

The planned total depth is approximately 6,750 feet below mean sea level. The well will be drilled by the Ocean Vanguard (DW semisub) rig in an operation expected to take around 55 days.

Statoil's partners in the well include Petoro, with a 30-percent stake, Det norske oljeselskap, with 20 percent, and Lundin Norway, which has a 10-percent interest.

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Statoil Starts Up Production at Stjerne

Norway's Statoil reported Monday that it has started up production on the Stjerne field, around eight miles southwest of the Oseberg South platform in the Norwegian North Sea.

Stjerne is the fifth of Statoil's fast-track projects to come onto production, and the news comes just a week after the firm began production at another fast-track development: the Skuld field in the Norwegian Sea. Statoil's fast-track portfolio of projects employ standardized solutions using existing infrastructure rather than building all required infrastructure from scratch.

Statoil said Monday that its ambition is to cut the time it takes to bring new fast-track projects on stream to an average of just 30 months.

Halfdan Knudsen, heads of the fast-track development portfolio for Statoil Development & Production Norway, commented in a statement:

"This is a good example of how to make smaller discoveries profitable. The project has run according to plan, despite the delayed drilling start due to a rig change.

"We switched to Songa Delta [mid-water semisub] and this meant that drilling and completion could be implemented faster than originally planned. In fast-track we are always looking for opportunities."

Stjerne was discovered in 2009. The field has a four-slot seabed template. Statoil said two wells will produce oil and gas, while the other two will inject water into the reservoir for pressure support. So far one of the wells has been drilled.

Recoverable reserves are now estimated to be 49.2 million barrels of oil equivalent, with oil accounting for 20.7 million barrels of that total. Statoil also said the project has been brought into development some $85 million below budget.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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Statoil Starts Up Production at Stjerne

Norway's Statoil reported Monday that it has started up production on the Stjerne field, around eight miles southwest of the Oseberg South platform in the Norwegian North Sea.

Stjerne is the fifth of Statoil's fast-track projects to come onto production, and the news comes just a week after the firm began production at another fast-track development: the Skuld field in the Norwegian Sea. Statoil's fast-track portfolio of projects employ standardized solutions using existing infrastructure rather than building all required infrastructure from scratch.

Statoil said Monday that its ambition is to cut the time it takes to bring new fast-track projects on stream to an average of just 30 months.

Halfdan Knudsen, heads of the fast-track development portfolio for Statoil Development & Production Norway, commented in a statement:

"This is a good example of how to make smaller discoveries profitable. The project has run according to plan, despite the delayed drilling start due to a rig change.

"We switched to Songa Delta [mid-water semisub] and this meant that drilling and completion could be implemented faster than originally planned. In fast-track we are always looking for opportunities."

Stjerne was discovered in 2009. The field has a four-slot seabed template. Statoil said two wells will produce oil and gas, while the other two will inject water into the reservoir for pressure support. So far one of the wells has been drilled.

Recoverable reserves are now estimated to be 49.2 million barrels of oil equivalent, with oil accounting for 20.7 million barrels of that total. Statoil also said the project has been brought into development some $85 million below budget.

A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com.

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