Norwegian energy company Equinor (EQNR.OL), opens new tab has submitted a bid to develop an offshore wind farm together with other companies in the latest round of Japan’s state auctions, two sources said, as it seeks a foothold in the fledgling market.
The Norwegian Agency for Development Cooperation (Norad) yesterday commemorated 16 years of partnership under the Oil for Development programme (OfD) in Accra.
Aker BP ASA has proven gas in another well in production license 261 in the Norwegian Sea and is considering developing the discoveries in the block through tieback to existing infrastructure.
Aker BP has proven the presence of gas in appraisal well 6507/2-7 S 230 kilometres offshore Sandnessjøen in the Norwegian Sea, the Norwegian Offshore Directorate announced on Thursday.
North Sea oil and gas operators are not just facing the prospect of higher windfall taxes, they are now also finding it more difficult to get loans from UK banks.
The windfall profit tax was imposed on the energy industry in 2022 amid record profits resulting from the supply uncertainty in oil and gas following the incursion of Russian troops into Ukraine.
According to data from Norwegian investment bank SpareBank 1 Markets, reserve-based lending to oil and gas operators in the UK’s North Sea had fallen by some 40-50% since the introduction of the windfall profit tax.
Italy’s power utility Enel has become the latest international energy investor to scrap plans for participating in the energy transition of Vietnam.
According to the Norwegian Offshore Directorate’s projected scenarios leading up to 2050, the difference between high and low production of oil and gas can amount to nearly an entire government pension fund.
One of the North Sea’s biggest gas producers is threatening to end investment in Britain because the tax regime has become too unstable to support offshore energy producers.
Norway produced 122.9 million cubic meters (4.3 billion cubic feet) of oil equivalent in the first half (H1) of 2024, up 6.2 MMcm (219 MMcf) compared to the same period last year as natural gas output kept growing year-on-year in the six months running.
Equinor and its partners Petoro, Vår Energi, and TotalEnergies EP Norge started production from the first Lavrans well in the Kristin South area offshore Norway on July 7, 2024.