Det norske oljeselskap ASA: Sale of Yme Approved

The Norwegian Ministry of Energy and Petroleum has approved Det norske oljeselskap’s sale of 10% in production licenses 316, 316B, 316CS and 316DS to the Polish Company Lotos Exploration and Production Norge AS. The transaction includes the Yme field, which is currently under development. Det norske will receive close to MNOK 600 in cash for these assets. For further details, reference is made to... 

Det Norske Oljeselskap ASA: Det Norske Considerably Strengthened

Det norske oljeselskap ASA (OSE:DETNOR) reported operating revenues in Q3 2008 in the amount of MNOK 102.2, as compared to MNOK 19.4 in the same quarter in 2007. The operating loss amounted to MNOK 108.3. The net income in the period was MNOK 5.6. In the corresponding quarter last year, the company reported an operating loss of MNOK 32.7, and the net loss was MNOK 5.1. Total exploration expenses in... 

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Det norske oljeselskap ASA: Considerable Strengthening of Det norske’s Cash Position

Det norske oljeselskap ASA sells its 10 percent interest in Production Licenses 316 (the Yme Field), 316B, 316 CS, and 316 DS to Lotos Exploration and Production Norge AS. The consideration for the transaction is NOK 390 million. The purchase amount includes NOK 118 million in remaining tax balance. In addition, Det norske (OSE:DETNOR) will be compensated for investments made in 2008. Consequently,... 

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Det norske oljeselskap ASA: Det norske Strengthens Its Position in the Froy Area

Det norske oljeselskap ASA has entered into a license swap agreement with Aker Exploration with respect to Production Licenses (PL) 460 and 463S in the North Sea. This agreement strengthens Det norske’s position around the Frøy Field. As a consequence of this agreement, Det norske will increase its interest in PL 460 by 12.5 percent, from 40 to 52.5 percent. This license is located next to PL 364,... 

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Det norske Enters into Heads of Agreement Regarding Development of Froy

Det norske oljeselskap ASA announces that it has entered into a Heads of Agreement with a Contractor regarding lease of a jack-up production unit for the Frøy Field. Det norske has entered into this Agreement for the purpose of supporting the progress of field development and operation of the Frøy Field in Production License (PL) 364. The Frøy Field is expected to produce 56 million barrels of oil,... 

Det norske oljeselskap ASA: Det norske Sells License Shares in the Fongen, Struten, and Litjormen Prospects

Det norske oljeselskap has signed an agreement with VNG Norge, a subsidiary of the German VNG Group – Verbundnetz Gas AG, for sale of shares in three production licenses off mid-Norway. Det norske is the operator and carries a large ownership interest in all three licenses. This transaction confirms the value creation potential in the early exploration phase and the sale is part of Det norske’s... 

State-controlled StatoilHydro ASA: profits up 37 percent

State-controlled StatoilHydro ASA has recently told the press that a 37 percent rise in second-quarter profit Friday because of an increase in oil and gas prices and higher production. The company, based in the western Norwegian city of Stavanger, said profit for the April to June period came to 18.77 billion kroner ($3.7 billion), up sharply from 13.71 billion kroner in the same three months a year... 

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Statoil cuts 95,000 barrels per day at North Sea oil and gas field for five months

Norway’s state-controlled oil company Statoil ASA on Friday said it was cutting production at its Kvitebjoern field by the equivalent of 95,000 barrels of oil per day for the next five months as part of a reservoir management and drilling program. The company said it decided to cut production in half at the North Sea field ”to enable sound reservoir management and safe drilling operations... 

Hydro’s oil and gas activities to merge with Statoil

The Board of Directors of Hydro and Statoil have agreed to recommend to their shareholders a merger of Hydro’s oil and gas activities with Statoil. This will make the Norwegian company the world’s largest offshore operator with a presence in nearly 40 countries. It is only the oil and gas activities of Hydro that will be merged with Statoil. Hydro’s aluminium business in South East... 

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AGR Group to Begin Two New North Sea Drilling Programs in 2007

AGR Peak Well Management, part of the Norway-based Ability Group ASA (AGR) oil technology and services group, is to undertake two new drilling programs during 2007 involving nine wells for six independent oil companies operating in the UK sector of the North Sea. The projects, involving total expenditures of more than £100 million, will be carried out over a six to seven month period using two semi-submersible...