Month: May 2015

Norway: Noreco announces first quarter 2015 results and completion of financial restructuring

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

Noreco on May 31 announced its first quarter 2015 financial results. Operating result before depreciation and write-downs (EBITDA) was negative NOK 154 million, while net profit after tax was positive NOK 1,794 million, mainly due to one-off financial restructuring.

Netherlands: Dutch court rejects request to cut gas output at Eemskanaal

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

A Dutch court on Friday rejected an application to have gas production halted at Eemskanaal due to concerns that continued extraction is causing earth tremors, saying complainants had not proved that stopping output would improve their safety.

UK: Xcite Energy announces Q1 results – updates Bentley field operations

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

Xcite Energy has announced its first quarter results for the 3 month period ended 31 March 2015. The Company reports an increase in 1P, 2P and 3P heavy oil reserves for the Bentley field to 234 MMstb, 265 MMstb and 296 MMstb, respectively.

UK: Oil & Gas UK reacts to news of new Energy Bill

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

Oil & Gas UK said it welcomes the inclusion of an Energy Bill as part of the 2015–2016 parliamentary legislative session announced at the State Opening of Parliament on Wednesday. The Bill will formally establish the Oil & Gas Authority (OGA) as an independent, government company.

UK: Ithaca Energy shares slide after disclosing North Sea dispute

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

London-listed shares in oil and gas company Ithaca Energy fell by as much as 18 percent after the Calgary-based firm said it had received a legal claim regarding its Greater Stella Area oil field in the North Sea.

Norway: Det norske granted drilling permit for Ivar Aasen field appraisal well

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

The Norwegian Petroleum Directorate (NPD) has granted Det norske oljeselskap a drilling permit for well 16/1-22 A in production licence PL 001B. The well is an appraisal well on the Ivar Aasen field.

Norway: Tullow Oil spuds Zumba exploration well in PL 591

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

JV partner North Energy reports that Tullow Oil has spudded an exploration well to test the Zumba Prospect in production licence PL 591 in the Norwegian Sea. The prospect is located on the Haltenbanken in the Norwegian Sea, approx. 14 km southeast of the Heidrun field.

Much needed reductions in North Sea costs of 10-20% expected by 2016 – according to Wood Mackenzie

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

According to the latest analysis from Wood Mackenzie capital and operating costs in the UK and Norway’s Upstream sectors will decrease steadily this year as operators respond to lower oil prices.

UK: Wood Group appointed as DECC technical advisor for carbon capture and storage

Otmane El Rhazi from Energy-pedia regional news: Europe / Caspian / CIS.

Wood Group Kenny (WGK) will provide technical advisory services for carbon capture and storage (CCS) policies, as well as potential projects across the UK, as part of a framework agreement with the Department of Energy & Climate Change (DECC).