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The Norwegian government has awarded 28 oil and gas companies a total of 69 offshore blocks to explore for petroleum in mature areas of its continental shelf, the Norwegian Petroleum Directorate said on Tuesday.
Shell, ConocoPhillips, Total and Equinor won blocks, as did DNO, Aker BP, Lundin Petroleum and Eni’s Vaar Energi.
Private equity backed companies Chrysaor and Neptune Energy received stakes in eight and 13 blocks respectively.
Russia’s Lukoil, which holds stakes in two licences, and wholly owned Rosneft subsidiary RN Nordic, a previous licence holder, were not awarded any blocks. A ministry spokesman declined to comment on the reason for their omission.
Some green groups criticised the awards.
“With only 10 years left to halve our emissions, we need the government to stop handing out new oil licences and instead focus on a green transition and to decrease Norwegian dependency on oil,†Greenpeace campaigner Halvard Raavand told Reuters.
Norwegian oil and energy minister Sylvi Listhaug rejected any call to phase out the country’s oil industry.
“That would be a disaster for Norwegian society. There are … 200,000 jobs associated with the industry, and the massive amount of value created enables us to maintain our incredible welfare model,†she told Reuters.
The annual licensing round for predefined areas covers blocks adjacent to previously explored or developed acreage, as opposed to licensing rounds in the country’s frontier areas.
Bids were submitted by 33 oil companies for a total of 90 offshore exploration blocks, including 48 in the Arctic Barents Sea.
The number of final awards depends on a range of factors, including Norway’s requirement that each licence must have several owners.
Of this year’s 69 licences, 33 were in the North Sea, 23 in the Norwegian Sea and 13 in the Arctic Barents Sea.
Norway’s oil and gas output is expected to rise sharply in the next several years as recent large discoveries come on stream, with authorities keen to extend the life of the oil and gas industry for decades to come.
Norway also conducts so-called numbered licensing rounds, which include frontier parts of the Norwegian continental shelf, where exploration is more risky but large finds could be made.
The government aims to announce the next numbered licensing round before Norway’s 2021 election. However, it must first agree an updated plan on areas to be made exempt because of environmental concerns, particularly in the Arctic.
The Norwegian Petroleum Directorate estimates that two thirds of Norway’s undiscovered oil and gas resources are in the Barents Sea, though exploration there has been disappointing recently.
Source: Reuters
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Valaris Limited announced new contracts awarded subsequent to issuing the Company’s most recent fleet status report on February 21, 2023. Three-year contract with Petrobras for drillship VALARIS DS-8. The rig will be reactivated for this contract. The total contract value is approximately $500 million, including a $30 million mobilization fee. 100-day contract with a TotalEnergies affiliate for drillship VALARIS DS-12. The contract is expected to commence in second quarter 2023. 70-day contract with Beach Energy offshore New Zealand for heavy duty modern jackup VALARIS 107. The contract is expected to commence in third quarter 2023. The total contract value is approximately $26 million. President and Chief Executive Officer Anton Dibowitz said, “We are particularly pleased to have secured the award for preservation stacked drillship VALARIS DS-8, for a contract that is expected to generate a meaningful return over the firm contract term, and we remain focused on exercising our operational leverage in a disciplined manner. This most recent award represents the sixth contract awarded to one of our high-quality stacked floaters since mid-2021, and speaks volumes about our demonstrated track record of project execution when reactivating rigs.” Dibowitz added, “Following the reactivation of VALARIS DS-17 and DS-8, we will have ten floaters working across the golden triangle, including four drillships in Brazil, a market where we expect to see continued growth over the next several years.” Updated Guidance As a result of the contract awarded to VALARIS DS-8, which will require the rig to be reactivated from preservation stack, we are updating our first quarter 2023 and full-year 2023 guidance provided on our fourth quarter 2022 conference call on February 21, 2023. First Quarter 2023 Contract drilling expense is expected to increase by approximately $5 million to $385 million to $395 million. Adjusted EBITDA is expected to decrease by approximately $5 million to negative $5 million to breakeven. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $25 million to $30 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Full-Year 2023 Revenues are anticipated to be $1.8 billion to $1.9 billion, unchanged from the guidance provided on our fourth quarter 2022 conference call. Contract drilling expense is expected to increase by approximately $60 million to $1.49 billion to $1.59 billion. Adjusted EBITDA is expected to decrease by approximately $60 million to $180 million to $220 million. Adjusted EBITDAR, which adds back one-time reactivation expense, is expected to be $280 million to $320 million, unchanged from the guidance provided on our fourth quarter 2022 conference call. Capital expenditures are expected to increase by $60 million to $320 million to $360 million. Source: Valaris Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Seadrill Limited announced that the West Neptune has executed approximately six months of term extensions with LLOG Exploration Offshore, L.L.C in the US Gulf of Mexico. The extensions will commence in direct continuation of the existing term, and will keep the rig busy until Q3 2024, furthering Seadrill and LLOG’s long-term association. Total contract value for the extension is approximately $79 million. Source: Seadrill Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
Semisub rig owner Dolphin Drilling has inked a new contract with Peak Petroleum in Nigeria for its 1974-built Blackford Dolphin. The firm contract, which follows the letter of award in January, gives the Euronext Growth-listed owner of three rigs the potential to extend the unit’s backlog by a minimum of 120 days and up to 485 days. The deal adds to and will be a direct continuation of the previously announced 12-month contract with General Hydrocarbon Limited (GHL). Øystein Stray Spetalen-backed company said the effective dayrate associated with the minimum firm period of the contract is $325,000, including the mobilisation fee. “The final award of the contract for Blackford Dolphin shows the opportunities in Nigeria at a strong dayrate, in addition to building on the backlog for the rig. It also underlines the attractiveness of our assets, and we look forward to returning to revenue-generating operations in 2023,” noted Bjørnar Iversen, CEO of Dolphin Drilling. Source: Dolphin Join our mailing list here We are #1 on Google and Bing for the "Largest Mobile Energy Network" Come join our community! Download the Rig Lynx app here
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