Latest news with #NorwegianSea
Reuters
21-07-2025
- Business
- Reuters
Norway's Vaar Energi makes oil and gas discovery in Norwegian Sea
COPENHAGEN, July 21 (Reuters) - Vaar Energi ( opens new tab has discovered oil and gas at the Vidsyn prospect in the Norwegian Sea, the Norwegian oil company said on Monday. Preliminary estimates indicate that the discovery holds recoverable reserves of between 25 million and 40 million barrels of oil equivalent, Vaar said in a statement. The company said it will evaluate the discovery and consider development as a tie-in to the existing Fenja oil and gas field. "Together with Vaar Energi, we will work hard to put it into production faster than is the norm in Norway," Bijan Mossavar-Rahmani, chairman of DNO ( opens new tab, which owns a 7.5% stake in the field, said in a separate statement. Vaar Energi owns 75% of the exploration permit, while Sval Energi holds the remaining 17.5%.
Yahoo
21-07-2025
- Business
- Yahoo
Vidsyn Discovery Proves Up Commercial Oil and Gas
Oslo, 21 July 2025 – DNO ASA, the Norwegian oil and gas operator, today confirmed a gas and condensate discovery on the Vidsyn prospect close to its producing Fenja oil and gas field, both within the Norwegian Sea license PL586. The Company has a 25 percent stake in the license, up from 7.5 percent prior to the recent acquisition of Sval Energi Group AS last month. Preliminary estimates put gross recoverable resources in the range of 25 to 40 million barrels of oil equivalent (MMboe) with a mean of 31 MMboe, above the pre-drill estimate range. The Vidsyn discovery was made in Middle Jurassic high-quality reservoir sandstones of the Ile formation. The partnership, including Vår Energi ASA (75 percent and operator), considers the discovery commercial and sees a potential to unlock a larger volume in the licence. 'Vidsyn is another exciting addition to our string of Norway discoveries,' said Executive Chairman Bijan Mossavar-Rahmani. 'Together with Vår Energi, we will work hard to put it into production faster than is the norm in Norway.' Vidsyn is located eight kilometers west of the Fenja field, which is tied back to the Equinor-operated Njord field facilities 35 kilometers to the northeast. Njord oil is exported by shuttle tankers while gas is piped to the market via the Åsgard Transport System. Since re-entering Norway in 2017, DNO has participated in over a dozen discoveries on the Norwegian Continental Shelf, including three on permits operated by the Company, namely Kjøttkake (2025), Othello (2024) and Norma (2023). DNO produces around 80,000 barrels of oil equivalent per day offshore North Sea from more than 30 fields, participates in six ongoing field development projects, is maturing multiple discoveries for project sanction and has interests in a total of 138 permits in the North Sea where it will drill three more exploration wells later this year: Page in PL1086 (50 percent interest and operator), Tyrihans Øst in PL1121 (30 percent) and Camilla Nord in the Vega unit (5.5 percent). Combined North Sea 2P reserves and 2C resources of 435 million barrel of oil equivalent translates into15 years of production at the current run rate. – For further information, please contact:Media: media@ – DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d'Ivoire, Netherlands and Yemen. More information is available at This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
ConocoPhillips Confirms Oil Discovery in Norwegian Sea
ConocoPhillips (NYSE:COP) is one of the most undervalued large cap stocks to buy according to analysts. On June 20, ConocoPhillips confirmed an oil discovery at the Slagugle prospect in the Norwegian Sea. This follows the drilling of a second appraisal well, 6507/5-12 S, under production license 891, where ConocoPhillips holds an 80% operating interest and Pandion Energy holds the remaining 20%. The well is located ~22 kilometers northeast of the Heidrun field and 270 kilometers north of Kristiansund. The Slagugle oil discovery was initially proven in 2020, with preliminary estimates placing resources in the range of 30.8 million to 61.6 million barrels of oil equivalent (mboe) within Triassic reservoir rocks. The recent appraisal well, the third exploration well in this license (awarded in 2016), aimed to delineate the discovery and assess reservoir properties. An underground network of pipelines transporting oil through an expansive terrain. Drilled by the Deepsea Yantai rig in 341 meters of water, the well encountered a substantial 188-meter oil-bearing interval within the Åre Formation and Grey Beds, with 75 meters exhibiting very good sandstone reservoir properties. A successful formation test recorded a maximum production rate of 650 standard cubic meters of oil per flow day. Despite a dry well attempt to delineate the discovery in 2022, the latest appraisal has yielded encouraging results. ConocoPhillips (NYSE:COP) explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas/LNG, and natural gas liquids. While we acknowledge the potential of COP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: and . Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Reuters
16-06-2025
- Business
- Reuters
Norway oil sector workers threaten to strike from June 21
OSLO, June 16 (Reuters) - Norwegian workers employed on offshore drilling rigs will go on strike on June 21 if annual wage talks with employers fail, the oil and gas labour unions said on Monday. In total, some 438 union members are initially ready to strike, including 175 from the biggest union Styrke, 193 from the second largest SAFE and 70 from the smaller DSO. The stryke and SAFE unions told Reuters the initial action would not affect oil and gas output, but a strike could be expanded as the annual wage talks involve more than 7,200 oil drillers and other service workers. Initial wage talks between the Norwegian Shipowners' Association and the three labour unions broke down last month, and will resume on June 20 under the guidance of a state-appointed mediator. Styrke said a strike by its members would initially affect Transocean's rig Encourage and Odfjell Drilling's ( opens new tab Deepsea Bollsta, which are drilling wells for Equinor ( opens new tab and OMV in the Norwegian Sea, respectively. It was not immediately clear which drilling rigs would be affected by SAFE and DSO members going on strike. Equinor and OMV did not immediately respond to requests for comment. "We have clear expectations of a good general wage increase," Styrke union leader Frode Alfheim said in a statement. Details of the demands and any wage offers have not been disclosed and are normally confidential. The Norwegian Shipowners' Association, which negotiates on behalf of the rig-owning companies, did not immediately respond to a request for comment. A broad-based group of onshore industry workers reached a wage deal with employers in March for a 4.4% pay rise this year, although demands in other sectors could deviate. Workers directly employed by oil firms separately agreed a wage deal last month, thus preventing a strike.
Yahoo
17-02-2025
- Automotive
- Yahoo
How cruise operators are navigating new emission rules
In 2025 and 2026 respectively, the Mediterranean and Norwegian seas will be the latest bodies of water to become Emission Control Areas (ECAs). These regulations will require all ships to use fuel with less than 0.10% sulphur content within these areas or use sulphur abatement technology if approved by the flag state. In the case of the Norwegian Sea ECA, which will also cover some inland waterways – fjords – there's an additional requirement relating to nitrogen oxide (NOx) emissions. Different tiers of control will be applied based on a ship's construction date, and various means are available for ships to comply. These include engine design, using alternative fuels, and installing devices such as selective catalytic reduction (SCR) and exhaust gas recirculation (EGR). While the new ECAs will have regulatory, operational, and financial impacts for all vessels, these will likely be more pronounced for cruise operators, notes Mark Towl, Lloyd's Register's principal regulatory risk specialist. Cruise ships will likely have multiple port calls and extended stays within ECAs, requiring constant compliance with emission standards, whereas cargo vessels spend less time in these areas and can have their compliance managed more strategically, explains Towl. 'Because of their frequent and extended stays in port, cruise operators will likely face increased costs associated with very low sulphur fuel for emission compliance,' he says. 'Due to the nature of their operations, cargo ships often spend less time in ports or in coastal waters compared to cruise ships. They may switch to compliant fuel before transiting the Mediterranean Sea ECA and switch back to a more cost-effective fuel option once they are through the area.' Another challenge cruise ships face is high public visibility and passenger expectations for sustainable practices, making compliance crucial for maintaining a positive reputation. 'Cargo operators face less public scrutiny and can focus more on regulatory and financial implications,' Towl adds. When it comes to the monitoring and enforcement of regulations, cruise ships entering ECAs could undergo regular inspections by port authorities, including fuel log checks, fuel sulphur content verification and equipment certification checks, according to Towl. 'And ships equipped with exhaust gas cleaning systems (EGCS) or 'scrubbers' will be closely monitored, as they must meet specific ECA standards for sulphur removal,' he says. The consequences of non-compliance can't be ignored, especially by public facing organisations like cruise operators. According to the International Maritime Organisation's (IMO) guidelines for port state control under MARPOL Annex VI, the use of non-compliant fuel is considered to be of such a serious nature that it may warrant detention of the ship involved. Several coastal states have already enforced sanctions for ships not complying with IMO regulations. 'Several coastal states have already enforced sanctions such as fines of several thousand Euros for ships not complying with IMO regulations,' says Natasha Brown, head of outreach and communications at the IMO. Depending on a ship's operational profile, sulphur oxide (SOx) emissions compliance could require significant investment in emissions abatement technology if ships that have previously operated solely outside of an SOx ECA will now be operating in the ECA. 'Operators will face a choice of using compliant fuel or fitting a scrubber,' says Towl. 'This is likely to be a more pronounced cost impact for cruise ships operating solely in or around the Mediterranean Sea, where there are no other SOx ECAs they may be entering, than for those entering the Norwegian Sea ECA, as there are already neighbouring North Sea and Baltic Sea SOx ECAs with which they already have to comply.' Due to the requirement of keeping fuel usage records, many cruise operators will choose to install or upgrade continuous emission monitoring systems (CEMS) that provide real-time data on sulphur and nitrogen oxide emissions. But this isn't to say cruise operators are on the back foot. All of Carnival Corporation's cruise ships are already capable of operating in SOx ECAs with either LNG, EGCS, or compliant fuels, for example. 'We saw SOx regulations coming 10 years in advance, so we've been working on it for most of that time,' says Mike Kaczmarek, Carnival Corporation's SVP of marine technology and refit. 'But for locations that require NOx Tier III (currently only the Norwegian World Heritage Fjords), we will have to install SCRs. This will also have an impact on itinerary planning, due to the ship modifications required. 'We have had some advanced notice regarding NOx requirements and our engineers developed an SCR internally, which can be retrofitted. We've had one ship operating in the Norwegian fjords with our SCR, so it's a proven solution. 'We were the first to build large LNG-powered cruise ships, and we currently have ten of these, with several more on order. These meet all NOx requirements so we won't need an SCR,' Kaczmarek continues. 'We've also tested biofuels in some of our ships, and the use of biofuels will be one of the principal ways we will comply with greenhouse gas (GHG) emissions regulations in the near/medium term.' The company has also won funding from the EU Innovation Fund for a methanol conversion project for one ship in its Princess fleet. 'This is planned for 2026. Currently, we're doing technical studies and risk assessments to give the ship methanol capability – it will still be capable of burning NGO and HFO,' adds Chris Millman, Carnival Corporation's VP of marine technology. 'We're at a stage where everyone's still unsure what the final answer will be [in terms of regulation] so we're compelled to look at everything and have got our fingers in many areas including development into carbon capture. We're staying pretty close to state-of-the-art technology across the board.' Operators like Carnival are also working closely with the wider industry to ensure a smooth transition to more sustainable fuels like LNG to curb cruise emissions. 'We can't just expect [the infrastructure] to be there, so we have to take the initiative to work with ports, distributors suppliers; the whole logistics chain, to make it work,' says Kaczmarek. 'We'll continue to watch regulatory developments closely. We plan our itineraries at least two years in advance, so we simply can't be surprised because we can't turn on a dime! This is why it's so important that we keep looking way ahead.' This article was originally published in our digital magazine, . You can subscribe to the magazine for free by . "How cruise operators are navigating new emission rules" was originally created and published by Ship Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
