Europe ///

Electric fault curbs Alvheim FPSO production capacity

Production capacity at the Alvheim FPSO will be reduced for about four weeks due to an electric fault in the high voltage drive motor for one of the vessel's gas export compressors, Det norske oljeselskap said Tuesday.

Lundin spuds Barents Sea exploration well on Ørnen prospect

Lundin Norway, a wholly owned subsidiary of Lundin Petroleum, has started drilling exploration well 7130/4-1 on the Ørnen prospect.

Norway offshore fleet faces more pain as 100 vessels stacked

The number of Norwegian offshore vessels with nothing to do has gone from zero to 100 in just a year. And the woes are far from over, the industry’s top lobbyist said.

Oil declines as Venezuela sees mid-$20 crude on OPEC inaction

Oil extended its decline as Venezuela predicted prices may drop to as low as the mid-$20s/bbl unless OPEC takes action to stabilize the market.

Falling oil prices fail to deter European energy stock bulls

The cost-cutting campaign among European energy companies is paying off: Investors are buying up their shares even as oil prices drop.

Amec Foster Wheeler ‘uniquely placed’ to lead North Sea decommissioning

Amec Foster Wheeler is ‘uniquely placed’ for decommissioning work in the North Sea oil and gas industry thanks to its experience in the nuclear sector.

DNV GL guidance on inspection planning of offshore structures will save operational costs

The low oil price and a reduction in newbuilds have driven the integrity of existing assets up the agenda for the oil & gas industry.

Costain saves operator millions in North Sea exploration project

UK engineering solutions provider Costain has been instrumental in helping Ithaca Energy save millions, thanks to its sound management of subsea contracts in the operator’s Greater Stella Area (GSA) Development in the central North Sea.

OMV Norway signs 3-year frame agreement with Aptomar

OMV Norway has signed a three-year frame agreement with Aptomar to deliver its integrated field monitoring services for the operator’s future drilling activities.

Norway oil producers seek more deals after $2 billion flurry

More than a year after oil prices started their biggest descent since the financial crisis, sellers and buyers of oil and gas assets in Norway are finally starting to see eye to eye.

UK North Sea decommissioning costs set to rise: Oil and Gas UK

The cost of dismantling oil production facilities in the UK North Sea over the next decade will be higher than previously forecast as more fields are scheduled to halt production, according to a group representing the British industry.

Dutch court rules gas output from EU’s biggest field be cut

A Dutch court Wednesday ruled that natural gas extraction from Europe’s largest deposit should be cut by another 18% as local residents sought to stop tremor-inducing production that’s damaging their houses.

Regional Report: The Arctic

Mike Slaton, Contributing Editor

Prices, sanctions and environmental politics chill the air

CIS drives subsea piles in 160 minutes on Alvheim development

Conductor Installation Services (CIS), an Acteon company that provides hammer services to install conductors and drive piles, has successfully completed its second subsea piling campaign for Technip in Norway.

Cambla secures first decommissioning contract wins

International project services consultancy, Cambla, heralds its move into the decommissioning sector, having been awarded contracts with two major operators.

BG Group joins World Bank initiative on carbon pricing

BG Group has joined the World Bank Carbon Pricing Leadership Coalition (CPLC), an initiative which brings together over 85 governments, corporate and civil society organizations to collaborate on carbon pricing systems and policies.

Premier Oil sells Norwegian business to Det norske for $120 million

Premier Oil has agreed to sell Premier Oil Norge AS, which comprises all of the company's Norwegian assets, to Det norske oljeselskap for a cash consideration of $120 million.

Norwegian regulators grants green light for production start-up on Edvard Grieg

The Norwegian Petroleum Directorate has granted consent to start production on the Lundin Norway-operated Edvard Grieg field in production license 338 in the North Sea.

Oil rigs said touted to debt funds by Norwegian investment banks

Pareto Securities AS is among banks targeting debt funds and private-equity firms to buy oil rigs at firesale prices to hold until demand for offshore-drilling rebounds, according to people familiar with the matter.

Lundin spuds exploration well on Lorry prospect, offshore Norway

Lundin Norway, a wholly owned subsidiary of Lundin Petroleum, has commenced drilling exploration well 6407/10-4, offshore Norway.