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OIL AND GAS
Failed Statoil campaign a told-you-so for Greenpeace
by Daniel J. Graeber
Oslo, Norway (UPI) Aug 8, 2014


Statoil signs two-year rig deal with Schlumberger for $183 million
Stavanger, Norway (UPI) Aug 8, 2013 - Norwegian energy company Statoil said Friday it signed a $183 million contract with oil services company Schlumberger for offshore operations.

Statoil awarded contracts to the Norwegian subsidiary of Schlumberger for the Norwegian continental shelf fields Gullfaks, Gullfaks satellites, Snorre, Statfjord, Tordis/Vigdis and Visund.

Statoil said the contract extends for two years and could support as many as 350 jobs.

"[The contract] contributes to Statoil's focus area of safe and efficient drilling," Geir Tungesvik, senior vice president for drilling operations, said in a statement.

Statoil in July said net operating income for second quarter 2014 was down nearly 7 percent to $5.1 billion year-on-year.

In terms of production, the company said it put out about 1.8 billion barrels of oil equivalent during the second quarter, a 9 percent decrease from the same time last year.

Norway is the second-largest supplier of natural gas to Europe after Russia. Nearly three-quarters of the oil it produces is exported to European countries.

A decision by Statoil to end a campaign in the arctic waters of the Barents Sea shows it never should have drilled there in the first place, Greenpeace said.

Norwegian energy company Statoil said it ended its campaign in the frontier Hoop area of the Barents Sea. Small volumes of hydrocarbons were encountered, but nothing in the way of a commercial discovery.

The drilling program was the target of a Greenpeace protest aimed at highlighting the risks of operating in the pristine arctic environment. The Hoop reserve area is near Bear Island, a unique island ecosystem that Greenpeace said would be spoiled should a spill occur in the area.

Truls Gulowsen, director of the Norwegian branch of Greenpeace, said dry wells in the Hoop area suggest it's the arctic environment itself that's rejecting the presence of oil companies like Statoil.

"The licenses should never have been awarded in the first place," he said in a statement emailed Thursday. "When all these wells turned up uncommercial, it is safe to say the birds at Bear Island were victorious."

Norwegian authorities arrested more than a dozen Greenpeace demonstrators who boarded a rig contracted by Statoil from Transocean in May that was bound for the work in the northern reaches of the Barents Sea.

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Vienna (UPI) Aug 8, 2014
Libyan oil production is at its highest level since the beginning of the year, the Organization of Petroleum Exporting Countries said Friday. OPEC said in its latest monthly market report crude oil production from member states averaged 29.9 million barrels per day. Production fell primarily in member states Iraq and Angola, while production increased from Libya and Saudi Arabia. ... read more


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