Page 11 - EurOil Week 29 2019

EurOil
NEWS IN BRIEF
EurOil
Equinor picks up two safety
consents for North Sea
operations
Norwegian oil company Equinor has received two consents from the Petroleum Safety Author- ity (PSA) – one for the use of a COSL rig for exploration drilling and one for the use of Utgard eld facilities in the North Sea o Norway.
e PSA said on Monday that the rst con- sent was for the use of the COSLPromoter drill- ing rig for exploration drilling in the North Sea. e consent covers the drilling of eight produc- tion wells in connection with the development of Troll Phase 3 on the Troll eld in the North Sea.
According to the safety body, the drilling is scheduled to begin in September 2019 and antic- ipated to last 144 days.
As for the rig, COSLPromoter is a semi-sub- mersible drilling rig of the GM4000 type. e rig is owned and operated by COSL Drilling Europe and received an acknowledgement of compli- ance (AoC) from the PSA in 2012.
e Norwegian oil major has also received a consent to use certain facilities on the Utgard eld. Namely, the consent applies to the use of Utgard’s subsea facilities, pipelines, control cables and associated modi cations to Sleipner AandT.
The Utgard field is situated in the central North Sea, straddling the sector boundary between Norway and the UK. It is located 20km west of Sleipner eld’s centre in a water depth of 110-120 metres.
Utgard was discovered in 1982, and the plan for development and operation was approved in 2017. e development concept is a four-slot subsea template with two wells tied back to the Sleipner T facility for processing and reduction of CO2 levels in the gas. OffshoreEnergyToday.com, July 22 2019
Groupe Renault and BP
deepen their strategic
partnership
Groupe Renault and BP with its global lubri- cant business Castrol have decided to enlarge their strategic partnership from January 1, 2020, building upon the successful collabora- tion which began in 2017 through a Formula 1 partnership.
BP and Castrol are extending their part- nership with Renault F1 Team until 2024, pro- viding advanced fuels and engine oil, gear and hydraulic oils, greases and brake uid, as well as
supplying a range of high-performance indus- trial lubricants to the team’s technical centres in Enstone for the chassis and in Viry-Châtillon for the engine. BP and Castrol will play a key role in supporting Renault F1 Team as the new Formula 1 regulations come into e ect in 2021.
Groupe Renault has selected Castrol as its a ersales’ global service ll engine oil lubricants partner from January 1, 2020. A new Renault Castrol jointly branded product range will be sold to Renault dealers, and Renault drivers will bene t from the successful co-operation initi- ated through the Formula 1 partnership. Groupe Renault and Castrol, both leading brands with advanced technologies, will combine their expertise to continue delivering improved ser- vice to Renault customers.
is strong technical partnership in service ll and Formula 1 will enable the partners to push technological boundaries both on and o the track. With Castrol, one of the world’s lead- ing lubricants brands, Groupe Renault will build a strong partnership that will enable Renault customers and dealers to enjoy the best service and products while contributing strongly to its Formula 1 ambitions.
BP, July 24 2019
Repsol posts net income of 1.133bn EUR in H1-2019
Repsol achieved a net income of EUR 1.133bn in the rst six months of 2019 compared to EUR 1.546bn in the first half of the previous year, when it recorded capital gains of EUR 344mn a er completing the sale of its interest in Naturgy (previously Gas Natural SDG) in May of 2018.
Adjusted net income, which specifically measures the performance of the company’s businesses (as it excludes the accounting e ect of the value of inventories and speci c income), was EUR 1.115bn, in line with EUR 1.132bn in the same period of 2018.
e company maintained the strength of its results in the context of raw materials prices that were lower than those recorded between January and June of 2018, with exceptionally low inter- national re ning margins, and with Libyan pro- duction suspended during practically half the period, which showcases the company’s capacity for resilience and value-creation in any scenario.
As regards international reference commod- ities, Brent crude oil was trading at an average price of $66 per barrel, 7% less than in the rst six months of 2018, while West Texas Intermediate (WTI) was 12% lower, averaging $57.4 per barrel during the period.
In this international price environment, the upstream unit (exploration and production) earned €646mn, very similar to the €647mn of the previous year, which re ects the e ectiveness of the e ciency measures implemented by the company.
Other relevant milestones in the period for this business include the Sakakemang discov- ery in Indonesia, considered the world’s largest onshore discovery so far this year, and the start of production of Buckskin in the US Gulf of Mexico.
e downstream unit (re ning, chemicals, mobility, lubricants, LPG, trading, gas wholesale, and Repsol Electricidad y Gas) posted pro t of €715mn, with improved performances from the chemicals, trading, and Repsol Peru businesses. Repsol, July 24 2019
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