Norway: BP Sells Its Interest in Draugen to Shell

Norway BP Sells Its Interest in Draugen to Shell

BP announced today that it has agreed to sell its 18.36 per cent non-operated interest in the Draugen field in the Norwegian Sea to AS Norske Shell for $240 million in cash.

The agreement is a further example of BP’s active management of its portfolio in the North Sea, focusing investment on high value assets with long term growth potential, while realising the value of non-core assets.

“BP is a significant investor in Norway and is in the final stages of completing two major projects, the Skarv field and the re-development of the Valhall field, which will greatly increase our production from the country,” said Rebecca Wiles, managing director of BP Norway.

“These investments, together with our continuing operation of the Ula field, underline our long term commitment to Norway.”

With the start-up of Skarv and Valhall redevelopment, BP’s Norwegian production is expected to more than double, to over 60,000 barrels of oil equivalent per day.

The Valhall re-development project involves the installation of a new platform, extending production from the field out to 2050. The Skarv project, involving a new floating production storage and offloading (FPSO) vessel in the Norwegian Sea, is expected to produce for 25 years and to be a key hub for BP in Norway. Significant investments have been made in Ula and the field is expected to produce until 2028.

Net BP production from Draugen, which is operated by Shell, averages some 6,000 barrels per day. Completion of the deal is anticipated by the end of 2012, subject to regulatory approval.

With today’s announcement, BP has now entered into agreements to sell assets with a value of around $33 billion since the beginning of 2010. BP expects to divest assets with a total value of $38 billion between 2010 and 2013 as it focuses its business around the world on its strengths and opportunities for growth.

Press Release, September 13, 2012;  Image: Shell

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FPSO Europe Congress

 

Pursuing Cost-Optimization & Project Excellence across Europe’s FPSO Value Chain!

Launched to great success in 2015, the FPSO Europe Congress is set to return on 24-25 February 2016 in London for yet another exciting gathering of Europe’s leading oil operators, FPSO contractors, EPCs, shipyards and solution providers to discuss the most topical and critical FPSO developments in the North Sea, Latin America, Brazil and West Africa market.

 

Why Attend the 2nd Annual FPSO Europe Congress?

  • Discover how FPSO leaders are embracing the new realities of a low oil price environment – what are the strategies to adopt in pursuit of viable economical FPSO projects?
  • Brainstorm with industry experts on innovative FPSO engineering, construction and technology breakthroughs leading to significant CAPEX and OPEX savings
  • Review, refine and optimize your existing FPSO operations – how can we enhance oil recovery and extend FPSO asset lifetime?
  • Learn from FPSO experts on the ins-and-outs of delivering successful FSPO projects in North Sea, West Africa, Latin America and Brazil – how can we comply with local content and form effective native partnerships?
  • Engage and form sustainable partnerships with European-based oil companies and FPSO contractors that are leading offshore E&P and FPSO projects in the region

 

2016 FPSO Distinguished Speakers Include:

  • Curtis Lohr, Stones Project Manager, Shell
  • David Hartell, Senior Development Manager, Premier Oil
  • Terry Hughes, Project Director, Tullow Oil
  • Sid Sircar, Facilities Delivery Manager – Catcher Development, Premier Oil
  • Michael Wyllie, Group Technology Director, SBM Offshore
  • Chris Brett, President, Teekay Offshore
  • Puneet Sharma, Vice President, MODEC
  • Eirik Barclay, CEO, Yinson Production

 

The FPSO Europe Congress 2016 is proud to bring you an updated program offering fresh perspectives, creative solutions and critical market intelligence fundamental to FPSO business sustainability as we discuss just HOW and WHAT you can do in pursuit of a viable, efficient and safe FPSO strategy.

For more information please visit the website at http://goo.gl/uvYsrk or email rani.kuppusamy@fpsonetwork.com

 

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