Offshore Arctic News


Greenland Says No to Future Oil Exploration

Jul 16, 2021

Greenland has ended its 50-year ambition to become an oil producing nation after announcing it would suspend a strategy of searching for oil and would stop granting exploration licences.Oil exploration has taken place since the 1970s, involving major companies such as Shell…

Gazprom Neft, Novatek Form Arctic E&P JV

Jun 04, 2021

Russian energy companies Novatek and Gazprom Neft on Friday created an exploration and production joint venture which will focus on work in the East Siberian Sea and the Chukchi Sea.As part of the agreement, Novatek acquired a 49% participation interest in OOO Gazpromneft Sakhalin…

Equinor Drills Duster Near Wisting Discovery in Barents Sea

Jun 03, 2021

Norwegian oil and gas firm Equinor has drilled a dry exploration well near the Wisting discovery in the Barents Sea, offshore Norway.According to the Norwegian Petroleum Directorate, the exploration target of the well was to prove petroleum…

Equinor's Johan Castberg Offshore Field Start-up Delayed until Q4 2023, Safety Watchdog Says

Jun 01, 2021

The startup of Equinor's Johan Castberg oilfield in the Arctic Barents Sea will be delayed by one year until the fourth quarter of 2023 due to technical problems, denting its value, Norway's oil and gas safety watchdog said on Tuesday.The Petroleum…

Gazprom Reports 89% Profit Fall

Apr 29, 2021

Russia's Gazprom on Thursday reported an 89% fall in 2020 net profit to 135.3 billion roubles ($1.8 billion), hurt by lower prices and sales and a huge rise in costs including a foreign exchange-related loss, but it expects a recovery in 2021…

NOVATEK Elects New Board of Directors

Apr 23, 2021

Russia's largest independent natural gas producer PAO NOVATEK announced Friday that the annual general meeting of shareholders (AGM) approved the election of members to the board of directors.The following members were elected to the board of directors:Andrei I…

U.S. Appeals Court Affirms Atlantic, Arctic Offshore Leasing Bans

Apr 14, 2021

A federal appeals court on Tuesday confirmed bans on offshore oil leasing in most federal Arctic waters and in the Atlantic after the Trump Administration tried to open them up to development.The 9th Circuit Court of Appeals said President Joe…

Equinor Strikes Oil Near Johan Castberg Field in Barents Sea

Mar 10, 2021

Equinor and its partners Vår Energi and Petoro have discovered oil at an exploration well near the Johan Castberg development in the Barents Sea.Recoverable resources at the well - formally known as well 7220/7-4 - in production licence 532…

Norway Launches Consultation on Offshore Licensing Round with 84 New Blocks

Feb 25, 2021

Norway launched a consultation on Thursday on a 2021 licensing round in mature areas in which it offered 84 new blocks for petroleum exploration, including 70 in the Arctic Barents Sea.The maps attached to a statement by the Petroleum and Energy…

Lundin's Barents Sea Well Comes Up Dry

Feb 02, 2021

Oil and gas company Lundin Energy has drilled a dry well at its production license 533 B, in the Barents Sea, offshore Norway.The exploration well, formally named 7219/11-1, was drilled around 40 kilometers southwest of the Johan Castberg field…

Canada: Equinor, BHP, Chevron Get Gov't Approvals for Offshore Drilling Plans

Jan 13, 2021

The Government of Canada has this week approved three offshore drilling projects in the Atlantic Ocean, planned by BHP, Equinor, and Chevron, respectively.'The projects will allow the proponents to determine the presence, nature, and quantities…

Greenpeace Loses Norway Supreme Court Case over Arctic Offshore Drilling

Dec 22, 2020

Norway's supreme court upheld government plans for Arctic oil exploration on Tuesday, dismissing a lawsuit by campaigners who said they violated people's right to a healthy environment.While most of Norway's oil output flows from south of the Arctic…

Rosneft Finds 'Unique' Gas Field in the Arctic

Dec 16, 2020

Russian oil and gas giant Rosneft has said it has discovered a new 'unique' offshore gas field in the Arctic with total reserves of 514 bcm of gas and 53 million tons of condensate.Rosneft made the discovery at the Vostochno-Prinovozemelsky-2 license area in the Kara Sea…

Dry Well for Equinor at Spissa Prospect in Barents Sea

Dec 04, 2020

Norwegian energy company Equinor has drilled a dry well at the Spissa prospect in the Barents Sea, the Norwegian Petroleum Directorate said Friday.The exploration well, formally named 7018/5-1, was drilled around 100 kilometers southwest of the Snøhvit field…

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