News on North Sea.

Hitec Vision to invest huge sums in North Sea oil

Equity fund Hitec Vision plans to spend more than a billion dollars acquiring oil fields in the British part of the North Sea. Massive cost reductions have made the market attractive, says the investment director.

Professor: Tax pressure pushed Total out of Norway

Total's plans to establish its regional headquarters in Denmark has provoked concerns in Norway. "What we now see is that the major companies are pulling out of Norway," says a professor of oil economics to Dagens Næringsliv.

Chevron ready for major North Sea investment

Another oil company shows signs of restored faith in the North Sea and is now preparing an investment which could trigger a USD 100 million reward for Dong Energy despite divestment.

Equity funds enter North Sea with billion-dollar investments

Three years after the oil plunge began, the market is now finally starting to restore itself – with wholly different prices and all new players. Some of these are major international equity funds entering the North Sea with billion-dollar investments. Read on to learn who these new funds are.

Noreco returns with big plans for the North Sea

A few years ago, Norway's Noreco faced potential bankruptcy. Today, things have turned around after the company emerged victorious in a Danish insurance claims case. Noreco will now invests large sums on the British and Danish North Sea shelves, reports Dagens Næringsliv.

New Danish North Sea deal settled

The companies operating in the North Sea, including Maersk Oil, and a majority in the Danish parliament have agreed on a new deal for oil extraction in the North Sea. Maersk Oil is pleased with the agreement, which according to the company enables a full redevelopment of the Tyra gas field, which was otherwise facing closure.

Shipowners: Huge potential in artificial North Sea island

Germany, the Netherlands, and Denmark plan to construct a huge artificial island in the North Sea. The project, which will cost billions of euros to complete, will serve as a hub for upwards of 7,000 offshore wind turbines. Shipowners eye significant potential. Find a video of the project here.

Oil from Johan Sverdrup now even cheaper

According to Aker BP, development of the major Johan Sverdrup oil field, which counts partners such as Statoil and Maersk Oil, has become even cheaper, thus pushing the break-even price for a barrel of oil down below USD 20 in the first phase.

Media: Shell pulls out of the Danish North Sea

Shell will sell its shares in the Danish Underground Consortium (DUC), which holds the majority of oil production in the Danish North Sea shelf. This is according to news media Reuters based on information disclosed by three anonymous bank sources.

Statoil hopes to repeat Sverdrup discovery

There are still large parts of the British North Sea shelf which have yet to be explored with the latest technology, says Statoil's executive VP for exploration. He believes that there are still major oil discoveries to be made.

German North Sea shipyards form new alliance

Several north German repair yards by the North Sea are forming a new alliance by the name of German Dry Docks Group with the intention of optimizing utilization of their docking facilities in Bremerhaven and Cuxhaven.

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