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.
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.
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.
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.
Temporary and modest tax relief meant that Maersk and DUC bowed out just half an hour before the Danish government presented a deal to Denmark's parliament concerning the sinking Tyra field in the North Sea.
According to Danish media Berlingske Business, Denmark's government and Maersk have landed a new deal concerning the North Sea which can secure the rescue of the Tyra field. The Danish Ministry of Finance rejects the rumor.
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.
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.
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.
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.