 Norway Awards Equinor, Harbour Energy and Aker BP New CO2 Storage Permits
Norway has granted two new offshore areas to oil and gas companies for the potential storage of CO2.
Harbour Energy and Equinor have been awarded Block EXL012 in the North Sea, while Equinor and Aker BP have received Block EXL013, also situated in the North Sea, with Equinor serving as the operator for both blocks.
These awards mark the seventh instance where acreage has been allocated for CO2 storage purposes in Norway, bringing the total number of CO2 storage permits to twelve.
Notably, all three companies involved – Harbour Energy, Equinor, and Aker BP – already possess ownership stakes in previously granted CO2 storage licenses within the country.
Equinor recently commenced drilling the initial well of two planned carbon capture and storage wells at its fully-owned offshore license, EXL002, situated at the Smeaheia/CO2 Highway Europe project.
The drilling operations are being conducted using the Deepsea Stavanger, a semi-submersible rig owned by Odfjell Drilling. According to Odfjell, the primary objective of this well is to gather crucial data and insights to enhance the understanding of the reservoir for future carbon capture and storage wells.
The two newly awarded permits are subject to a binding work program with established milestones. This framework aims to ensure efficient progress and includes a provision for relinquishment of the acreage if the licensees fail to complete the planned storage project.
Norway’s Minister of Energy, Terje Aasland, commented: “These exploration licences are offered to companies that have presented good plans for the development of CO2 storage.”
“A number of players in the industry have shown interest in new storage areas. This makes me optimistic about further progress in the work to make CO2 storage part of the solution to the world’s climate challenge.” |
I don't think so - more a function of fall in markets generally. |
I hope not - $2.7bn of debt not good. Be far better for Harbour to look to the many other value assets out there. |
Rumour of HBR vs KOS. hxxps://www.msn.com/en-us/money/markets/kosmos-energy-seesasws-amid-takeover-speculation/ar-AA1waXai |
Seasonal fluctuations |
Carlos Slim increases share in Mexico's Zama offshore field
Mexican business mogul Carlos Slim has raised his stake in oil and gas company Talos Mexico to 80%, increasing control over the promising Zama offshore discovery.
Houston-based Talos Energy discovered Zama in 2017. Its subsidiary Talos Mexico has a 17.4% stake in the field.
At 180,000b/d, Zama's expected peak production will represent about 10% of Mexico's oil output.
Slim, a strong supporter of the energy nationalism of the Mexican government, acquired a 49.9% stake in Talos Mexico in 2023 via his Zamajal venture.
In recent years, his conglomerate Grupo Carso has invested heavily in the country's oil and gas sector.
In a press release on Tuesday, Talos Energy said Zamajal will pay US$49.7mn for an additional 30.1% of its Mexican subsidiary, with US$33mn to follow on first production from Zama.
Zamajal is 90% owned by Grupo Carso and 10% by Slim's holding company Control Empresarial, which also holds about 24% of Talos Energy.
Zamajal paid US$125mn for the original 49.9% share in Talos Mexico, including US$49.9mn on first production from Zama.
Talos Energy will hold the remaining 20% of Talos Mexico.
Zama
The transaction marks the latest chapter in a saga that began in 2017 when Talos discovered the Zama offshore field in shallow waters off the coast of Tabasco.
Zama contains an estimated 750 million barrels oil equivalent and is seen as crucial to maintaining Mexico's oil production at current levels.
In a highly contentious ruling in 2021, Mexico's energy ministry named national oil company Pemex as operator of the field.
Pemex has 50.4% of Zama while UK-based Harbour Energy holds the remaining 32.2%.
Front-end engineering design (FEED) work at Zama began in mid-2024.
A final investment decision that was expected this year has not yet materialized, reportedly because of differences between the partners.
Gustavo Baquero, Harbour Energy's Mexico head, said in November that he expects an FID at Zama in 2025. |
Rubbish company, poor management and markets find them dreadfully boring. Never mind, 500p to 700p incoming. NOT. |
Market malaise. One hopes |
What's causing the share price to drop? |
Harbour discovers more gas and condensate offshore Norway
Successful appraisal well drilled on Sabina discovery located near Harbour's Dvalin field
Harbour Energy’s latest gas drilling effort in Norway has been a success, with additional gas and condensate volumes discovered at the Sabina discovery in the Norwegian Sea. |
Hahaha all hot air and most of it years away. 255p. Enough said. |
8th December 2024
Harbour Energy Outlines Expansion Plans in Egypt During Meeting with Minister Badawi
On the sidelines of his visit to UK, Minister of Petroleum and Mineral Resources Karim Badawi visited the the headquarters of Harbour Energy in London accompanied by Sherif Kamel, the Egyptian Ambassador to UK, and Moataz Atef, the Underseceratry for the Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources (MoPMR).
They were received by Linda Cook, CEO of Harbour Energy, and Sameh Sabry, the company’s Managing Director for the Middle East and North Africa.
The meeting reviewed the status of the company’s projects in Egypt, and its future plans in the field of research and exploration after acquiring Wintershall Dea’s concession areas in Egypt in the Nile Delta and the Mediterranean.
The CEO of the company expressed her aspiration to build on the successes achieved by the German company Wintershall Dea over the past years in the Egyptian petroleum sector, noting that Harbour Energy has developed an integrated strategy aimed at expanding oil and gas operations in Egypt on a large scale.
For his part, Badawi highlighted the new initiatives launched by the MoPMR, including the new incentive package for foreign partners with the aim of increasing production.
He called on the company to explore the promising investment opportunities offered by the Egypt Upstream Gateway (EUG). |
Post from lse bb
Neversellshell22
Posted in: HBR
Posts: 3,538
Price: 247.20
No Opinion
7 Dec 2024 12:30
REASONS TO BE CHEERFUL......
Less profitable North Sea fields being sold.
Appraisal well in Skarv field confirms discovery in Norwegian Sea.
Andaman blocks issued to Harbour and Mubadala potentially 100m oil & 500b gas
Fenix Argentina started production 2 months early. 70,000 boe/d capacity
Gas export agreement signed in Argentina.
2 rigs working at undeveloped gas fields in Algeria from 2025
Tuna new partner soon leading to quick FID.
Drilling rig in Norway booked until 2028 showing long term commitment.
Talbot commenced production
Successful appraisal at Sabina discovery.
Gilderoy discovery in North Sea.
Zama FEED due for competition very soon.. 32% Harbour.
Kan appraisal nearing completion. 70% Harbour owned
Harbour & others receive 243$ million for Carbon Capture & storage Project.
Unit Opex 13-14$
Estimated revenue 3.1$ Billion to September
Credit rating now Investment Grade.
Fantastic refinancing 700$ million @ 3.8% till 2029, 900$ Million @4.3% till 2032
Bank of America confirms Harbour top oil pick for them. Wonder why?
New COO Joining company in January
Carlos Slim increases stake by 6 million shares & up stake in Talos Energy again
Full year free cash flow 300$ million after divs etc
Dividend now at 455$ million an 8% increase
Great 85p Gas and 78$ Oil hedges in 2025
Gas at yearly high of 115p
Production currently over 500k bopd equivalent
2025 Free Cash Flow huge increase on 2024
Trading Update in January & Investors Day next year.
Latest presentation provided…. |
Yes surely about time the listing was moved to the US these hints at meetings must be stopped and concrete action taken . |
This US listing, will they be moving their head quarters out of the UK, like Martin Sorrell did? |
If memory serves they said on a recent conference call that a US listing not happening imminently. Maybe I imagined that. Anyhow they presumably will want to dispose of UK assets first. |
Maybe get an update about the US listing to follow that Argy news . |
Im hearing Harbour buying into Argentinian ops eh ? Families of the war dead will be happy. |
Offshore Technology November 29, 2024
Harbour Energy begins production at Talbot development in UK North Sea
Gas from Talbot will be transported via the Central Area Transmission System to the Teesside Gas Processing Plant.
Harbour Energy has started production at its Talbot development, a three-well subsea tieback located around 16km south-east of the Judy platform in the UK North Sea.
The company holds a 67% stake in the development, while Ithaca Energy owns the remaining 33% stake.
Harbour announced plans to begin subsea activities at Talbot in March.
This included the installation of a 15km pipe-in-pipe pipeline and an electro-hydraulic chemical control umbilical connecting Talbot to Judy.
Gas from Talbot will be transported via the Central Area Transmission System (CATS) to the Teesside Gas Processing Plant (TGPP).
Oil will be exported to the Teesside terminal through the Norpipe transportation system. |
UK, European, and Natural Gas Prices all continue at YTD Highs here along with a generally weakening £GBP Vs $USD (£GBP once again trading under $USD 1.30), overall very good recipes for the clearly way too undervalued/oversold New HBR (60% Gas/40% Oil) where again as with any investment patience is key! |
Upstream - 27 November 2024
Early results coming through on exploration wells in Norway
Equinor's Kvernbit, Harbour's Sabina and DNO's Falstaff wells are looking promising
Results are emerging in Norway from several offshore exploration wells drilled recently by operators Equinor, Harbour Energy and DNO.
Equinor has been the operator of at least three wells recently highlighted by Upstream — Lovmeis in the Norne field area of the Norwegian Sea; Rhombi in the Troll and Fram area of the North Sea, and Kvernbit in the Fram area of the North Sea.
Rhombi was revealed last week as a discovery.
“Harbour Energy’s Gilderoy well considered a commercial discovery” |
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