(Finansavisen): “We’re going to see massive restructurings. North Sea is an area of very high cost, and it’s going to be a painful adjustment. “
To put it the BP chief executive Bob Dudley themselves according Finansavisen under the big oil conference Cera in Texas last week.
Dudley aiming first and foremost to the UKCS when he notifies a “bloodbath” for smaller players, but in recent years there are several examples of oil companies who have “turned the entire North Sea under a comb” and sold out completely, Finance writes newspaper.
Fleeing North Sea
RWE Dea, Marathon Oil and Talisman Energy are all examples of oil companies that have sold all or part of its business on both sides of the North Sea.
This week it appeared moreover up reports that ConocoPhillips, one of the world’s largest oil companies, and one of the veterans on the Norwegian shelf, want to sell Norwegian assets.
After that Finansavisen know, want giants like BP, Shell, E.ON, Hess Dong Energy and Total to sell down or completely out of the North Sea.
– Yes, it is unusual lot for sale now, says Harris Utne, partner in analysis house Rystad Energy, told the newspaper.
According to figures from analysis house is now around 1.2 billion boe that are for sale on the Norwegian shelf. The total estimated at just over 50 billion.
– What is special now is that there are so many buyers, says Utne Finansavisen.
According to him it is much discoveries and developments that are for sale, which reflects the oil companies desire to cut investments to improve cash flow.
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