Gulf Oil and Gas accountACCOUNT

Edison Reduces its Stake in Norway's Dvalin Development

Source: www.gulfoilandgas.com 12/21/2016, Location: Europe

Share |
Edison confirms its interest in the Dvalin (Zidane) concession in the Norwegian Sea, and will contribute to the investment needed for its future development, while reducing its stake from 20% to 10% in favour of Dea Norge AS and Petoro AS, acquiring 5% each. The agreements will enter into force on 1 January 2017 and are subject to governmental approval.

The beginning of Dvalin development confirms Edison technical competence in all the activities related to hydrocarbons exploration and production and the company’s commitment to create value through a balanced portfolio of activities that includes Norway, a country characterized by a favourable tax treatment, economic and political stability, as well as the presence of all main actors and very highly skilled services suppliers.

The operation is part of Edison's strategy, which defines accurately E&P investment priorities. The development plan for the Dvalin project will be carried out by a financially strong joint venture constituted by Edison Norge AS, Dea Norge AS, as operator, and the state company Petoro. On 3 October 2016, it was submitted to the Oil and Energy Ministry for approval, in compliance with Norwegian laws.

“Edison's goal is to maintain a diversified portfolio and to contribute to the security of supplies through its production, as well as the development of new gas import routes. - says Marc Benayoun, EDF Group Executive Vice President with responsibility for gas and Italy and CEO of Edison – Norway is part of this strategy because it provides safe, flexible, and competitive gas to Europe, for our customers and our power stations."

Dvalin field production will start in 2020. The field is expected to produce 9 million cubic metres of gas per day, which will be transported to mainland via the Polarled gas pipeline, in which Edison holds a 2.3% share.

Background

Dvalin (Zidane) is the first project Edison developed in Norway. It completes a growth process that started in the country in 2007 and continued with the establishment of Edison Norge. Edison is present in Norway with operating headquarters in Stavanger and holds shares in 21hydrocarbon exploration concessions in the country (5 of which as an operator). The exploration concessions are located in the North Sea, in the Norwegian Sea, and in the Barents Sea. Edison has taken part in the exploration of eight wells, leading to three discoveries: Dvalin East, Dvalin West, and Skarfjell. Edison is also involved in the construction of the Polarled gas pipeline, connecting the Asta Hansteen field to the Nyhamna terminal. The gas pipeline will enable the Norwegian gas -including the output of the Dvalin field- to reach the European markets.

Development News in Norway >>

China >>  1/19/2017 - CNOOC Limited (CNU) announced its business strategy and development plan for the year 2017. The Company’s net production target for 2017 is in the ran...
Azerbaijan >>  1/17/2017 - The delegation of Czech Republic headed by Minister of Industry and Trade Jan Mladek visited SOCAR main office and met with SOCAR Vice President for F...

Norway >>  1/17/2017 - The plan for development and operation for the Utgard and Byrding fields in the North Sea has been approved by the authorities. Utgard is a gas and co...
Vietnam >>  1/13/2017 - State energy group PetroVietnam (PVN) signed an agreement with the Vietnamese unit of U.S. Exxon Mobil Corp on Friday to develop the country's biggest...

Iraq >>  1/11/2017 - Mr. Jabbar A. Allibi the minister of oil invited Sonangol Angolan Company to resume their work in developing Kayara & Najma oil fields in Nineveh gove...
United Kingdom >>  1/11/2017 - Egdon Resources plc announces that the North Lincolnshire County Council’s Planning Committee has refused planning consent for the development of the ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Norway Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 |

More News

 

Oil & Gas Companies in Norway >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.