Acquisition of upstream assets on the Norwegian Continental Shelf

Size: px
Start display at page:

Download "Acquisition of upstream assets on the Norwegian Continental Shelf"

Transcription

1 Acquisition of upstream assets on the Norwegian Continental Shelf Zbigniew Paszkowicz, Vice President of the Management Board of Grupa LOTOS and CEO of LOTOS Petrobaltic Wojciech Kowalczyk, CEO of LOTOS Norge Piotr Dąbek, Business Development Director, LOTOS Petrobaltic November 2nd, 2015

2 Acquisition of producing assets in Norway New phase of LOTOS E&P business development Business Rationale Strengthening position of LOTOS E&P business Recovery of invested capital Cooperation with experienced partners Producing assets in place with reliable track record Stable and secure business environment Financial& Operational Results Full recovery of the capital frozen in the tax assets Financial stability for the new Strategy perspective Achieving strategic production target (24 kboe/d FYE 2015) (1) Increase of LOTOS reserves and resources (1) Thousand barrels of oil equivalent per day as of 31 December

3 Consistent execution of E&P strategic development Heimdal transaction Purchase of assets from Centrica Sleipner transaction Purchase of assets from ExxonMobil E&P Norway AS Agreement subject to customary approvals by Norwegian authorities Heimdal + Sleipner Strong foothold for LOTOS E&P business Production from Heimdal assets above forecasts from the moment of purchase Stable cash flows coming from Heimdal strongly supporting the overall profitability of the upstream segment 3

4 Sleipner transaction asset overview Gas and condensate fields in the Central North Sea 4 producing fields share 15% Sleipner East with satellites fields Loke and Gungne Sleipner Vest 1 field for future development share 18% Alfa Sentral, Concept Select phase All fields operated by Statoil Gas exported to Europe and the UK, condensate transported to Karsto terminal (Norway) for refining Sleipner Trondheim Norway Bergen Oslo Karsto Stavagner liquids UK Belgium Germany Danmark gas 4 4

5 Sleipner high quality and strategic importance Central hub for gas exports from the Norwegian continental shelf to Europe and the UK Second largest gas asset in the North Sea (distribution of 40% Norwegian gas exports) Production from own fields and host for 3rd party tie-ins (Sigyn, Volve, Gudrun and from 2017 Gina Krogh) Gas processing expected up until 2032 High quality of assets confirmed in due diligence i.e. reliable track record, no significant shutdowns and high availability of installations 5

6 Sleipner transaction licensees structure Sleipner East Statoil, operator 59,6% Exxon 15,4% LOTOS Norge 15,0% Total 10,0% Sleipner Vest Unit Statoil, operator 58,35% Exxon 17,24% LOTOS Norge 15,0% Total 9,41% Alfa Sentral (Nor. part) Statoil, operator 62,0% LOTOS Norge 28,0% Total 10,0% 28% in NCS part = 18% effective share in the field (1) Fields located within 5 licences: PL 046 (inside and outside), PL 029, PL 046D, PL 046E (1) Field geographically divided between Norway and UK 6

7 Sleipner reserves and resources (1) m boe Alfa Sentral Sleipner East, Loke, Gungne Sleipner West 2P Proved reserves 2C Contingent resources (1) Reserves and resources as of ; in millions barrels of oil equivalent, as per LOTOS share 7

8 Sleipner estimated production (1) Sleipner fields currently in production Alfa Sentral future development 70% gas, 30% liquids (NGL, condensate) 45% gas, 55% liquids (NGL, condensate) Average 2015 Average kboe/d 9.5 kboe/d First Oil 2020 Production after launch 4 kboe/d Continuation until 2022 Continuation until 2032 (1) As per LOTOS share 8

9 Alfa Sentral development project 10.3 m boe resources 2C (as per LOTOS share) Planned development as a tie-back to existing Sleipner infrastructure Concept select stage (DG2) passed in Sep 2015 Plan for Development and Operation (PDO) planned to be approved in 2017 Estimated production kick off in 2020 UK NCS 9

10 Sleipner transaction key parameters USD 160 m base purchase price 7.7 USD/boe base price per 2P reserves USD 25m contingent payment for Alfa Sentral, payable when PDO approved (2017) Value adjustment mechanism related to petroleum price levels in Conditions precedent: customary Norwegian administrative decisions effective date Settlement in December 2015 No new loans needed to fund the acquisition Full recovery of tax asset (c. 320 m USD as of Sep. 2015) 10

11 LOTOS E&P portfolio post transaction 2P Reserves (1) +40% 73.3 m boe Norway Poland Lithuania Before transaction Post transaction (1) 2P - Proved and probable; as of

12 LOTOS E&P portfolio post transaction Production level doubled Exceeding production potential strategic target 32 Post transaction Strategic production target 24 kboe/d as of Before transaction +100% B3 B8 test production Lithuania Heimdal Sleipner Total 12

13 summary High quality of assets Experienced operator Statoil, Top class partners - Exxon, Total Doubling LOTOS hydrocarbon production, 2015 strategic target of 24 kboe/d achieved Full recovery of capital frozen in the tax asset till mid 2018 Access to stable cash flows in the coming years Ability to fund the transaction without taking new loans 13

14 Investor Relations tel fax

FIELDS UNDER DEVELOPMENT. Ga p fr FACTS 111

FIELDS UNDER DEVELOPMENT. Ga p fr FACTS 111 11 FIELDS UNDER DEVELOPMENT n Ga p fr 2011 FACTS 111 0 10 20 G 30 Blo pro Goliat 70 Hammerfest 70 Dis Dev Ope Lice Rec Tromsø Exp As o Bodø 65 Dev No The me ins Marulk Skarv 65 Trondheim Res and the Jur

More information

The Norwegian Model: Evolution, performance and benefits

The Norwegian Model: Evolution, performance and benefits The Norwegian Model: Evolution, performance and benefits Ola Borten Moe Minister of Petroleum and Energy Olje- og energidepartementet regjeringen.no/oed Our largest industry Norwegian Oil and Gas Activities

More information

Operational data First quarter Full year 2010 2009 Change 2009

Operational data First quarter Full year 2010 2009 Change 2009 Press release 5 May 2010 Stronger results in volatile markets Operating and Financial Review Statoil's first quarter 2010 net operating income was NOK 39.6 billion, an 11% increase compared to NOK 35.5

More information

OMV (NORGE) AS Growth on the NCS NOC-Conference, November 20, 2014

OMV (NORGE) AS Growth on the NCS NOC-Conference, November 20, 2014 OMV (NORGE) AS Growth on the NCS NOC-Conference, November 20, 2014 OMV Exploration & Production Content Introduction - OMV at a glance OMV (Norge) AS Overview & Portfolio Growth & Production Wisting Status

More information

OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 29 SEPTEMBER 2015

OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 29 SEPTEMBER 2015 OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 9 SEPTEMBER 15 GDP per capita relative to OECD Index. OECD = 1. Purchasing power adjusted 15 Norway Mainland Norway 15 1 1 5 197 1975 198 1985

More information

Oil and Natural Gas Analysis at Norges Bank. Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 2012

Oil and Natural Gas Analysis at Norges Bank. Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 2012 Oil and Natural Gas Analysis at Norges Bank Pål Winje ( International Department), workshop on modeling and forecasting oil prices, 22 March 212 The Norwegian Petroleum Sector as a Share of Macroeconomic

More information

NCS on track. London, 7 February, 2013 Øystein Michelsen, Executive Vice President, Development and Production Norway

NCS on track. London, 7 February, 2013 Øystein Michelsen, Executive Vice President, Development and Production Norway NCS on track London, 7 February, 213 Øystein Michelsen, Executive Vice President, Development and Production Norway Successful strategy execution Continue portfolio management to enhance value creation

More information

2015 THIRD QUARTER RESULTS

2015 THIRD QUARTER RESULTS 2015 THIRD QUARTER RESULTS Statoil delivered adjusted earnings of NOK 16.7 billion adjusted earnings after tax of NOK 3.7 billion in the third quarter. Statoil reported net income in accordance with IFRS

More information

Licensing system in Norway. Steinar Njå Norwegian Petroleum Directorate

Licensing system in Norway. Steinar Njå Norwegian Petroleum Directorate Licensing system in Norway Steinar Njå Norwegian Petroleum Directorate Licensing system in Norway Discretionary system The Government invites companies to apply for exclusive rights to petroleum activities

More information

* Noreco First quarter 2010

* Noreco First quarter 2010 First quarter 2010 * Report for the first quarter 2010 Norwegian Energy Company ASA 1 Report for the first quarter 2010 Norwegian Energy Company ASA Highlights All eight fields are now in production.

More information

The Norwegian Experience

The Norwegian Experience The Norwegian Experience Jerusalem, January 23 rd 2012 www.agr.com 1 About the presenters Eivind Reiten Chairman AGR CEO Hydro from 2001 to 2009 Minister of Oil & Energy from 1989 to 1990 Minister of Fishery

More information

Norwegian Operators Conference 2014. Bernd Schrimpf Managing Director Wintershall Norge AS Stavanger 19 th November 2014

Norwegian Operators Conference 2014. Bernd Schrimpf Managing Director Wintershall Norge AS Stavanger 19 th November 2014 Norwegian Operators Conference 2014 Bernd Schrimpf Managing Director Wintershall Norge AS Stavanger 19 th November 2014 New transaction with Statoil Shares in development project Aasta Hansteen (24%),

More information

Wintershall Norge ASA Maria Development Project. Maria Åpenbaring - Nytt felt og Nye muligheter i Haltenbanken området

Wintershall Norge ASA Maria Development Project. Maria Åpenbaring - Nytt felt og Nye muligheter i Haltenbanken området Wintershall Norge ASA Maria Development Project Maria Åpenbaring - Nytt felt og Nye muligheter i Haltenbanken området E. Braune/ Norskehavskonferansen Stjørdal 8. mars 2012 1 Wintershall - Core Regions

More information

December 2007 Update

December 2007 Update December 2007 Update Det norske oljeselskap ASA covers all of Norway Det norske License trade E&P E&P Exploration Stavanger Oslo Trondheim Harstad 3 employees 25 employees 43 employees 10 employees Present

More information

Q4 2014 Presentation. Karl Johnny Hersvik, CEO Alexander Krane, CFO. 25 February 2015

Q4 2014 Presentation. Karl Johnny Hersvik, CEO Alexander Krane, CFO. 25 February 2015 Q4 2014 Presentation Karl Johnny Hersvik, CEO Alexander Krane, CFO 25 February 2015 DET NORSKE Highlights Acquisition of Marathon Oil Norge AS completed Operations Total production of 62.6 mboepd in Q4

More information

The Norwegian Petroleum Directorate Annual Report. Offshore Norway 2001

The Norwegian Petroleum Directorate Annual Report. Offshore Norway 2001 The Norwegian Petroleum Directorate Annual Report Offshore Norway 2001 Preface Norwegian Petroleum Directorate Annual Report Offshore Norway 2 0 0 1 A NEW OIL NORWAY The 2001 oil and gas year was marked

More information

Net operating income Earnings per share Net income

Net operating income Earnings per share Net income Press release 1 August 2008 Record results and high production StatoilHydro's second quarter 2008, operating and financial review StatoilHydro's second quarter 2008 result was influenced by high production

More information

ORKANGER KONFERANSEN 2015

ORKANGER KONFERANSEN 2015 ORKANGER KONFERANSEN 2015 DET NORSKE OG VEIEN VIDERE KARL JOHNNY HERSVIK, CEO DET NORSKE OLJESELSKAP 28 MAI 2015 DET NORSKE Company snapshot Fully-fledged E&P company with ~500 employees with sole focus

More information

BA-CA International Investor s Conference 2006

BA-CA International Investor s Conference 2006 BA-CA International Investor s Conference 2006 Wolfgang Reithofer, CEO Kitzbühel, January 20, 2006 Wienerberger Today A growth company, an international leader in bricks and roof tiles Bricks: Clay Roof

More information

Background. When the Government Is the Landlord. 1 Norway's oil and gas reserves are all offshore.

Background. When the Government Is the Landlord. 1 Norway's oil and gas reserves are all offshore. Regional Details: Norway In this appendix, we describe the methods the government uses to obtain revenues from oil and gas production in Norway. We present quantitative estimates of revenues as well as

More information

2015 FOURTH QUARTER RESULTS

2015 FOURTH QUARTER RESULTS 2015 FOURTH QUARTER RESULTS Statoil delivered adjusted earnings of NOK 15.2 billion adjusted earnings after tax of NOK 1.6 billion in the fourth quarter 2015. For the full year 2015, adjusted earnings

More information

The oil fields in the NCS are located in the North Sea, Norwegian Sea, and Barents Sea.

The oil fields in the NCS are located in the North Sea, Norwegian Sea, and Barents Sea. A.2 Norway Volumes of Associated Gas Flared on Norwegian Continental Shelf Norway is a major oil producer, and its oil fields are located offshore in the Norwegian Continental Shelf (NCS). 81 In 2002,

More information

Acquisition of Marathon Norge Press & Analyst conference. CEO Karl Johnny Hersvik June 2, 2014

Acquisition of Marathon Norge Press & Analyst conference. CEO Karl Johnny Hersvik June 2, 2014 Acquisition of Marathon Norge Press & Analyst conference CEO Karl Johnny Hersvik June 2, 2014 Creation of a strong Norwegian E&P company Combined net production of 84 mboepd 1 and estimated 2P reserves

More information

Interim report April-June 2003

Interim report April-June 2003 Interim report April-June 2003 Pre-tax profit for the second quarter amounted to SEK -34m, which is a SEK 30m improvement compared to last year (SEK -64m). Software revenue grew by 5% during the second

More information

Oil and gas fields in norway Industrial Heritage plan

Oil and gas fields in norway Industrial Heritage plan survey of all the areas, fields and installations on the Norwegian continental shelf. It also describes developments in these waters since the 1960s, including why Norway was able to become an oil nation,

More information

Acquisition of SAIT Communications. 28 July 2015

Acquisition of SAIT Communications. 28 July 2015 Acquisition of SAIT Communications 28 July 2015 Conference call details SpeedCast acquires SAIT Communications The company has scheduled a conference call as follows: Time: 11.00am (Sydney time), 28 th

More information

How does gas come to Europe in the future? Development of German-Norwegian gas sales and transport systems.

How does gas come to Europe in the future? Development of German-Norwegian gas sales and transport systems. How does gas come to Europe in the future? Development of German-Norwegian gas sales and transport systems. Oslo, 29 September 2011 Mike Diekmann Senior Vice President Head of Gas Purchase West VNG Verbundnetz

More information

Statoil, Venezuela and Plataforma Deltana. Marcel Kramer President, Statoil Venezuela Venezuela Energy Symposium Washington, D.C.

Statoil, Venezuela and Plataforma Deltana. Marcel Kramer President, Statoil Venezuela Venezuela Energy Symposium Washington, D.C. Statoil, Venezuela and Plataforma Deltana Marcel Kramer President, Statoil Venezuela Venezuela Energy Symposium Washington, D.C. - 17 July 2003 Agenda Company Description Statoil in Venezuela Plataforma

More information

Q4 2007. Presentation Oslo 15 February 2008 The Norwegian Shipping Club

Q4 2007. Presentation Oslo 15 February 2008 The Norwegian Shipping Club Q4 2007 Presentation Oslo 15 February 2008 The Norwegian Shipping Club Kaare M. Gisvold, Chairman of the Board Erik Haugane, CEO Paul Hjelm-Hansen, CFO Disclaimer This presentation may contain certain

More information

Monetary policy, inflation and the outlook for the Norwegian economy

Monetary policy, inflation and the outlook for the Norwegian economy Monetary policy, inflation and the outlook for the Norwegian economy DnB, Haugesund Svein Gjedrem, Governor of Norges Bank, April Effective exchange rates January 99= GBP NOK 9 8 NZD 9 8 7 SEK 7 99 99

More information

HitecVision Private Equity AS

HitecVision Private Equity AS HITEC VISION HitecVision Private Equity AS First six months 2006 HitecVision Private Equity AS 1 st half year 2006 HitecVision has had a good six months. Some highlights are: Operating revenues of NOK

More information

ECONOMIC COMMENTARIES

ECONOMIC COMMENTARIES ECONOMIC COMMENTARIES The petroleum fund mechanism and associated foreign exchange transactions by Norges Bank NO. 2 2014 AUTHOR: ELLEN AAMODT The views expressed are those of the author and do not necessarily

More information

THE WORLD OIL MARKET. Mohan G. Francis

THE WORLD OIL MARKET. Mohan G. Francis THE WORLD OIL MARKET Mohan G. Francis With the Bush administration busily moving military forces to the Gulf region, the sense of an impending war has begun to make an impact on the world petroleum markets.

More information

Statoil's first quarter 2013 net operating income was NOK 38.0 billion. Adjusted earnings were NOK 42.4 billion.

Statoil's first quarter 2013 net operating income was NOK 38.0 billion. Adjusted earnings were NOK 42.4 billion. Press release 2 May 2013 2013 FIRST QUARTER RESULTS Statoil's first quarter 2013 net operating income was NOK 38.0 billion. Adjusted earnings were NOK 42.4 billion. "We deliver financial results impacted

More information

Kårstø. Gas processing plant FACTS

Kårstø. Gas processing plant FACTS Kårstø Gas processing plant FACTS The Kårstø gas processing plant in Nord-Rogaland is the largest of its type in Europe. The installation plays a key role in the transportation and treatment of gas and

More information

ANNUAL Financial statements 20-F. 4th quarter 2013

ANNUAL Financial statements 20-F. 4th quarter 2013 ANNUAL Financial statements REPORT and review /2012 /2013 20-F 4th quarter 2013 2013 FOURTH QUARTER RESULTS Statoil's fourth quarter and preliminary 2013 results and capital markets update Statoil's fourth

More information

Norsk gass og det skandinaviske energimarked. Thor Otto Lohne, Direktør, Gassco

Norsk gass og det skandinaviske energimarked. Thor Otto Lohne, Direktør, Gassco Norsk gass og det skandinaviske energimarked Thor Otto Lohne, Direktør, Gassco Fyn, 19. november 2009 Gassco A neutral and independent operator for the integrated gas transport system from the Norwegian

More information

Report for third quarter 2007 Norwegian Energy Company ASA

Report for third quarter 2007 Norwegian Energy Company ASA Report for third quarter 2007 Norwegian Energy Company ASA Highlights Noreco Group s had operating revenues of 392 MNOK, earnings before interests, tax, depreciation and amortization (EBITDA) of 120 MNOK

More information

Pareto E&P Independents Conference January 17th 2008, The Soho Hotel, London. Erik Haugane, CEO

Pareto E&P Independents Conference January 17th 2008, The Soho Hotel, London. Erik Haugane, CEO Pareto E&P Independents Conference January 17th 2008, The Soho Hotel, London Erik Haugane, CEO All presentations and their appendices (hereinafter referred to as Investor Presentations ) published on www.detnor.no

More information

Det norske oljeselskap ASA (DETNOR) - Oil & Gas - Deals and Alliances Profile

Det norske oljeselskap ASA (DETNOR) - Oil & Gas - Deals and Alliances Profile Det norske oljeselskap ASA (DETNOR) - Oil & Gas - Deals and Alliances Profile Det norske oljeselskap ASA (DETNOR) - Oil & Gas - Deals and Alliances Profile Sector Publishing Intelligence Limited (SPi)

More information

BP NORGE AS. Annual Accounts 2010

BP NORGE AS. Annual Accounts 2010 BP NORGE AS Annual Accounts 2010 BP NORGE AS INCOME STATEMENT NOK 1 000 Notes 2010 2009 Operating income Petroleum income 2 7 423 582 5 622 751 Other income 3 128 843 42 330 Total operating income 7 552

More information

Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter 2005 Results

Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter 2005 Results Nordic American Tanker Shipping Ltd. (NAT) (NYSE: NAT) Announces 3 rd quarter Results Hamilton, Bermuda, October 10 th, Nordic American Tanker Shipping Ltd (the Company ) today announced its result for

More information

How To Profit From Oil And Gas

How To Profit From Oil And Gas 2 nd Quarter 2015 Torgrim Reitan, CFO Second quarter 2015 Encouraging results in current market environment Efficiency improvements coming through Solid operational performance Strong cash flow and reduced

More information

DET NORSKE Highlights

DET NORSKE Highlights DET NORSKE Highlights Production Q4 production of 54.0 mboepd Finance Q4 EBITDA USD 208 million, EPS -0.77 (USD) USD 1.37 billion in cash and undrawn debt facilities Business development Acquisitions of

More information

Operating in a challenging environment. Alv Bjørn Solheim Technical Director and Deputy Managing Director

Operating in a challenging environment. Alv Bjørn Solheim Technical Director and Deputy Managing Director Operating in a challenging environment Alv Bjørn Solheim Technical Director and Deputy Managing Director Wintershall Norge AS Stavanger 18 November Wintershall Norge AS Content The Wintershall company

More information

- The company intends to apply for a listing on Oslo Axess before the end of the year.

- The company intends to apply for a listing on Oslo Axess before the end of the year. AKER EXPLORATION ASA REPORT OF THE BOARD OF DIRECTORS FOR THE THREE MONTHS ENDED 30 JUNE 2007 Company development During the second quarter 2007 the Company has continued to develop the business model.

More information

SWEDBANK SUMMIT. Det norske presentation. Oslo, 20 March 2014

SWEDBANK SUMMIT. Det norske presentation. Oslo, 20 March 2014 SWEDBANK SUMMIT Det norske presentation Oslo, 20 March 2014 Building a company for the future Strong production growth Current production ~4,000 boepd (Jette, Atla, Jotun, Varg) Ivar Aasen and Johan Sverdrup

More information

A reliable gas supplier FACTS

A reliable gas supplier FACTS A reliable gas supplier FACTS At Kollsnes on the Norwegian west coast gas comes ashore for further processing before it is transported in pipelines in Europe. Leading player A leading gas producer Statoil

More information

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year

Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent from Prior Year Media: Analysts: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: August 6, 2008 Spectra Energy Reports Second Quarter 2008 Results, Net Income Up 51 Percent

More information

Rex W. Tillerson Chairman and CEO, Exxon Mobil Corporation Offshore Northern Seas 2006 Stavanger, Norway August 22, 2006

Rex W. Tillerson Chairman and CEO, Exxon Mobil Corporation Offshore Northern Seas 2006 Stavanger, Norway August 22, 2006 Rex W. Tillerson Chairman and CEO, Exxon Mobil Corporation Offshore Northern Seas 2006 Stavanger, Norway August 22, 2006 Bridging the Energy Gap through Interdependence and Innovation [Acknowledgements]

More information

Norway. Background. Oil. 1 of 6. Last Updated: August 2011

Norway. Background. Oil. 1 of 6. Last Updated: August 2011 1 of 6 Norway Last Updated: August 2011 Norway provided 12 percent of OECD Europe's crude oil imports and 18 percent of its natural gas imports in 2010. Background Norway, the largest holder of natural

More information

Registration no. 33 36 97 94

Registration no. 33 36 97 94 Registration no. 33 36 97 94 Viking Supply Ships A/S Financial Report Contents Page Summary of events 3 Operational highlights 3 Financial highlights 3 Financing and capital structure 4 Subsequent events

More information

Inter Pipeline Fund Announces Strong Third Quarter 2009 Results

Inter Pipeline Fund Announces Strong Third Quarter 2009 Results News Release Inter Pipeline Fund Announces Strong Third Quarter 2009 Results CALGARY, ALBERTA, NOVEMBER 5, 2009: Inter Pipeline Fund ( Inter Pipeline ) (TSX: IPL.UN) announced today its financial and operating

More information

Ludwigshafen, February 25, 2014

Ludwigshafen, February 25, 2014 Ludwigshafen, February 25, 2014 Analyst Conference FY2013 Cautionary note regarding forward-looking statements This presentation may contain forward-looking statements that are subject to risks and uncertainties,

More information

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010

The Norwegian High Yield Bond Market. Marine Finance Forum New York, Nov 9, 2010 The Norwegian High Yield Bond Market Marine Finance Forum New York, Nov 9, 2010 Highlights The international high yield bond markets are active with record issuance volumes and decreasing yields The traditional

More information

Norsk Hydro. Second quarter 1997

Norsk Hydro. Second quarter 1997 Norsk Hydro Second quarter 1997 Norsk Hydro 2nd quarter 1997 CONSOLIDATED RESULTS (US GAAP) 1996 1997 1997 1997 1996 2nd qtr 1st qtr 2nd qtr NOK million 1st half 1st half 2,633 3,145 2,830 Operating income

More information

Consolidated Financial Results of the LOTOS Group Q3 2010 (IFRS)

Consolidated Financial Results of the LOTOS Group Q3 2010 (IFRS) Consolidated Financial Results of the LOTOS Group Q3 2010 (IFRS) Mariusz Machajewski Vice President of the Management Board Maciej Szozda Vice President of the Management Board 4th November 2010 1 Q3 10

More information

The Need for a Clean Shelf in Norway

The Need for a Clean Shelf in Norway Maximising value from the NCS through teamwork and technology Pareto 1 September 2004 Sveinung Sletten Vice president external affairs Value analysis SDFI portfolio, 2003 500 400 66 14 26 NPV 7%, mrd kr

More information

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results

Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Media: Molly Boyd (713) 627-5923 (713) 627-4747 (24-hour media line) Analysts: John Arensdorf (713) 627-4600 Date: February 6, 2008 Spectra Energy Reports Fourth Quarter and Year-End 2007 Results Fourth

More information

Altinex Oil Norway AS (Entity no. 987008644) 3 quarter 2010 (unaudited)

Altinex Oil Norway AS (Entity no. 987008644) 3 quarter 2010 (unaudited) Altinex Oil Norway AS (Entity no. 9878644) 3 quarter 21 (unaudited) 26 November 21 Altinex Oil Norway AS Results for the third quarter of 21 Altinex Oil Norway s revenue totalled NOK 124 million for the

More information

DNO ASA Corporate Presentation and Update

DNO ASA Corporate Presentation and Update DNO ASA Corporate Presentation and Update Haakon Sandborg, CFO Swedbank Nordic Energy Summit 19 March 2015 Oslo, Norway DNO at a glance Norwegian oil and gas operator focused on the Middle East and North

More information

PRESS KIT IVAR AASEN DET NORSKE OLJESELSKAP ASA

PRESS KIT IVAR AASEN DET NORSKE OLJESELSKAP ASA PRESS KIT IVAR AASEN DET NORSKE OLJESELSKAP ASA Table of content 1. INTRODUCTION... 2 1.1. Purpose of document... 2 1.2. Det norske oljeselskap... 2 1.3. HSE... 2 2. ABOUT THE IVAR AASEN FIELD... 2 2.1.

More information

Pipelines and land facilities

Pipelines and land facilities Pipelines and land facilities Pipelines Norpipe Frigg Transport Frostpipe Sleipner East condensate Statpipe Zeepipe Europipe I Troll Oil Pipeline I Troll Oil Pipeline II Oseberg Transport System (OSF)

More information

STATOIL S FOURTH QUARTER OPERATING AND FINANCIAL REVIEW AND PRELIMINARY FULL-YEAR RESULTS FOR 2002

STATOIL S FOURTH QUARTER OPERATING AND FINANCIAL REVIEW AND PRELIMINARY FULL-YEAR RESULTS FOR 2002 STATOIL S FOURTH QUARTER OPERATING AND FINANCIAL REVIEW AND PRELIMINARY FULL-YEAR RESULTS FOR Net income for the Statoil group in was NOK 16.8 billion compared with NOK 17.2 billion in. In the fourth quarter

More information

NATURAL GAS IN NORWAY

NATURAL GAS IN NORWAY NATURAL GAS IN NORWAY Jón Steinar Guðmundsson TPG 4140 Natural Gas August 29, 2012 Resources, licenses, operatorship and gas production State/authorities management and ownership Infrastructure offshore

More information

COMPANY UPDATE FIRST QUARTER 2016 RESULTS

COMPANY UPDATE FIRST QUARTER 2016 RESULTS COMPANY UPDATE FIRST QUARTER 2016 RESULTS ROYAL DUTCH SHELL 4 MAY 2016 Copyright of Royal Dutch Shell plc May 4, 2016 1 SIMON HENRY CHIEF FINANCIAL OFFICER ROYAL DUTCH SHELL PLC 2 DEFINITIONS & CAUTIONARY

More information

The Top 10 Oil & Gas Companies

The Top 10 Oil & Gas Companies BUSINESS INSIGHTS The Top 10 Oil & Gas Companies Growth strategies, consolidation and convergence in the leading players New Energy Management Report Distribution of global natural gas reserves North America

More information

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004 Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 9 March SG SR-banken Stavanger, 9 March Monetary policy regulation. Monetary policy shall be aimed at stability in the

More information

DONG E&P Future plans and the role of the supplier

DONG E&P Future plans and the role of the supplier DONG E&P Future plans and the role of the supplier OGIB Presentation June 2014 DONG E&P Future plans and the role of the suppliers Main topics Safety moment Contractor and supplier engagement DONG Energy

More information

Norwegian (NAS) Q2 2007. Bjørn Kjos (CEO) Oslo, 19. July 2007

Norwegian (NAS) Q2 2007. Bjørn Kjos (CEO) Oslo, 19. July 2007 Norwegian (NAS) Q2 2007 Bjørn Kjos (CEO) Oslo, 19. July 2007 Strong revenue growth continues in Q2 07 1,019 MNOK in total revenue, 33 % growth since last year MNOK revenue 1 000 800 600 400 200 0 Q2 04

More information

DONG Energy AS Wind Energy Market Analysis

DONG Energy AS Wind Energy Market Analysis Brochure More information from http://www.researchandmarkets.com/reports/679994/ DONG Energy AS Wind Energy Market Analysis Description: DONG Energy AS Wind Energy Market Analysis Summary DONG Energy A/S

More information

The Norwegian Government Pension Fund Global

The Norwegian Government Pension Fund Global The Norwegian Government Pension Fund Global l Tore Eriksen Paris 1 June 2012 1 Part I The Role of oil & gas in the Norwegian economy 2 Discovery of oil on December 23. 1969; the Ekofisk oil field Foto:

More information

Altus Group Reports First Quarter Financial Results for 2015

Altus Group Reports First Quarter Financial Results for 2015 Street Smart. World Wise. Altus Group Reports First Quarter Financial Results for 2015 Altus Group Delivers 14% Revenue Growth, Including 43% Increase in Recurring Revenues from GAIM Businesses TORONTO,

More information

Tanzania gas project. From discovery to gas sales

Tanzania gas project. From discovery to gas sales Tanzania gas project From discovery to gas sales An emerging gas sector Major gas discoveries have been made offshore Tanzania and the country emerges as a potential large gas producer in East Africa.

More information

Q3 2013 Conference Call. Dr. Tobias Wagner 31 October 2013

Q3 2013 Conference Call. Dr. Tobias Wagner 31 October 2013 Q3 2013 Conference Call Dr. Tobias Wagner 31 October 2013 Agenda Executive summary Financial data Brands and projects Outlook Appendix 1 Highlights in the first nine months 2013 New executive board Dr.

More information

last page of this release. 3 Operating margin is calculated as operating income divided by net revenues.

last page of this release. 3 Operating margin is calculated as operating income divided by net revenues. By: EARNINGS RELEASE Expeditors International of Washington, Inc. 1015 Third Avenue, Suite 1200 Seattle, Washington 98104 CONTACTS: R. Jordan Gates Bradley S. Powell President and Chief Operating Officer

More information

The Norwegian economy

The Norwegian economy The Norwegian economy Slower speed ahead, but still growth Strong mechanisms support mainland economy Wriggle room to smooth business cycles Rune Bjerke CEO Just how bad is it? Slower speed ahead but still

More information

Presentation for the fourth quarter 2012

Presentation for the fourth quarter 2012 Presentation for the fourth quarter 2012 Disclaimer All presentations and their appendices (hereinafter referred to as Investor Presentations ) published on www.detnor.no have been prepared by Det norske

More information

Activity level oil and gas in the Stavanger Region Towards 2020

Activity level oil and gas in the Stavanger Region Towards 2020 Activity level oil and gas in the Stavanger Region Towards 2020 November 6 th 2015 Sola This document is the property of Rystad Energy. The document must not be reproduced or distributed in any forms,

More information

Focus for the future

Focus for the future N O R S K H Y D R O S E C O N D Q U A R T E R 2 0 0 0 Focus for the future NORSK HYDRO OIL AND GAS LIGHT METALS AGRICULTURE PETROCHEMICALS OTHER ACTIVITIES Exploration and Production Norway 1) Exploration

More information

The Norwegian continental shelf - 2005

The Norwegian continental shelf - 2005 The Norwegian continental shelf - 2005 Director General Gunnar Berge The Norwegian Petroleum Directorate, 12 January 2006 Exploration in 2005 Twelve exploration wells started Nine wildcat wells and three

More information

With offices in the UK, Canada and France, MDT has developed a reputation for structuring and arranging financial solutions for clients worldwide.

With offices in the UK, Canada and France, MDT has developed a reputation for structuring and arranging financial solutions for clients worldwide. MDT is a financial services and investment firm specialising in arranging equity, debt, lease and structured finance for a broad range of clients involved in capital intensive projects and industries.

More information

INTERIM REPORT for the period January 1 June 30, 2006

INTERIM REPORT for the period January 1 June 30, 2006 ICA AB, corporate identity number 556582-1559 INTERIM REPORT for the period January 1 June 30, 2006 Strong development for ICA Group during first half year Stockholm, August 15, 2006 Net sales during the

More information

Bill Maloney. EVP Development and Production North America Statoil

Bill Maloney. EVP Development and Production North America Statoil Bill Maloney EVP Development and Production North America William Bill Maloney, Executive Vice President in, heads the business area Development and Production North America. In this capacity, he plays

More information

CORRAL PETROLEUM HOLDINGS AB (publ)

CORRAL PETROLEUM HOLDINGS AB (publ) CORRAL PETROLEUM HOLDINGS AB (publ) REPORT FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2011 FOR IMMEDIATE RELEASE Date: March 30, 2012 London Nr. of pages 14 This report includes unaudited consolidated

More information

www.ober-haus.lv Economics

www.ober-haus.lv Economics L A T V I A N C O M M E R C I A L R E A L E S T A T E Q Economics Office rents in Riga without VAT According to the data, published by the Ministry of Finance (FM), on gross domestic product (GDP) in the

More information

Copenhagen 3 rd April 2014. ABGSC s Small and Mid Cap Seminar

Copenhagen 3 rd April 2014. ABGSC s Small and Mid Cap Seminar Copenhagen 3 rd April 2014 ABGSC s Small and Mid Cap Seminar DISCLAIMER This presentation includes statements regarding future results, which are subject to risks and uncertainties. Consequently, actual

More information

Spectra Energy Reports First Quarter 2009 Results

Spectra Energy Reports First Quarter 2009 Results Media: Analysts: Wendy Olson (713) 627-4072 (713) 627-4747 (24-hour media line) John Arensdorf (713) 627-4600 Date: May 5, 2009 Spectra Energy Reports First Quarter 2009 Results Reported net income (controlling

More information

Overview of the Norwegian Asset Accounts for Oil and Gas, 1991-2002.

Overview of the Norwegian Asset Accounts for Oil and Gas, 1991-2002. London Group Meeting, 2004 22-24 September, Copenhagen, Denmark Overview of the Norwegian Asset Accounts for Oil and Gas, 1991-2002. Kristine Erlandsen, Statistics Norway Table of contents: 1 INTRODUCTION...

More information

Gosreports is A Global Research Hub and the Largest Search Engine of All Market Research Reports

Gosreports is A Global Research Hub and the Largest Search Engine of All Market Research Reports GOSREPORTS.COM Global Continuous Gas Analyzers Market Research Report 2016 Gosreports is A Global Research Hub and the Largest Search Engine of All Market Research Reports "Market Research " "Gosreports"

More information

Second quarter results 2013

Second quarter results 2013 Corporate presentation 19 June 2013 Second quarter results 2013 Sverre Skogen, Executive Chair Øyvind Bratsberg, COO and General Manager Alexander Krane, CFO Company highlights Cash flow from growing production

More information

The order and purchase backlog of the Group as of September 30, 2015 amounted to USD 10,219 thousand.

The order and purchase backlog of the Group as of September 30, 2015 amounted to USD 10,219 thousand. Regulated Information PRESS RELEASE November 23 rd 2015 6 pm CET Q3 15 Report 1 Sales Revenues of USD 20,442 thousand Backlog as of September 30, 2015 of USD 10,219 thousand Proposed interim dividend of

More information

Quarterly Report. For the three month period ended. April 30, 2015

Quarterly Report. For the three month period ended. April 30, 2015 Quarterly Report For the three month period ended April 30, 2015 The attached unaudited interim condensed consolidated financial statements have been prepared by Management of International Datacasting

More information

Section 4 - Gas. Net imports increased by 6.6 per cent in comparison to Q1 2015. (Chart 4.4).

Section 4 - Gas. Net imports increased by 6.6 per cent in comparison to Q1 2015. (Chart 4.4). Section 4 - Gas Key results show: Gross UK production of natural gas in Q1 2016 was 6.0 per cent up on Q1 2015, at 122 TWh (Chart 4.1). Within this, production of associated gas was 16.4 per cent higher

More information

Fields under development

Fields under development Fields under development Oseberg South Tune Huldra Gullfaks satellites phase II Snorre II Sygna Oseberg South Blocks and Block 30/9 production licence 079.Awarded 1982. production licences Block 30/9 production

More information

2015 FIRST QUARTER RESULTS

2015 FIRST QUARTER RESULTS 2015 FIRST QUARTER RESULTS Despite challenging oil and gas prices in the quarter, Statoil delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS

More information

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015

Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Investor & Analyst Presentation Acquisition of Centor US Holding Inc. Uwe Röhrhoff, CEO Rainer Beaujean, CFO Duesseldorf, July 28, 2015 Disclaimer 1. This presentation may contain certain forward-looking

More information

Murchison Snorre A Gullfaks C. Kvitebjørn. N. Alwyn Oseberg. Bruce. Heimdal Jotun B. Alvheim. Ringhorne Grane. Glitne Volve Sleipner.

Murchison Snorre A Gullfaks C. Kvitebjørn. N. Alwyn Oseberg. Bruce. Heimdal Jotun B. Alvheim. Ringhorne Grane. Glitne Volve Sleipner. First six months 2011 H1 11 Eider Tern Cormorant Heather Magnus Thistle Dunlin Brent C Brent B Ninian Murchison Snorre A Gullfaks C N. Alwyn Oseberg Kvitebjørn Troll Kollsnes Bergen Beryl A/B Harding Bruce

More information

Interim Report January September 2012

Interim Report January September 2012 Interim Report January September 2012 Lars Kry, President and CEO Magnus Uvhagen, acting CFO 21 November 2012 This presentation was prepared in Swedish and translated into English. In the event of any

More information

TRANSCOM REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 st MARCH 2008

TRANSCOM REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 st MARCH 2008 FOR IMMEDIATE RELEASE 21 st April TRANSCOM REPORTS FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED 31 st MARCH Luxembourg, 21 st April Transcom WorldWide S.A. ( Transcom or the Company ) (Nordic Exchange:

More information