Det norske moves to cut costs. Posts net loss for 3Q

Norway’s Det norske oljeselskap reported a net loss of $166 million in the third quarter 2015, compared to a net loss of $17 million in the third quarter of 2014.

Revenues were $281 million in the third quarter of 2015, compared to $18 million in the third quarter of 2014.

The Norwegian independent oil company said in its third quarter 2015 report it was aiming to further reduce costs, and improve efficiency, in order to achieve run-rate savings in the years to come.

Production for 2015 is expected to average approximately 62 mboepd, capital expenditure is expected to be approximately $925 million and exploration expenditure is expected to be around $95 million. Production cost is expected to average approximately $6.5 per barrel of oil equivalent.

CEO Karl Johnny Hersvik said: “With available liquidity of about $1.7 billion, the company has a robust financing in place and has secured funding for its work program until first oil at Johan Sverdrup.”

Det norske is a partner in the giant Johan Sverdrup development project in the Norwegian sector of the North Sea. The partnership consists of Statoil, Lundin Norway, Petoro, Det norske oljeselskap and Maersk Oil.

Statoil, the operator of the project, recently announced cost reductions of seven percent for the field development.

Offshore Energy Today Staff

 

Share this article

Follow Offshore Energy Today

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Africa Oil & Power 2019

The Africa Oil & Power conference will bring together an elite class of ministers and senior-level government…

read more >

OWI LATAM 2019

Over the two-day conference, 25+ expert speakers will share exclusive insight on how to develop an integrity, production and P&A strategy…

read more >

Uganda International Oil and Gas Summit 2019

Uganda International Oil & Gas Summit will once again examine the industry’s developments…

read more >

Argentina Oil and Gas Expo 2019

The Argentine Oil and Gas Institute (IAPG) organizes the Argentina Oil & Gas Expo bringing together the most…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply