Weekly HEG Global Energy Digest

Oil Market:

Germany’s Wintershall to invest €2bn on Norwegian Continental Shelf Fields

German crude oil and natural gas producer Wintershall revealed its intentions to invest about €2bn in exploration and development activities on its offshore Norwegian fields from 2017 to 2020.

An announcement in this connection was made by the company’s CEO Mario Mehren during the Offshore Northern Seas (ONS) conference in Stavanger, Norway.

 

Mehren hinted that it was in the best interests of Europe to invest in working closely with reliable and proven supply countries, particularly Norway and Russia, for future energy security.

 

Mehren said: “Europe needs to be aware of its strengths and must tackle the new political and economic challenges in concert. Only through closely collaborating with our neighbors can we guarantee supply security today and in the future.”

 

Wintershall plans to allocate nearly 35% of its global exploration budget on Norway. The German energy company currently holds more than 50 licenses in the country.

 

Wintershall, which had submitted a plan for development and operation (PDO) for the Nova field in North Sea to Norway’s Ministry of Petroleum and Energy in May, is expected to invest about €1.1bn alongside its partners in the offshore Norwegian project.

 

The Nova field, whose recoverable reserves are projected to be about 80 million barrels of oil equivalent, is expected to be brought into production in 2021.

 

In last December, Wintershall alongside its partners Petoro and Spirit Energy started production from the NOK15.3bn ($1.85bn) Maria field in the southern Norwegian Sea.

 

Wintershall, which is owned by German chemical giant BASF, is also in the process of completing a merger with DEA, a subsidiary of LetterOne. The combined Wintershall DEA company is expected to be among the top five oil and gas producers in Norway, claimed Wintershall.

Article Source: https://www.energymarketprice.com/energy-news/germany%E2%80%99s-wintershall-to-invest-%E2%82%AC2bn-on-norwegian-continental-shelf-fields

 

Renewable:

Europe breaks million EV milestone

Europe is now home to more than a million electric vehicles (EVs).

That’s according to data and analytics firm EV-Volumes, which shows this makes it the second market to break this barrier after China surpassed it last year.

 

The total European market grew 42% in the first half of 2018 compared to the same period the year before.

 

EV-Volumes suggests a relative shortage of units was still a restraining factor, with an average of only four days’ supply in stock.

Leading the European nations was Norway, with 36,500 new registrations – the report suggests this wide adoption was largely due to country’s tax incentives and the cheap availability of hydropower.

 

It shows Germany is the biggest market in terms of potential buyers, with analysts expecting 88,500 registrations in Germany by the end of the year, surpassing those in Norway.

 

Compared to sales during the same period in 2017, Denmark’s plug-in hybrid EV market rose by 1,276%, as the market for battery EVs rose 134%.

 

Only a few markets experienced minor setbacks, with Iceland recording a 14% decrease.

Article Source: https://www.energymarketprice.com/energy-news/europe-breaks-million-ev-milestone

 

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