Saga Petroleum

Last updated
Saga Petroleum ASA
Public
Industry Oil and gas industry
FateMerged with Norsk Hydro
Successor Statoil
Founded1972
Defunct1999
Headquarters,
Products Petroleum
Number of employees
1,300 (1999)
Website www.saga.no/   OOjs UI icon edit-ltr-progressive.svg

Saga Petroleum ASA was a Norwegian upstream petroleum company established in 1972 that was acquired by Norsk Hydro in 1999. In October 2007 it was made part of Statoil. The company was the only fully private oil company in Norway. It had partial ownership of 60 oil field licenses and was operator of 18. [1] Saga had an international profile, including major operations on the British continental shelf as well as minor operations in Angola, Indonesia, Libya and Namibia. [2]

Norway Country in Northern Europe

Norway, officially the Kingdom of Norway, is a Nordic country in Northern Europe whose territory comprises the western and northernmost portion of the Scandinavian Peninsula; the remote island of Jan Mayen and the archipelago of Svalbard are also part of the Kingdom of Norway. The Antarctic Peter I Island and the sub-Antarctic Bouvet Island are dependent territories and thus not considered part of the kingdom. Norway also lays claim to a section of Antarctica known as Queen Maud Land.

Norsk Hydro Norwegian aluminum and renewable energy company

Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. It is one of the largest aluminium companies worldwide. It has operations in some 50 countries around the world and is active on all continents. The Norwegian state owns 34.3% of the company through the Ministry of Trade, Industry and Fisheries. A further 6.5% is owned by Folketrygdfond, which administers the Government Pension Fund of Norway. Norsk Hydro employs approximately 35,000 people. Hilde Merete Aasheim has been the CEO since May, 2019.

Great Britain island in the North Atlantic off the north-west coast of continental Europe

Great Britain is an island in the North Atlantic Ocean off the northwest coast of continental Europe. With an area of 209,331 km2 (80,823 sq mi), it is the largest of the British Isles, the largest European island, and the ninth-largest island in the world. In 2011, Great Britain had a population of about 61 million people, making it the world's third-most populous island after Java in Indonesia and Honshu in Japan. The island of Ireland is situated to the west of Great Britain, and together these islands, along with over 1,000 smaller surrounding islands, form the British Isles archipelago.

Contents

History

Saga Petroleum was founded in 1972 as a private initiative based on a political wish to have three Norwegian oil companies. The company started up at the same time as Statoil and was part of the three-company model with one state owned company (Statoil), one semi-private company (Norsk Hydro) and one fully private company (Saga). The three Norwegian oil companies were to ensure that petroleum competence was established in Norway.

Among the largest fields Saga operated were the Snorre oil field and the Tordi, Varg and Vigdis oil fields. Not long before the merger Saga had acquired the Kuwait based Santa Fe Exploration for US$1.23 billion.

Snorre oil field

Snorre is an oil and gas field in the Tampen area in the southern part of the Norwegian Sea. The sea depth in the area is 300 to 350 metres. Snorre has been operational since August 1992. It was the first field developed by Saga Petroleum.

Kuwait Country in Western Asia

Kuwait, officially the State of Kuwait, is a country in Western Asia. Situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, it shares borders with Iraq and Saudi Arabia. As of 2016, Kuwait has a population of 4.5 million people: 1.3 million are Kuwaitis and 3.2 million are expatriates. Expatriates account for 70% of the population.

Hydro purchase

Originally Elf Aquitaine tried to purchase Saga, but eventually Norsk Hydro acquired it. Saga's financial position had become weak due to the low oil price and the badly timed acquisition of Santa Fe, and oil hedging. [3] After the merger with Hydro some operating responsibilities were transferred to Statoil and all British operations were sold.

Elf Aquitaine business

Elf Aquitaine was a French oil company which merged with TotalFina to form TotalFinaElf. The new company changed its name to Total in 2003. Elf has been maintained as a major brand of Total.

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References

  1. SAGA PETROLEUM ASA- ADR Information | Business.com
  2. 20F99del-1
  3. Norsk Hydro's Takeover of Saga Petroleum in 1999 - Tittelside