Saga Petroleum
Encyclopedia
Saga Petroleum was a Norwegian
upstream
petroleum company established in 1972 that was acquired by Norsk Hydro
in 1999. Since October 2007 it is a part of Statoil
. The company was the only fully private oil company in Norway. It had partial ownership in 60 oil field licenses and was operator of 18. Saga had an international
profile, including major operations on the British
continental shelf
as well as minor operations in Angola
, Indonesia
, Libya
and Namibia
..
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 was the Snorre oil field
, in addition to Tordi, Varg and Vigdis. Not long before the merger Saga had acquired the Kuwait
based Santa Fe Exploration for USD
1.23 billion.
who tried to purchase Saga, it ended with Norsk Hydro acquiring the company. The reason for the purchase was the weak financial situation that Saga had become in partially because of the low oil price and partially because of the strategically failed acquisition of Santa Fe and hedging of the oil price. After the merger with Hydro some of the operating responsibilities were transferred to Statoil. After the merger all of the operations in the British sector were sold.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
upstream
Upstream (oil industry)
The oil and gas industry is usually divided into three major components: Upstream, midstream and downstream, though midstream operations are usually included in the downstream category....
petroleum company established in 1972 that was acquired by Norsk Hydro
Norsk Hydro
Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. Hydro is the fourth largest integrated aluminium company worldwide. It has operations in some 40 countries around the world and is active on all continents. The Norwegian state holds a 43.8 percent...
in 1999. Since October 2007 it is a part of Statoil
Statoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
. The company was the only fully private oil company in Norway. It had partial ownership in 60 oil field licenses and was operator of 18. Saga had an international
International
----International mostly means something that involves more than one country. The term international as a word means involvement of, interaction between or encompassing more than one nation, or generally beyond national boundaries...
profile, including major operations on the British
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
continental shelf
Continental shelf
The continental shelf is the extended perimeter of each continent and associated coastal plain. Much of the shelf was exposed during glacial periods, but is now submerged under relatively shallow seas and gulfs, and was similarly submerged during other interglacial periods. The continental margin,...
as well as minor operations in Angola
Angola
Angola, officially the Republic of Angola , is a country in south-central Africa bordered by Namibia on the south, the Democratic Republic of the Congo on the north, and Zambia on the east; its west coast is on the Atlantic Ocean with Luanda as its capital city...
, Indonesia
Indonesia
Indonesia , officially the Republic of Indonesia , is a country in Southeast Asia and Oceania. Indonesia is an archipelago comprising approximately 13,000 islands. It has 33 provinces with over 238 million people, and is the world's fourth most populous country. Indonesia is a republic, with an...
, Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
and Namibia
Namibia
Namibia, officially the Republic of Namibia , is a country in southern Africa whose western border is the Atlantic Ocean. It shares land borders with Angola and Zambia to the north, Botswana to the east and South Africa to the south and east. It gained independence from South Africa on 21 March...
..
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 StatoilStatoil
Statoil ASA is a Norwegian petroleum company established in 1972. It merged with Norsk Hydro in 2007 and was known as StatoilHydro until 2009, when the name was changed back to Statoil ASA. The brand Statoil was retained as a chain of fuel stations owned by StatoilHydro...
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 was the Snorre oil field
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 . Snorre is operational since August 1992. It was the first field developed by Saga Petroleum.-Production:...
, in addition to Tordi, Varg and Vigdis. Not long before the merger Saga had acquired the Kuwait
Kuwait
The State of Kuwait is a sovereign Arab state situated in the north-east of the Arabian Peninsula in Western Asia. It is bordered by Saudi Arabia to the south at Khafji, and Iraq to the north at Basra. It lies on the north-western shore of the Persian Gulf. The name Kuwait is derived from the...
based Santa Fe Exploration for USD
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
1.23 billion.
Hydro purchase
Though it originally was Elf AquitaineElf Aquitaine
Elf Aquitaine was a French oil company which merged with TotalFina to form TotalFinaElf. The new company changed its name to Total in 2003...
who tried to purchase Saga, it ended with Norsk Hydro acquiring the company. The reason for the purchase was the weak financial situation that Saga had become in partially because of the low oil price and partially because of the strategically failed acquisition of Santa Fe and hedging of the oil price. After the merger with Hydro some of the operating responsibilities were transferred to Statoil. After the merger all of the operations in the British sector were sold.