From Bloomberg The oil majors are safe from divestments from the world’s largest wealth fund — for now. Plans presented last week by the Norwegian government to get the fund out of smaller oil and gas explorers were broadly welcomed by the country’s politicians, but are also being seized upon as an opening to further pressure oil majors such Royal
From Reuters Norway’s Equinor SA on Tuesday said it plans to explore for oil in deep waters off the coast of South Australia in late 2020 and released a draft environmental assessment for the project to head off community protests. Equinor, formerly known as Statoil, took full control of two permits in the Great Australian Bight, a body of water
From Bloomberg Norway has built a reputation as one of the calmest and most predictable corners of the global oil industry, but lately it’s been full of surprises. During the worst downturn in a generation, from 2014 to 2016, companies would regularly exceed official forecasts as oil production rose in defiance of falling prices. More recently, with crude surging back to multiyear
From Reuters Norway will step up preparations to claim its share of oil and gas resources if Russia finds petroleum on its side of a border in the Barents Sea, the head of Norwegian Petroleum Directorate (NPD) said on Thursday. Norway and Russia in 2010 agreed a maritime border in the Barents Sea, ending a 40-year long dispute, and also
From Reuters Norway’s oil output in 2019 will be smaller than previously forecast and its lowest level in three decades, although it should rebound in the following years, the country’s oil industry regulator said on Thursday. Investment in Western Europe’s largest oil producer and Europe’s second-largest gas producer, behind Russia, is surging after a decline due to the slump in
From Bloomberg Norway’s oil industry is in full recovery mode, but the country’s top petroleum lobbyist is worried about growing opposition ahead. At the same time as it gave a big boost to investment forecasts for the next five years, the Norwegian Oil and Gas Association sounded one of its starkest warnings yet on the political risk facing the nation’s biggest industry.
From Reuters An oil tanker and a Norwegian navy frigate collided off Norway’s west coast on Thursday, injuring eight people and triggering the temporary shutdown of a North Sea crude export terminal, Norway’s top gas processing plant and several offshore fields. The frigate, which recently took part in a major NATO military exercise, was aground and tilting on one side,
New company plans to invest $8 billion over 5 years Italian based energy company Eni and Norwegian based private equity investor HitecVision have announced an agreement to merge Point Resources AS into Eni Norge AS, which will be renamed as Vår Energi AS. History of Point Resources AS Point Resources was established early in 2016 following the merger of Pure E&P,
11 companies applied for licenses Norway announced the applicants for its 24th licensing sale, showing a significant decrease in interest in the country. The round offers blocks in the Barents Sea, which is considered the most important area in the country for new development. In December 2017, eleven companies applied for production licenses, either alone or in groups. Some, like
Norwegian Aker BP (ticker: AKERBP) and Hess Corporation (ticker: HES) have completed the previously announced sale of Hess Norge to Aker BP for $2 billion, effective January 1, 2017. Hess Norge owns interests in the Valhall (64.05%) and Hod (62.5%) fields in Norway. The two fields are producing a net 24 MBOEPD. Aker said that the two plays had a
Norway’s Troll crude oil to become part of the Brent benchmark price assessment: EIA Despite the continuing importance of the Brent price benchmark, actual crude oil production from the original Brent field will soon end after more than 40 years of production. Shell (ticker: RDSA), the operator of the Brent field, has begun to decommission and remove the offshore oil platforms and the
DONG says oil & gas segment is “not considered a long-term strategic commitment” – DONG engages J.P. Morgan to conduct a market assessment Denmark-based wind energy developer DONG Energy (ticker: DENERG) successfully launched Europe’s biggest 2016 IPO in June. Besides its robust offshore wind development business in Europe, bioenergy, thermal power and energy distribution segments, the company runs a healthy oil and gas business.
