On Monday minister of petroleum and energy Tord Lien together with Statoil (ticker: STO), Centrica (ticker: CNA) and ExxonMobil (ticker: XOM) celebrated the 5 billion barrels of oil equivalent delivered by Statfjord since first oil in 1979. The minister got the honor of filling the barrel, which was decorated in golden color for the occasion. “The spin-offs created by Statfjord
U.S. crude oil stocks fell 4.1 million barrels Crude oil prices continued to rally today after taking a dive following the Brexit vote last week. Investors fleeing the pound sterling strengthened the dollar and yen substantially, creating downward pressure on oil prices earlier this week, but data from the EIA today showed a larger than expected crude oil inventory draw,
Natural gas “is the single most important driver” in the $50 billion decline in the value of Norway’s oil and gas assets Low oil and gas prices have hit Norway hard, according to the country’s government. The value of Norway’s state-owned oil and gas fields dropped 34%, or $50 billion, after oil prices plummeted in late 2014. A report from
BP mergers Norway assets Det Norske for $1.3 billion London-based BP (ticker: BP) announced that it will spin off its Norwegian oil and gas fields, combining them in a new, publicly traded company with Norwegian firm Det Norske Oljeselskap ASA. The new company will be the largest independent European oil and gas E&P, producing 122 MBOEPD. Under the agreement, Det
Oil refinery strikers take their toll on French gas stations ahead of the European Soccer Championship A bill passed by French President Francois Hollande’s government that would make hiring and firing easier in France has met with strikes from French union CGT, whose members include oil refinery workers. Six of the eight major refineries in France are either completely shut
2011 treaty opens up new areas of exploration offshore Norway The Norwegian Ministry of Petroleum and Energy is expected to announce the rewards of the 23rd licensing round on the Norwegian continental shelf (NCS) late in the first half of 2016. The 23rd licensing round will include the first new acreage on the NCS offered by Norway since 1994. The
Efforts to cut gas supplies from Russia appear to be working Norway state-owned gas operator Gassco reported that the country exported 29.2 Bcm of gas to western Europe in the first quarter of the year, overtaking Russian exports to Europe of 20.29 Bcm, based on data from Gazprom (ticker: OGZPY). Data from both companies shows the trend began in Q4
Det Norske announced today first production from offshore of Norway Det Norske Oljeselskap ASA, in partnership with Core Energy AS and Lundin Norway AS (ticker: LUPE) announced the production of first oil from their offshore project in the Bøyla field. The Bøyla field is the fourth field in production in the larger Alvheim area. The company said in its release
