Faced with a tariff threat, Europe looks for ways to appease Trump
The European Union considers options to appease Donald Trump upon his return to the White House. It is bracing for a resumption in U.S. trade threats and tariffs, as well as a tough exchange on how to deal with China. Trump warned the 27-nation group shortly before he won the U.S.
Norway Central Bank: Economy Challenged, Not in Crisis
The sharp fall in oil prices is a challenge to the economy of crude-exporter Norway but does not amount to a crisis, central bank Governor Oeystein Olsen told Reuters on Tuesday. The price of North Sea oil has dropped by more than 70 percent since mid-2014 to trade at near-12-year lows…
Norway's EMGS Cuts Staff, Capex Further
Norwegian seismic oil and gas surveyor EMGS will cut its global headcount, including consultants, by 20 percent and reduce its vessel capacity as energy firms hold back on spending after oil prices nearly halved in one year, it said on Tuesday. The measures…
Kvaerner, Korean Yards Want Statoil Contracts
Norway's Kvaerner is a favourite to win a key Statoil platform deck contract, while three Korean yards were vying for two other platform deals on the giant Johan Sverdrup field in the North Sea, trade weekly Upstream said on Friday. Kvaerner is expected…
Seadrill Sees Industry Pain Through 2016
Stock down nearly 5 pct; predicts tough market through 2016. Seadrill, the world's second biggest offshore oil driller, predicted years of pain for the global rig market on Thursday as energy companies continue to pare spending despite a recent lift in oil prices.
Subsea 7 to Slash Workforce, Cull Fleet
Oil services firm Subsea 7 plans to cuts its workforce by close to 20 percent and reduce its fleet of 39 by up to 11 vessels as global oil and gas firms continue to cut spending after the plunge in crude oil prices. Subsea 7, which focuses on the North Sea but has a global operation…
Statoil Chairman Quits
The chairman of Statoil quit on Wednesday, the latest in a string of high level departures from the Norwegian oil firm since its chief executive was poached by rival BG Group last October. Chairman Svein Rennemo, who was criticised for not being ready to appoint a new CEO quickly when Helge Lund joined BG…
Statoil in the Red, Dividend Maintained
Makes surprise net loss of around $4.7 bln in Q1; Operating profit beats forecasts. Oil major Statoil swung to a surprise first quarter net loss on a writedown in the value of its U.S. shale business but its operating figures beat forecasts and the firm pleased investors by maintaining its dividend.
Statoil Seeks to Buy Back 75 mln Shares
The board of Norwegian energy firm Statoil will ask shareholders to authorize the buyback of 75 million shares, or about 2.4 percent of the firm's share capital, Statoil said in a general meeting notice on Tuesday. "The repurchase of own shares benefits…
Shell to Lay Off Staff, Contractors in Norway
Oil producer Royal Dutch Shell will lay off 120 of its 900 workers in Norway and reduce its contractor force by 140 from 350, as low oil prices force it to cut costs, it said on Thursday. Shell said 100 of the staff cuts would be at its headquarters in…
Statoil Bets on Oil Price Recovery, Investments Continue
Statoil cutting less in capex than any other major; continues to invest in long term projects. Norway's Statoil is cutting investments less than any other oil major this year, positioning for a crude price recovery but taking a risk should the slump be protracted.
Norway Launches New Licensing Round
Norway launched its 2015 oil and gas licensing round in mature areas on Tuesday, expanding it to include blocks near recent discoveries, hoping for additional resources to make future developments more profitable. Western Europe's biggest energy producer…
Norway Mulls Support for Statoil Project
Norway will ask European competition authorities whether it can provide state support to energy firm Statoil to bring oil and gas to the shore from its Johan Castberg field in the Arctic, the oil minister said on Tuesday. Statoil initially favoured piping the oil to an onshore loading terminal…
Det norske's Sverdrup Oilfield Stake Undervalued by $500 mln
A proposal to divide the giant Johan Sverdrup oilfield in the Norwegian sector of the North Sea undervalues Det norske's stake in the $29 billion project by around $500 million, the firm's top shareholder said on Thursday. Det norske's part of the field…
Total Reports Gas Find in Norwegian North Sea
French energy firm Total made a small gas and condensate discovery in the Norwegian sector of the North Sea, near the Skirne field, the Norwegian Petroleum Directorate said on Friday. Preliminary calculations put the discovery between 2.5 million and 9.4 million barrels of recoverable oil equivalents…
Statoil Makes Gulf of Mexico Oil Discovery
Norwegian oil and gas firm Statoil made an oil discovery in the Yeti prospect in the U.S. Gulf of Mexico, about 15 kilometres south of the Big Foot field and 11 kilometres from the Cascade field, it said on Thursday. "We are analysing data to determine…
Statoil Sets Precedent with Government Payment Disclosure
Norwegian energy firm Statoil released unprecedented detail about its payments to governments around the world on Thursday, even as some of its rivals are fighting new rules that will require increased disclosure. Statoil, which has released some data for years…
Norway's Oil Fund Down on big Europe Exposure
Norway's $860 billion sovereign wealth fund, the world's biggest, underperformed its benchmarks in 2014 because of its big exposure to Europe and the relatively short duration of its fixed income portfolio, it said on Friday. The fund, one of the world's biggest investors…
Top Drillers Face Pain, Tackle Costs
Transocean reports loss, Seadrill profit falls; Moody's cuts Transocean to junk. The world's biggest offshore drillers reported plunging earnings and orders on Thursday but managed to get a grip on costs to improve their chances of riding out a sectoral crisis that could last several more years.
Norway's Statoil Shuts Statfjord C Platform
Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after discovering cracks in the platform, Norwegian daily Stavanger Aftenblad reported on Thursday. Statoil could not immediately comment on the report. The entire Statfjord field…
