Norway Earmarks $369M for Green Industry Investments
The Norwegian government proposes spending 3.6 billion Norwegian crowns ($369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on Friday."The crisis we are now in hasn't made the need for transformation smaller - it has increased it,"…
Norway Deciding Whether to Cut Oil Output
Norway's oil minister reiterated on Tuesday that Western Europe's largest oil producer was soon to conclude whether to cut its output following historical curbs agreed by the OPEC+ group.Brent crude front-month contract fell to $18.10 a barrel on Tuesday, its lowest since December 2001, after U.S. May futures…
Norway PM to Name Tina Bru as New Oil Minister -DN
Norwegian Prime Minister Erna Solberg will appoint Conservative lawmaker Tina Bru as oil and energy minister, business daily Dagens Naeringsliv and public broadcaster NRK reported on Thursday, citing unnamed sources. The office of the prime minister declined to comment. Bru was not available for immediate comment.If confirmed…
Norwegian PM Opens Johan Sverdrup Field
Norway's prime minister Erna Solberg has opened the Johan Sverdrup field center, and the Minister of Petroleum and Energy, Sylvi Listhaug, also attended the opening.Since Equinor and the Johan Sverdrup partners Lundin Norway, Petoro, Aker BP and Total started the field on 5 October last year, production has increased to a level well above 300…
Wintershall CEO Meets Norwegian Prime Minister on Growth Plans
Mario Mehren, CEO of Wintershall, Germany's largest crude oil and natural gas producer, has presented Wintershall’s growth plans in Norway during a visit by Norway's Prime Minister, Erna Solberg, to Berlin.Mehren announced a further increase in production during a discussion with the Prime Minister and representatives of German energy politics and the energy industry…
Statoil Eyes Future Projects with Pemex
Norway's Statoil will evaluate new offshore projects in Mexico, including potential tie-ups with state oil company Pemex, the firm's top executive said, adding that a first deepwater well in an existing Gulf project will likely be drilled next year. Statoil is focused mostly on future deepwater opportunities in Mexico but does not rule out others…
Greenpeace Appeals after Losing Norwegian Arctic Lawsuit
Environmental groups launched an appeal on Monday after an Oslo court rejected their arguments that Norway's oil and gas exploration in the Arctic violates citizens' right to a clean environment. Greenpeace and Nature and Youth disputed the Oslo District Court's verdict last month, particularly that Norway could…
Norway's Labour Calls for Debate on Oil Tax Regime
Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win. Labour's Marianne Marthinsen, a member of parliament's Finance Committee, told daily…
Norway Proposes Spending Cap for $900 bln Oil Fund
Norway's $900-billion sovereign wealth fund, the world's largest, should shift more of its investments into equities and away from bonds to counter the effects of ultra-low interest rates, the government said on Thursday. And in a major shift in policy, Norway's minority right-wing government recommended cutting…
Norway Replaces Oil, Justice, EU Ministers Ahead of Election Year
Norway's right-wing government replaced cabinet ministers for oil and energy, European Union affairs and justice on Tuesday in a reshuffle nine months before the next general election. Oil Minister Tord Lien will leave in favour of Terje Soeviknes, a popular small-town mayor, while Justice Minister Anders Anundsen was replaced by Per-Willy Amundsen…
Oil Rig Helicopter Crashes off Norway, 13 Presumed Dead
A helicopter ferrying passengers from a Norwegian oil platform crashed in the North Sea on Friday, killing at least 11 of the 13 people on board, rescue officials said. The 11 passengers and two crew on the flight from the Gullfaks B oil platform, operated by Statoil, were all Norwegian except for one British and one Italian national…
Norway PM: Oil Weakness Lasting Longer Than Expected
The weakness in oil prices is likely to persist for a longer time than Norway, a major oil exporter, had anticipated, although it is too early to cut growth forecasts, Prime Minister Erna Solberg told Reuters on Wednesday. Norway generates about half its exports from crude oil, prices for which hit an 11-year low earlier after falling 70 percent since mid-2014, and natural gas.
Energy Industry Faces a Tough Reality -Statoil CEO
Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference. In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized that the energy world is changing and the oil and gas industry is currently facing a tough reality…
Norway PM: Oil Too Low to Spur Investment
Oil prices are currently too low to spur investments sufficient to meet future energy demands, Norwegian Prime Minister Erna Solberg said on Monday. "It is difficult to predict future developments in the oil market, but it is evident that the current price level is too low to generate the investments needed," Solberg told a conference hosted by Norwegian oil major Statoil.
A Tough Reality for Industry - Statoil
Global challenges and new opportunities in the energy market will create a turning point for the industry, says Statoil CEO Eldar Sætre at the Statoil Autumn Conference. In his speech to the Norwegian Prime Minister and other guests at the annual Autumn Conference, Sætre emphasized the fact that the energy world…
Norway Mulls Action to Counter Oil's Plunge
The Norwegian prime minister is preparing measures for next year's budget to counter the economic downturn and risk of a crisis after the collapse in prices for its oil exports, business daily Dagens Naeringsliv (DN) said on Thursday. "The overall situation for the Norwegian economy is not that bad. But it is not enough to counter the fall from oil and gas...
Statoil: Gudrun Officially Opened
Norwegian prime minister Erna Solberg officially opened the Gudrun platform in the North Sea today, 19 August. This is the first new Statoil-operated platform on the Norwegian continental shelf (NCS) since Kristin in 2005. Gudrun is the first in a long line of new field developments operated by Statoil, and therefore it represents a new era on the NCS.
Norway's Opposition Wants Wealth Fund to Invest in Infrastructure
Norway's $870-billion sovereign wealth fund should be allowed to directly invest in infrastructure such as wind farms and solar plants, the country's opposition Labour party will propose, a plan gaining the support of the majority of parties. The world's largest sovereign wealth fund, which owns on average 1.3 percent of all listed companies worldwide…
Norway: GDP Growth Impacted by Oil Prices
OSLO, Jan 8 (Reuters) - Norway's economic growth will be lower in 2015 than predicted in the October budget bill due to the low oil price, Prime Minister Erna Solberg told reporters on the sidelines of a conference on Thursday. "But it is not as serious as you would think because we got other businesses which will be able to gain from increased growth abroad," Solberg said.
Norway to Match EU on Climate Goals, Easing Oil Industry Fears
Norway will match a European Union goal of cutting greenhouse gas emissions at least 40 percent below 1990 levels by 2030 under a government plan announced on Wednesday, easing oil industry fears of tougher unilateral curbs. Norway's target will be part of a U.N. deal, due to be agreed in December in Paris, to limit rising temperatures blamed by a U.N.
