Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas
Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both best in offshore oil and gas and at the same time have higher climate targets and develop new low-carbon solutions."I want Equinor to be best in offshore oil and gas," Opedal told a news conference at the company's headquarters, adding that he also wanted the company to create a platform for growth for low-carbon solutions."I want to go further ...
Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal
Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to end-July, sending Brent…
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," Prime Minister Erna Solberg told a news conference.While a half-century of oil and gas production has made Norway one of the world's wealthiest nations…
Norway Raises Spending from Oil Fund to $44B in 2020
Norway's government has further raised its projected 2020 spending from the country's sovereign wealth fund to 424.6 billion Norwegian crowns ($43.67 billion) from 419.6 billion seen on May 12, it said on Friday.The so-called structural non-oil deficit corresponds to 4.2% of the fund's Jan. 1 value, making use of a provision in Norway's fiscal framework that allows withdrawals to exceed…
Equinor CEO Doesn't Believe in Quick Oil Market Rebound
More global oil production curtailments will be needed to reduce the gap between supply and demand and normalize the oil market, the chief executive of Norway's Equinor said on Thursday.Eldar Saetre, who led the company through the previous market downturn in 2014-2016, said he did not believe in a quick market rebound, with some analysts predicting prices recovering to $50 and above already next year."I don't believe in that ...
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 dropped to minus $40 a barrel on Monday due to worries about the novel coronavirus pandemic's impact on fuel demand."We have not yet concluded.
Norway May Join OPEC Meeting
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there…
Norway to Admit Non-Resident Europeans Working in Oil Industry
Norway will allow entry to certain European citizens for work in sectors critically short of labor including agriculture and the oil industry despite its lockdown to fight the coronavirus pandemic, the government said on Monday.The measure, which takes immediate effect in the Nordic country, relaxes some of the restrictions on foreign travelers imposed to combat the transmission of…
Norway Offers 36 Offshore Blocks, None in Barents Sea
Norway is offering oil firms 36 offshore exploration blocks in this year's licensing round in mature areas and for the first time in a decade did not offer any blocks in the Barents Sea.All the blocks are offered in the western part of the Norwegian Sea, with interested parties asked to send their comments by May 11, the oil and energy ministry said."In demanding times, it is important to plan for the future…
Equinor Resumes Martin Linge Work, after Coronavirus-linked Halt
Norway's Equinor has restarted work at its Martin Linge development in the North Sea following a haltafter an offshore worker tested positive for coronavirus, the company said on Thursday."We are gradually stepping up activities again. We have cleaned and disinfected facilities, and believe that it's now safe to restart work," a company spokesman said.The company initially plans to bring back some 300 workers…
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, 33-year-old Bru will oversee western Europe's largest petroleum industry…
Equinor Begins Search for New CEO
Norwegian oil producer Equinor has started a search for a new chief executive, the Stavanger Aftenblad newspaper reported on Friday, citing unnamed sources.CEO Eldar Saetre, 63, who led the company through the oil market's downturn in 2014-2016, has not set a date for his departure, but could step down in 2020, the newspaper reported."There is no date set for when he will retire beyond what was said in our annual report…
Equinor, SSE Win Contract for Largest Offshore Wind Project
Equinor and Britain's SSE have won a tender to build three wind farms off Britain, which the Norwegian firm said together will form the world's largest such development.Like other European oil firms, Equinor is developing its renewables business and is focused on offshore wind given its experience as an offshore oil platform operator."The successful bids for the world’s largest offshore…
Fire Reported on Tanker at Sture Terminal
A fire onboard an oil tanker at Norway's Sture crude export terminal has been put out, the fire service told Reuters on Friday.The fire broke out in the engine room of the Dubai Harmony tanker during loading at the Equinor oil terminal on Norway's west coast, according to rescue services and police.No one was injured, and the terminal's output was not affected by the incident, although…
Exxon Discussing Norway Asses Sale with Var Energi
Oil major ExxonMobil said on Friday it had signed an exclusivity agreement with Var Energi for negotiations regarding a possible sale of Exxon's Norwegian upstream assets.An acquisition of Exxon's production assets in Norway would cement Var Energi's position as the second largest petroleum producer in Norway after Equinor, excluding state-owned Petoro, which manages government stakes in offshore licenses.Reuters reported on Sept.
Equinor Sends Vessels to Clean up Bahamas Oil Spill
Two vessels with clean-up equipment and personnel will arrive to the Bahamas within a few days to deal with an oil spill at the South Riding Point terminal damaged by hurricane Dorian, operator Equinor said on Monday.The company reiterated there were no indications of ongoing leaks form tanks, as well as no indications that the oil spill was reaching nearby beaches or the ocean.(Reporting by Nerijus Adomaitis, editing by Gwladys Fouche)
Activists End Occupation of Arctic Drill Rig
Greenpeace activists climbed down from a Seadrill drilling rig in Norway on Tuesday and are no longer occupying it, the environmental group told Reuters.The rig, which was boarded by four activists on Monday, will be used next month by Equinor to explore for oil and gas in the Arctic.(Reporting by Gwladys Fouche, Writing by Terje Solsvik, Editing by Paul Tait)
Norway Investigates Hammerfest LNG Outage
Norway's oil regulator said on Friday it was investigating the causes of an outage earlier this month at Equinor's Hammerfest LNG plant in the north of the country.The plant converts natural gas produced from the Arctic Snoehvit field into liquid natural gas (LNG) which is exported by tankers."Equinor shut down the plant on 11 March 2019 in order to repair deficiencies in a number of safety valves there.
Norway Oil Firms Lower 2019 CapEx Forecast
Oil and gas companies operating in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.06 billion) from 175.3 billion crowns seen in November, a survey by the country's statistics agency (SSB) showed on Thursday.In 2020, investments are expected to fall to 158.5 billion crowns according to initial forecasts, SSB said.Norway's oil and gas investments have rebounded from a sharp fall as rising crude prices and cost cuts lift industry activity.
Transocean: Ultra-deepwater Drilling Rates Could Double
Rates for hiring offshore rigs to drill in ultra deepwaters such as the U.S. Gulf of Mexico could double over the next couple of years as the market recovers, the head of the world's largest offshore driller by market capitalisation said on Wednesday."Looking at what happened in the harsh environment market, it's not unrealistic to think that (ultra-deepwater) rates could double over the next couple of years…
