Norway's oil and gas production fell in November but exceeded forecast
Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil.
Putin is clear: there will be no Ukraine Gas Transit Deal
Vladimir Putin, President of Russia, said that it is now clear that no new gas transit agreement will be signed with Kyiv for Russian gas to be sent through Ukraine to Europe. However, Russia will survive. As the EU attempts to reduce its dependency on Moscow, Russia has lost nearly all its European clients.
Nigeria approves Shell’s $2.4 billion asset sales to Renaissance
Shell received approval from Nigeria’s oil minister to sell $2.4 billion worth of onshore and shallow water assets to Renaissance Group. Renaissance Group said this in a Wednesday statement. Shell has been operating in Nigerian oil and gas for nearly a hundred years.
Sweden's North frets about financial risks as the green boom stumbles
Sweden's local governments, frightened by Northvolt's struggle for survival and its potential impact on taxpayers, have asked the central government to increase financial support for Sweden's transition towards green industry. Last month, Europe's leading electric…
Sweden and Norway consider early termination of green subsidies
They said that on Friday, Sweden and Norway had asked their respective energy regulators for options to end a joint certificate scheme earlier than the current target date of 2035. The joint electricity certificate scheme was introduced in 2012, and the last reform occurred in 2020.
Nordic countries debate energy policy after spikes in power prices
On Thursday, the hourly electricity prices in certain parts of Scandinavia reached record levels. They were tenfold higher in some cases than average, due to cold weather and lower wind power production. This prompted politicians to suggest a change in energy policy.
EUROPE GAS: Prices firm for cold weather, low winds and Norway outages
Dutch and British wholesale prices for gas were slightly higher on Wednesday morning, as a cold snap and low winds supported demand while unplanned outages reduced some Norwegian supply. At 0911 GMT, the benchmark front-month contract for the Dutch TTF hub…
EUROPE GAS - Prices stable on warmer temperatures forecasts and strong LNG supply
The wholesale gas prices in the Netherlands and Britain were not much different on Tuesday morning, despite warmer temperatures and strong LNG imports. By 0955 GMT, the benchmark front-month contract for the Dutch TTF hub had increased by 0.09 euros to 45.10 Euros per Megawatt Hour (MWh), which is $13.91/mmbtu.
Equinor delays start of Arctic Castberg Oilfield until early 2025
Equinor, a Norwegian oil company, announced on Tuesday that it had postponed the start-up of its Arctic Johan Castberg field to January or Febraury 2024 from the end due to bad weather conditions in Barents Sea. Oilfields in the Norwegian Barents Sea sector are expected to continue producing for 30 years.
Vard Completes Conversion of IT Infinity PSV to Cable Laying Vessel
Norwegian shipbuilder Vard has delivered IT Infinity vessel to I.T. International Telecom Marine (IT), after completing its conversion from Platform Supply Vessel (PSV) to specialized Cable Laying Vessel (CLV).Built at Vard Brattvaag and delivered to Volstad Maritime in 2008 as the Volstad Princess…
Norway's wealth fund will probe shoemakers and crypto firms in 2025 for ethics
Next year, the Norwegian sovereign wealth fund will investigate the potential ethical violations of shoemakers, crypto-firms and gambling operators that the fund holds, leading it to sell its holdings. Norway's Parliament has set ethical guidelines for the world's biggest sovereign wealth fund.
Document shows that the Norwegian wealth fund's ethics watchdog will be scrutinising shoe manufacturers and crypto companies by 2025.
Next year, the ethics watchdog of Norway's $1.8 billion wealth fund will investigate shoe manufacturers, cryptocurrency firms, casino and gambling companies for possible ethical violations, which could result in the fund divesting. The ethical guidelines of parliament govern the largest sovereign fund in the world…
Mooreast Appoints Ellingsen as CEO
Mooreast Holdings Ltd. announced today it will appoint Mr Eirik Ellingsen, a Norwegian with deep experience in the offshore and marine sector, as Chief Executive Officer (“CEO”) amid growing adoption of floating wind energy projects worldwide.Mr Ellingsen will assume the role of CEO at Mooreast on 1 January 2025.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe…
Oil Steadies as Sverdrup Restart eases Geopolitical Jitters
Oil prices traded steady on Tuesday as Norway's Johan Sverdrup oilfield restarted production and there were reports of Iran offering to cap its uranium stockpile, factors that offset investor concerns about escalation of the Russia-Ukraine war.Brent crude futures LCOc1 fell 0.1%…
Euro Oil Giants Rethink Renewable Balance
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals…
Norway's oil and gas sector invests record amounts due to inflation
A survey by the Norwegian National Statistics Office (SSB) showed that investment in oil and gas projects in Norway will reach a new record in 2018. It may even increase in 2025, as inflation increases costs for development. Norway has sanctioned new fields…
Statkraft reports net loss due to currency weakness and lower power prices
Statkraft, a Norwegian state-owned energy company and one of Europe's largest renewable energy producers, reported Thursday a net loss in the third quarter, primarily due to a lower Norwegian currency against euro, as well as lower electricity prices and output.
Repsol targets renewables deals, seeks 'solution' for North Sea business
Josu Imaz, the chief executive of the Spanish oil company Repsol, said that the company is currently working on new deals for its renewable operations both in Spain and in the United States. It also wants to find a solution to its exploration and production business in the North Sea.
Norwegian infrastructure fund Aker to launch 1 billion euros in 2025
The head of the Infrastructure unit at Industry Capital Partners, a Norwegian investment fund for energy transition, backed by Aker ASA industrial group, said that it plans to launch a 1 billion euro ($1.08 billion), inaugural fund in 2019. Christian Rynning Toennesen…
