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 in recent years as…
Equinor will invest up to $6,7 billion a year until 2035 in oil and natural gas offshore Norway
Equinor said it plans to invest 60-70 billion Norwegian crowns (US$5.7-$6.7 billion), a year, in oil and natural gas offshore Norway through 2035. It expects a continued strong demand for fossil fuels. Norway is Europe's biggest gas supplier, and it's a major oil producer. It pumps around four million barrels equivalent to oil per day.
Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an approaching bushfire.Both are a threat to your life, but you are going to deal with the imminent danger of the snake first, and then tackle the more distant but still serious fire.
Oilfield Services Pricing Rises
Oilfield services companies are in bullish mode. They are now able to raise prices for their products and services, after several years of gloom.“Oil and gas investments are on the rise, and so too is the pricing power of service companies. After losing pricing power in 2015 and 2016…
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…
Norway Oil Firms Raise 2019 Investment Forecast
Oil and gas companies operating in Norway have raised their investment forecasts for 2019 to 175.3 billion Norwegian crowns ($20.6 billion) from 165.1 billion seen in August, a survey by the country's statistics agency (SSB) showed on Thursday.Investments for 2018 were revised down to 155.5 billion crowns from 156.3 billion…
Norway Sees Near-Record Oil Output in 2022
Norwegian oil and gas investments will begin to rise in 2018 after falling for the last four years, helping drive output to near-record highs in the next five years, the Norwegian Petroleum Directorate (NPD) said on Thursday. By 2022, combined output volume of oil and gas from the country's fields could approach levels last seen in 2004…
Norway Oil Firms Raise 2017 CapEx Forecasts
Norway's oil companies have increased their 2017 investment plans in the last three months, signalling a smaller-than-expected contraction for the industry, a survey by the statistics office showed on Thursday. Investments in oil and gas extraction and pipeline transport were…
IEA Expects US Shale Output Rise if OPEC Pushes Oil to $60
U.S. shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtails production to prop up prices, the head of the International Energy Agency (IEA) said. OPEC members are due to meet in Vienna at the end…
Oil Glut to ease by 2017, says IEA's Birol
The International Energy Agency (IEA) expects oil markets to reach a balance between supply and demand in 2017 as the current oil glut slowly eases, IEA chief Fatih Birol said during meetings in South Korea. The head of the Paris-based agency also exchanged views with energy minister…
Norway's Oil Spend to Fall Again in 2017
Drop mostly due to postponing decommissioning schemes. Investment in Norway's oil and gas sector, a cornerstone of the economy, will drop next year as weak crude prices push energy companies to rein in their budgets, a national statistics agency survey showed on Wednesday. Norway's…
Infighting Cancels Iran Contract Presentation
Internal clashes over the oil contracts, hardliners oppose contracts, push to have a bigger say. Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector.
Iran Cancels Oil Contracts Presentation, Signals Infighting
Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference…
Norway Oil Lobby: 2016-2017 Investments to Fall
Norwegian oil and gas investments will fall sharply in the next two years as low crude prices lead oil firms to cut back on spending, the Norwegian Oil and Gas Association, the industry's lobby group, said on Wednesday. 2016 investments are expected to fall to 149 billion crowns next year from 185 billion crowns in 2015…
Kemp: Oil Wells in England's Green and Pleasant Land
There could be up to 100 billion barrels of oil onshore beneath southern England, the chief executive of a small exploration firm told the BBC in an interview on Thursday. To which the correct response is "yes, but". Based on an analysis of samples from a single well drilled near London's Gatwick airport…
Norway's Oil Investment Drop Grows
The anticipated drop in Norwegian oil and gas investments will be bigger in 2015 than earlier forecast as the low oil price weighs on spending plans, the oil minister said on Tuesday. "The industry's profitability is under pressure, which limits investments. The drop in investments…
Norway Oil Lobby's 2015 Outlook is Dim
Norwegian oil and gas investments will fall to around 197 billion crowns ($28.9 billion) next year from 221 billion crowns in 2014, the Norwegian Oil and Gas Association, the industry's lobby group said on Tuesday. Oil investments will then level out and hold between 190 billion crowns and 205 billion crowns per year throughout 2019…
U.S. Merchant Bank Buys Aging Newfoundland Refinery
A New York-based commodities merchant bank run by veteran energy traders, Neal Shear and Kaushik Amin, announced on Friday plans to buy the aging Come by Chance refinery in Newfoundland from South Korea's state-run oil company. Korea National Oil Corp said it will sell the 115…
KNOC Sells Aging Newfoundland Refinery to SilverRange
Korea National Oil Corp said on Friday that it would sell its 115,000-barrel-per-day refinery in Come by Chance, Newfoundland, to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer. KNOC's Harvest Operations Corp unit is selling the aging refinery…
KNOC Sells Newfoundland Refinery to SilverRange
Korea National Oil Corp said on Friday that it would sell its 115,000-barrel-per-day refinery in Come by Chance, Newfoundland, to SilverRange Financial Partners LLC for an undisclosed price following a months-long search to find a buyer. KNOC's Harvest Operations Corp unit is selling the aging refinery…
