OSLO – The Norwegian Petroleum Directorate’s preliminary production figures for August 2019 show an average daily production of 1.647 MMbbl of oil, NGL and condensate, which is a decrease of 67,000 barrels per day compared to July.
Average daily liquids production in August was 1.353 MMbbl of oil, 267,000 bbl of NGL and 27,000 bbl of condensate. Oil production in July is 3.9 percent lower than the NPD’s forecast, and 3.7 percent below the forecast so far this year.
Read entire article HERE.
IRVING, Texas – ExxonMobil signed an agreement today with Vår Energi AS for the sale of its non-operated upstream assets in Norway for $4.5 billion as part of its previously announced plans to divest approximately $15 billion in non-strategic assets by 2021.
“Our objective is to have the strongest, most competitive Upstream portfolio in the industry,” said Neil Chapman, senior vice president of ExxonMobil. “We’re achieving that by adding the best set of projects we’ve had in many years and divesting assets that have lower long-term strategic value. This sale is an important part of our divestment program, which is on track to meet our $15 billion target by 2021.”
The transaction includes ownership interests in more than 20 producing fields operated mostly by Equinor, including Grane, Snorre, Ormen Lange, Statfjord and Fram, with a combined production of approximately 150,000 oil-equivalent barrels per day in 2019.
Read entire press release HERE.
– For oss er det viktig at vi kan operere i ethvert marked etter lokale krav og regler, og vi ser at den type reform som Norge nå skal gjennomføre, og som Finland gjennomførte i fjor, kan la oss gjøre nettopp det.
Det sier daglig leder for Uber i Norden, Joel Järvinen, til E24.
Den amerikanske taxitjenesten la ned hovedvirksomheten sin i Norge i oktober 2017, samtidig som selskapet godtok et forelegg på fem millioner kroner for brudd på yrkestransportloven. Uber Pop forsvant fra det norske markedet, selv om premium-tjenestene Uber Black, XXL og Lux ble værende.
Siden da har et nytt lovforslag blitt sendt ut på høring og vedtatt av Stortinget, og kommer til å tre i kraft 1. juli 2020.
Uber Pop eksisterer ikke lenger, forklarer Ubers Norden-sjef, men andre tjenester er nå aktuelle for norske veier igjen, etter at Stortinget i sommer vedtok endringene i yrkestransportloven.
Lese hele saken HER.
For Consignor, the market research came second. Executives from the Norway-based logistics and delivery software firm were at a bar in Shenzhen, China, when they asked some American logistics professionals where they should put their US base. The response was clear and immediate.
“They said, ‘Atlanta — that’s a no-brainer,’” said CEO Peter Tang Thomsen, a Dane who has been running the company from Oslo since its founding 20-plus years ago.
Mr. Thomsen hadn’t had much experience in the Georgia capital before that, but upon investigation he quickly found out how right they were.
The city is home to United Parcel Service Inc., one of the largest global express carriers, but also logistics software firms like Chainalytics and Manhattan Associates. After a little more digging, it quickly became evident that Atlanta had specific pool of expertise related to parcel and shipping software.
Recruiting talent was the company’s top priority, and Atlanta “won big” in that category.
Read entire article HERE.
AmCham welcomed invited financial leads to Discovery Networks Norway‘s Nydalen offices for the latest edition of our CFO Forum.
Henrik Stobbe, Finance Director at Discovery, kicked off the forum with an engaging presentation on the company’s 30-year history in Norway and its adaptation of content creation from linear to digital. He went on to detail and candidly discuss the impact the ongoing transition has had on his industry, organization, and own department’s operations.
BI Norwegian Business School Finance Professor Paul Ehling went on to present on financial theories, new developments, and common issues faced in financial markets. He challenged the phrase “cash is king” by exploring the tradeoffs of sitting on cash versus corporate investment.
Ehling provocatively noted that having excess cash on hand could be dangerous as managers often waste money on investments that do not align with the company’s core values. He later concluded that “cash might be a prince” and will differ from firm to firm.
A lively discussion ensued, eventually pivoting to the group’s experiences in working with stakeholders from across the US and Nordics.
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AmCham’s CFO Forum is a cross-industry platform upon which financial leaders can interact, share best practices and learn from each other about what it takes to run a successful international finance department in Norway.
If you are a financial lead interested in participating in our next meeting, please contact us.
WASHINGTON, D.C. — The US Chamber’s Technology Engagement Center (C_TEC) and Center for Global Regulatory Cooperation (GRC) today released 10 policy principles governing the use and regulation of artificial intelligence (AI).
The principles were crafted in collaboration with more than 50 of the Chamber’s member companies, representing all sizes and sectors of the American business community, and emphasize the need for a sensible and innovation-forward approach to address both the challenges and opportunities of AI.
“The advent of artificial intelligence will revolutionize businesses of all sizes and industries and has the potential to bring significant opportunities and challenges to the way Americans live and work, said Tim Day, Senior Vice President, Chamber Technology Engagement Center. “The US Chamber’s artificial intelligence principles place the Chamber at the forefront of the national conversations on AI and will serve as a comprehensive guide to address the policy issues pertaining to AI for federal, state, and local policymakers.”
The Chamber also endorsed the Organization for Economic Co-operation and Development’s recommendations on AI. Drafted with leadership from the United States and adopted by over 40 partner countries, the recommendations are a flexible governance standard that promotes the responsible stewardship of trustworthy AI.
“As leaders in the development and use of AI, the US business community has a strong interest in supporting a global AI ecosystem,” said Sean Heather, Senior Vice President of International Regulatory Affairs, U.S. Chamber of Commerce. “Foreign capitals are looking to promote trustworthy AI, without undermining innovation. We encourage them to turn to the Chamber as a partner and to our principles for guidance.”
The US Chamber will continue to work with US legislators and regulators to ensure America leads the way in developing and deploying artificial intelligence.
AmCham Sustainability Forum participants gathered at Orkla’s Oslo headquarters for the Q3 edition of the forum, which included presentations from Orkla’s Ellen Behrens and Oslo Business Region’s Claire McAree. Attendees discussed how companies can develop innovative, future-oriented sustainability strategies, underlining the importance of leadership and talent recruitment in meeting sustainability challenges along the way.
Behrens, Orkla’s Vice President for Sustainability and Corporate Responsibility, opened the session with a presentation highlighting Orkla’s current sustainability strategy and how that strategy will continue to grow and evolve towards 2025. She drew attention to the fact that all Orkla units have individual sustainability managers capable of drawing upon their unique knowledge to develop sustainability strategies specifically tailored to their units.
Behrens then turned to the four pillars of Orkla’s sustainability platform: sustainable raw materials, sustainable packaging, health & wellness, and climate impact. She then discussed how Orkla will continue to ambitiously integrate these four pillars across the business over the next five years, a strategy that includes both making their existing portfolio more sustainable and launching exciting lines such as Klar, a series of sustainable household products.
Behrens was followed by Claire McAree, Senior Project Manager for the Oslo European Green Capital Business Program at Oslo Business Region, who discussed the importance of Oslo as a sustainable role model for urban economic ecosystems across the world. McAree, building off of Oslo Business Region’s 2019 Oslo State of City report (Link), highlighted how the city is quickly building a reputation for environmentally friendly business practices and noted the important role programs such as the European Green Capital Mentoring Program and their Industry Challenge program are playing in attracting green FDI to Oslo.
Inspired by Behrens’ and McAree’s presentations, participants then began the roundtable portion of the forum by discussing the “Norwegian sustainability advantage.” As a high-tech, knowledge-rich, and innovative country, forum participants agreed that Norway well-positioned to be a leader in tomorrow’s green economy. Attending leaders, however, argued that these good conditions alone are not enough to make a difference – corporate leaders, they noted, will need to act decisively. “You need to be bold and actually do something with sustainability,” said one participant, going on to conclude, “if you are not bold, you won’t solve sustainability challenges!”
Attendees concluded by shifting their focus from the boardroom to recruiting young talent, highlighting how a company’s “sustainability culture” can play a critical role in attracting and retaining promising young professionals. One participant added that, “Companies with strong sustainability profiles simply get a wider range of better qualified applicants, something I think connected to the fact that 60% of young professionals see contributing to society as the most desirable trait in a potential employer.”
Many AmCham companies have been on the sustainability journey for some time, while others are trying to find their way to a sustainable future. Though our members are represented through the full spectrum, we know that several are at the forefront within their respective industries.
Hence, AmCham brings select, cross-industry member company representatives together on a quarterly basis to discuss opportunities, share best practices and find out how AmCham members can play a role in the Norwegian sustainability agenda going forward. Read more about our Sustainability forum here, and please contact us for interest in future forums.
Humanity is exacting a terrible toll on the ocean. The Intergovernmental Panel on Climate Change (IPCC) will publish its Special Report on the Ocean and Cryosphere in a Changing Climate later this week. Its overarching message will be that global warming, combined with the negative impacts of numerous other human activities, is devastating our ocean, with alarming declines in fish stocks, the death of our reefs, and sea level rise that could displace hundreds of millions of people. But there is a glimmer of hope — there is now overwhelming scientific evidence that the ocean can be a potent force in stabilizing the climate and building a secure future for everyone.
Ocean-based climate solutions could deliver as much as 21% of the emissions reductions needed to limit global warming to no more than 1.5 degrees Celsius by 2050. These reductions could amount to 11.8 gigatons of carbon dioxide equivalent, or CO2e — a standard unit that measures the impact of greenhouse gases in relation to the effects of CO2. This figure is greater than the current emissions from all coal-fired power plants worldwide.
Read the entire opinion piece HERE.
“The future starts now” as global executives (industry leaders from Norway, Europe, UK, US, India and Africa during the Executive Growth Alliance Summit) collaborated on real world challenges and committed to moving their organization forward through:
· Thinking Big and saying yes to new opportunities
· Talking with / listening to customers, partners, competitors and peers
· Challenging oneself and others
· Taking risks and sharing failures openly throughout organization and either peers
· Embracing and seeking diversity
· Letting go of control to empower others to act and succeed
Lighting the Fire
The day started with Jennifer Vessels’ Silicon Valley to Oslo view of why future-readiness is critical for growth. Her fiery inspiration was kindled through perspectives from global thought leaders.
Chris Kutarna (Oxford Fellow/Author) opened by asking “Why is today is a unique moment?” He then took us back 500 years to see the renaissance of human dynamics, patterns and innovation before leaving participants with the question “Are you stuck in past or liberated to embrace future possibilities?”.
Thomas Anglero (Innovation Director IBM) answered with “Liberation comes through taking personal responsibility for where you are today and future actions”. He challenged all to face the future including the power of technology by getting in touch with our humanity and soul.
Leo Bottary (Author, Thought Leader) noted ‘innovative leadership is not possible in isolation’. Future-readiness requires peer collaboration — challenging one another, asking critical questions and asking better questions.
Mita Broca (Director, Xynteo) shared an example of the sustainable impact of peer executives from Global50 multinationals collaborating to reduce plastic waste in the developing world — while enhancing leaders’ competence and future-readiness.
Cheryl Turja (Director Education, Adobe) inspired creativity and commitment to a new future — achieved through taking ‘baby steps’ forward, exploring, learning, sharing success and failures openly with peers, customers and partners.
Lance Descourouez (Master Chair, Vistage) showed the path business growth through peer collaboration with examples of how leaders have embraced opportunities to achieve 300% annual profitability growth while innovating for the future.
Read entire article HERE.
A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.
Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp (OXY.N) CEO Vicki Hollub, say could make drilling carbon neutral.
With fossil fuel development growing worldwide, the oil and gas industry faces growing criticism from activists concerned about accelerating climate impacts from melting ice caps to sea-level rise and extreme weather. Scientists say the world needs to halve greenhouse gas emissions over the next decade to avoid catastrophic warming.
Read entire article HERE.