All posts by Margrethe Harboe

Norway Wealth Fund Sets Net-Zero Target for Portfolio Firms

September 20, 2022Business News, Financial / InvestmentMargrethe Harboe

Norway’s $1.2 trillion sovereign wealth fund will require the companies it invests in to reach net-zero emissions by 2050 at the latest, joining many global investors in setting such goals to prevent the financial risks from a “delayed transition.”

Just 10% of companies in the wealth fund’s portfolio have a net-zero target for 2050, even as many have taken strides toward emission targets, Norges Bank Investment Management Chief Executive Officer Nicolai Tangen and Chief Governance and Compliance Officer Carine Smith Ihenacho wrote in an op-ed in Dagens Naeringsliv.

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Applicant for production licenses on the Norwegian Continental Shelf

September 14, 2022Business News, Energy, GovernmentMargrethe Harboe

The Ministry of Petroleum and Energy has received applications from 26 companies in connection with the announcement of APA 2022.

— We need exploration and new discoveries to maintain the production of oil and gas over time, which is important both for Norway and Europe. The applications in TFO 2022 show very good interest among the companies active on the Norwegian continental shelf in exploring for new petroleum resources. This is very pleasent, says Minister of Petroleum and Energy, Mr. Terje Aasland.

Awards in predefined areas (APA) is the annual licensing round for the best-known exploration areas on the Norwegian shelf. It comprises the majority of the available exploration areas.

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Space Force Partners with Norway to Launch Arctic Comms Satellites

September 12, 2022Business News, Defense / SecurityMargrethe Harboe

To extend the service life of the U.S. military’s current Arctic communications system, the Space Force will deploy a pair of communications payloads on Norwegian satellites in early 2023.

The Arctic region is notoriously difficult for communications systems. “Communications satellites operating in geostationary Earth orbit do not cover the area of the Arctic,” according to the European Space Agency. “Even when a link can be made, it can be prone to interruption from icing on antennas, or from disruption caused by heavy seas.”

In 2019, the U.S. military established 24/7 protected communications for warfighters in the polar region when the Enhanced Polar System, or EPS, was declared fully operational. Hosted on satellites in highly elliptical orbit, the two EPS payloads provide around-the-clock military communications at latitudes of 65 degrees north and above.

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Vestre på grønt industribesøk i USA

September 12, 2022Business News, GovernmentMargrethe Harboe

Næringsminister Jan Christian Vestre besøker denne uken USA for å styrke næringslivssamarbeidet som har dype historiske røtter. Mer målrettet samarbeid om grønn teknologi og muligheter for norske bedrifter, står sentralt under besøket.

– Det grønne toget går nå. Det er et nytt politisk momentum i USA som er bra både for å nå klimamålene, men også for å øke norsk eksport. Norske bedrifter er allerede verdensledende på flere områder og leverer klimaløsninger som kloden trenger. Både på amerikansk og norsk side jobbes det nå mer målrettet enn tidligere med å forme fremtidens næringsliv. Dette gir muligheter som det er kritisk å utnytte, sier næringsminister Jan Christian Vestre.

I Washington møter Vestre blant annet representanter i Det Hvite Hus, Næringsdepartementet og Utenriksdepartementet.

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White House Releases The Biden-⁠Harris Economic Blueprint

September 9, 2022Business News, GovernmentMargrethe Harboe

Today, the White House is releasing the President’s Economic Blueprint, explaining how his historic legislative successes, and executive actions the Administration has taken, are rebuilding the economy from the bottom up and middle out now and for years ahead.

The President’s first two years in office have been two of the most productive in American history, and as the Blueprint explains, these accomplishments are all part of one economic vision. This Congressional session, the President and Congressional Democrats passed the most aggressive economic recovery package since FDR, the most substantial infrastructure investment since Eisenhower, the most significant investment in manufacturing and research and development in history, and a historic law to lower costs for families and accelerate clean energy manufacturing.

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Equinor completes exit process from Russia

September 8, 2022Business News, EnergyMargrethe Harboe

On 25 May 2022, Equinor announced its exit from the four joint ventures with Rosneft as well as the signing of an agreement to leave the Kharyaga project.

Equinor can now confirm that the full exit from Kharyaga has also been completed.
As part of the exit from Kharyaga, Equinor has in compliance with applicable sanctions covered decommissioning liabilities accrued and owed by Equinor over the years.
Following the exit from Kharyaga, Equinor has no remaining assets or projects in Russia.

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US Energy Technologies and Initiatives at ONS

September 7, 2022AmCham NewsONSMargrethe Harboe

US Energy Technologies and Initiatives at ONS – Shaping a Safer, Cleaner Future TOGETHER

“The forces of global decarbonization and the COVID-19 pandemic have underlined how it is only by working together that we can solve the biggest challenges that face both our industry and our world.”

With a robust energy transition portfolio – and five ABS worldwide centers dedicated to sustainable solutions for maritime operations – Miguel Hernandez, Senior Vice President for Global Offshore, thus jointly opened our mainstay US Energy Technologies and Initiatives reception at the fitting ONS Houston Pavilion.

Hosted by US Ambassador Marc Nathanson, the US Commercial Service, AmCham, ABS and City of Houston partners, a capacity 150 invited partners gathered on a conference kick-off day not experienced since 2018.

“The forces of global decarbonization and the COVID-19 pandemic have underlined how it is only by working together that we can solve the biggest challenges that face both our industry and our world.”

Miguel Hernandez, ABS

In his first visit to ONS, Ambassador Marc Nathanson noted that we are at a crossroad. “It is up to all of us to make bold decisions. In the United States we are doing our part, signing a bill that will go a long way toward reducing emissions. The legislation includes nearly $370 billion toward energy security and climate change mitigation, which is truly unprecedented.”

Referencing shared US-Norway Carbon Capture and Storage (CCS) technologies leadership, Ambassador Nathanson spotlighted current US Department of Energy initiatives on six full-scale industrial projects, removing millions of tons of CO2 from the atmosphere every year. “This is a path we share together with Norway.”

Having previously lived in Norway’s energy capital, Schlumberger Vice President and Director of Government & Industry Affairs Bruce Miller warmly exclaimed the swift pace of progress – in both Houston and Stavanger – he has witnessed over the past 20 years. From electric vehicles to windfarms and multi-company initiatives like the Houston Hydrogen Hub, “we are making rapid progress in the energy evolution.”

Arendalsuka 2022 – Collaboration Driving Innovation in Healthcare

September 1, 2022AmCham NewsArendalsuka, Arendalsuka 2022Margrethe Harboe

AmCham at Arendalsuka 2022 - Collaboration Driving Innovation in Healthcare

This year at Arendalsuka, AmCham hosted a meeting addressing the question: “How can we best work together to accelerate healthcare innovation and research in Norway.” AmCham members represent 21 industries, with a significant number of those within the healthcare and technology sectors. In Arendal, our presenters emphasized how public-private partnerships can improve public health by further utilizing innovations brought to market by our member companies.

All public-private partnership stakeholders were present at Clarion Tyholmen; (1) Policy makers, represented by parliamentarians Alfred Bjørlo (The Standing Committee on Business and Industry, Liberal Party) and Truls Vasvik (The Standing Committee on Health and Care Services, Labour Party). Both MPs emphasized the potential for increased collaboration across the sectors and the health industry as an important growth industry for Norway.

(2) Private sector, represented by member companies Microsoft (Atle Spilde, Director Public Sector), AbbVie (Linn Mandahl, General Manager) and Cisco (Trine Strømsnes, General Manager). This session was moderated by Thomas F. Anglero (Nordic CTO and Innovation Officer, Cognizant). Here, real life examples were presented showing how AI from Microsoft is used for processing enormous data in neuro research, how patient apps from AbbVie improve quality of life and potentially reduce hospitalization, and how cutting-edge VC systems from Cisco effectively bring knowledge from centers of excellence to rural areas securing faster and better cancer treatment at local hospitals.

(3) Public sector, represented by Prof. Kjetil Taskén, (Head and Director of Institute of Cancer Research at Oslo University Hospital). Taskén presented the CONNECT public-private partnership, a national precision cancer medicines initiative comprising 28 partners – of which one half are pharma companies, and the other half are public partners, biotech companies and NGOs. The initiative has attracted considerable interest, and public funding raised so far amounts to approx. €20m. Parliamentarian Truls Vasvik concluded the meeting by, inviting the audience to continue the dialogue with him directly– affirming the collaborative stance.

Going forward, accelerated access to healthcare innovation for Norwegian patients will hinge upon:

Enhanced collaborations between sectors understanding each other’s needs and positions
Utilize the potential in Norwegian Healthcare industry
Procurement and tendering

AmCham will continue to work diligently on all fronts.

Presenting Member Companies:

Equinor: Profits up, carbon down in high graded U.S. portfolio

August 31, 2022Business News, EnergyMargrethe Harboe

In the first six months of 2022, equity oil and gas production from the US was 332,000 barrels of oil equivalent per day (boepd) – 18% lower than the corresponding period last year following the 2021 sale of the Bakken assets. Despite lower production, net operating income increased to 2.2 billion USD – more than six times higher than the first half 2021.

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Broker Marsh launches world first insurance for hydrogen projects

August 22, 2022Business News, InsuranceMargrethe Harboe

LONDON, Aug 22 (Reuters) – Broker Marsh, a unit of Marsh & McLennan (MMC.N), said on Monday it was launching the world’s first dedicated insurance for hydrogen energy projects, as the nascent industry looks to scale up quickly in the fight against climate change.

As the world targets net-zero emissions by mid-century in an effort to cap global warming, hydrogen, particularly “green” hydrogen made from renewable energy sources, is seen as a crucial means of getting there.

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