All posts by Margrethe Harboe

Norway Faces Pressure to Curb Power Exports as Prices Surge

Business News, Energy

(Bloomberg) — The Norwegian government is facing increasing calls to curb electricity exports to the continent as power prices jump at home.  The uncertainty over coal and gas supplies from Russia has sent power prices soaring across Europe, which is making the cheap Norwegian hydro electricity even more attractive. Exports outside the Nordic market are up almost 50% from a year ago just as more households and factories than ever are struggling to pay their bills. 

The government has been called on to take measures — both by the public on social media and in the parliament. Among others, former energy minister Sylvi Listhaug of the populist Progress Party this week proposed to limit foreign sales. 

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Graft: US chairman of Norwegian player a ‘suspect’ in ongoing probe, as DoJ begins separate inquiry

Business News, Energy, Shipping & Offshore

Another top executive at Oslo-listed PetroNor E&P has been caught up in a graft investigation being carried out by the Norwegian authorities, while the US Department of Justice has now also started it own probe.

In December 2021, chief executive Knut Sovold and another unnamed individual were detained by Okokrim, Norway’s National Authority for the Investigation & Prosecution of Economic & Environmental Crime, in a probe related “to projects in Africa”.

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AAP Aviation acquires Pilot Flight Academy

Airline / Travel, Business News

AAP Aviation is to become the biggest owner of the Pilot Flight Academy (PFA) in Sandefjord after a group of industrial and financial players have now joined forces to continue one of Europe’s largest and most modern flight schools.

In addition to AAP Aviation, Widerøe is taking a 10 per cent stake in the academy. Viewed overall, this creates a stronger affiliation with the industry and attractive future prospects for students.

“New pilots are much sought-after, and demand will increase further in coming years,” says CEO Espen Høiby at AAP Aviation, who will now be taking over as chair of the PFA.

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AmCham Digitalization Forum – Artificial Intelligence, Threats & Opportunities

AmCham News, Technology

AmCham Digitalization Forum: Artificial Intelligence, Threats & Opportunities

Brussels-based Cornelia Kutterer, Head of Responsible Tech & Competition – European Government Affairs at Microsoft, gallantly joined AmCham’s latest hybrid-format Digitalization Forum while on travel from late night Seattle! Kutterer and her team focus on the impact of new technologies and regulatory frameworks that meet expectations of society and healthy competition.

Focusing upon AI threats, opportunities and future-proofed regulation, Kutterer stated that “while we firmly agree that the [European Commission’s] AI Act should articulate what regulated actors should seek to achieve, we believe it will provide a more effective framework for responsible innovation if it is less prescriptive on how they achieve them.” Through multiple sensitive AI use cases, she illustrated how a more principles-based approach – within pragmatic guardrails – would help drive clarity and innovation.

Presenters

Cornelia Kutterer – Head of Responsible Tech & Competition, European Government Affairs

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Katarzyna Michalowska – AI Research Scientist

Sintef

“Curating data, intentional [model] design, fair evaluation and raising awareness of the responsibility of algorithms are key to minimizing bias.”

Katarzyna Michalowska

SINTEF Digital’s Katarzyna Michalowska followed, presenting on discriminatory bias in machine learning (ML). Though ML algorithms are extremely efficient and often accurate, biased algorithms can discriminate against groups based upon gender, race, or sexuality. Michalowska soberly illustrated these issues and broader implications, while addressing how to increase ML algorithm fairness. “Curating data, intentional [model] design, fair evaluation and raising awareness of the responsibility of algorithms are key to minimizing bias.” Brisk participant exchange ensued, with both Kutterer and Michalowska providing additional AI challenges, fairness and opportunity insights.

Source: SINTEF Digital

AmCham Digitalization Forum: Building Networks, Developing Competence, Expanding Knowledge

From sharing best practices to exploring how member companies adapt and innovate, AmCham’s long running Digitalization Forum fosters leaders’ transformation confidence and inspires cross-industry collaboration in an ever-evolving digital business environment.

Please contact amcham@amcham.no for interest in joining and/or presenting during future Digitalization Forums.

Drilling operations start on Cambozola exploration well in Norway

Business News, Energy

Longboat Energy, an emerging full-cycle North Sea E&P company, announced the commencement of drilling operations on the Cambozola exploration well (Company 25%) in Norway.

Cambozola is the primary prospect located in the PL1049/PL1049B/PL1049C licenses in the Northern North Sea, in an area with significant existing infrastructure and just c. 30 km (18.6 mi) northwest of Longboat’s Kveikje discovery, which was announced April 5.

Cambozola is a play opener and one of the largest gas prospects to be drilled in Norway in 2022. In particular, the turbidite sand lobes of Lower Cretaceous age stand out as amplitude anomalies on seismic data. Gross unrisked mean prospective resources for the entire Cambozola prospect have been estimated at 159 million barrels of oil equivalent (MMboe). In the event of a successful discovery on Cambozola, there will be follow-up prospectivity on the licenses.

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Senate confirms Jackson as first Black woman on Supreme Court

Business News, Government

The Senate voted Thursday to confirm Judge Ketanji Brown Jackson to the Supreme Court, felling one of the most significant remaining racial barriers in American government and sending the first Democratic nominee to the high court in 12 years.

Jackson, a daughter of schoolteachers who has risen steadily through America’s elite legal ranks, will become the first Black woman to sit on the court and only the eighth who is not a White man. She will replace Associate Justice Stephen G. Breyer after the Supreme Court’s term ends in late June or early July.

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AmCham Journalist Wine Tasting: Together at Last!

AmCham News, Food & Beverage, , , , ,

AmCham Journalist Wine Tasting: Together at Last!

After a prolonged pandemic pause, the AmCham wine committee and staff were thrilled to once again host an in-person tasting of American wines. Focusing on journalists, five member importers helped to make the afternoon at Grand Hotel one to remember– Engelstad, Palmer Group, Robert Prizelius, Treasury Wine Estates, and VCT Norway. Together, they presented unique vintages currently on the Norwegian market, as well as some of their newly launched products.

Following the initial journalist component of the wine tasting, featuring roughly 50 unique American wines, invited guests were led through a series of six Orin Swift wines by Master of Wine Edouard Baijot. Baijot joined us virtually from France, where he leads the Fine Wines division of E.& J. Gallo Winery in Europe.

With half of the wines only available to on-trade purchasers, participants were happy to have the exclusive opportunity to taste:

  • Orin Swift Blank Stare 2019
  • Orin Swift Mannequin 2018
  • Orin Swift Abstract 2019
  • Orin Swift Machete 2018
  • Orin Swift Papillon 2018
  • Orin Swift Mercury Head 2018

After the master class on Dave Phinney’s Orin Swift, the room opened to  a limited number of members who happily tasted and discussed the many wines available. AmCham and our committee of member wine importers relish in these opportunities to share information on American wines and passionately discuss the multiple varietals and blends. We look forward to future tastings with journalists, trade, and members!

Hydro Alunorte signs USD 200 million sustainability-linked loan to finance fuel switch project

Business News, Chemicals / Metals

Alunorte has signed a USD 200 million sustainability-linked loan for the fuel switch project. The pricing of the loan will be linked to the performance of the company’s greenhouse gas emission reduction target.

“The Alunorte fuel switch project is one of the main enablers to deliver on Hydro’s sustainability ambitions to reduce greenhouse gas emissions by 30% by 2030. The strong relationship with the participating banks has enabled us to create a solution linking profitability and sustainability,” says Pål Kildemo, Executive Vice President and CFO of Norsk Hydro ASA.

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