All posts by Margrethe Harboe

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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AmCham 2022 AGM & Transatlantic Business Assembly

AmCham News

AmCham Annual General Meeting & Transatlantic Business Assembly

Joined by valued members and key government stakeholders, AmCham board members and staff hosted another successful Annual General Meeting and Transatlantic Business Assembly. Simultaneously serving as, what one speaker dubbed, the ‘unofficial housewarming party’ as well as host, Simula welcomed guests to their newly opened downtown Oslo campus for an evening of financial disclosures, political debate, and American wine – supported by 1000 Stories Bourbon Barrel Aged wines. 

With only one departure, AmCham’s board of directors was reconfirmed for another term, with 3M’s Ketil Nordengen again taking the position of chair. Ketil shared his thoughts on the solid work AmCham has done throughout 2021 and 2022 in supporting the transatlantic relationship and business ties between the US and Norway, and expressed his appreciation for the strong political ties between the two countries as Europe faces war so close to home.

Speaking to the many initiatives taken on by the chamber in the past year, as well as upcoming issues of advocacy and member engagement, each of AmCham’s four staff members discussed their particular area of focus and considerations for the coming months.

Following this summary of AmCham’s work was the annual Transatlantic Business Assembly, this year with key note speeches from US Embassy Charges d’Affaires Sharon Hudson-Dean as well as Member of Parliament and Chair of the Foreign Affairs and Defense Committee, Ine Eriksen Søreide. After two deeply thoughtful addresses on the importance of transatlantic allyship and trade-partnership, accompanied by disavowal of the current aggressions against Ukraine, Hudson-Dean and Søreide were joined by Norse Atlantic Airways CEO Bjørn Tore Larsen, 3M Country Lead and Director Global ECO Sales Effectiveness, Ketil Nordengen, and DNV’s Director of Certification Thomas Vogth-Eriksen for a panel discussion on the state of transatlantic business relationships.

Reflecting on the current ‘perfect storm’ of conflict, food shortages and energy crises, panelists discussed the role of the transatlantic relationship. Each expressed optimism in their views on the EU-US partnership moving forward – whether represented through the Supplementary Defence Cooperation Agreement, the upcoming Trade and Technology Council, or collaborations coming out of COP26.

AmCham was thrilled to have been able to host such a thoughtful and provocative discussion amongst these business and political stalwarts and looks forward to the year ahead. It will surely be filled with creative collaborations, acute political involvement, and strong member-relationships.

AmCham Board of Directors

Ketil

Chair

Ketil Nordengen

3M – Director Global ECO Sales Effectiveness

Kristine-Beitland

First Vice Chair

Kristine Beitland

Microsoft Norge – Corporate Affairs Director

Charlie-Lea-167x209

Second Vice Chair

Charlie Lea

KPMG – Partner

Treasurer

Michael Klem

SR-Bank Forretningspartner – Associate

 

Liaison

Vidar Keyn

US Embassy – Head of Commercial Section

Director

Muhammed Ali

MSD Norway – Managing Director

Director

Andreas Berg

Tailormade Consulting – Managing Director

Director

Per Hynne

Coca-Cola Europacific Partners Norway – Head of Public Affairs, Communication & Sustainability

Director

Elisabeth Hellemose

AIG Europe Limited – Branch Manager Norway

Director

Pål Rokke

Citi Norway – Country Officer

Director

Stanley Stewart

Partner – DLA Piper

Director

Trine Strømsnes

Cisco Norge – Managing Director

Director

Thomas Vogth-Eriksen

DNV – Director of Certification

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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Yara fortsetter arbeidet med å kutte Norges største punktutslipp

Business News, Energy

Hegra ble lansert i 2021 som et samarbeidsprosjekt mellom Yara, Aker Clean Hydrogen og Statkraft, med mål om å elektrifisere Yaras ammoniakkfabrikk på Herøya i Porsgrunn, og fjerne 800 000 tonn med årlige CO2-utslipp

Et integrert team mellom partene har samarbeidet gjennom det siste året med å modne prosjektet i en tidlig fase. Den nylig avsluttede mulighetsstudien viser at HEGRA er gjennomførbart, men av strategiske hensyn er det ikke hensiktsmessig å videreføre prosjektet med nåværende eierstruktur. Arbeidet med HEGRA blir videreført av Yara frem mot endelig investeringsbeslutning uten Aker Clean Hydrogen og Statkraft som deleiere.

Mer informasjon.

EU, US strike preliminary deal to unlock transatlantic data flows

Business News, Government, Legal, Technology

Brussels and Washington have struck an agreement in principle on a revamped “Privacy Shield” data transfer agreement, European Commission President Ursula von der Leyen and U.S. President Joe Biden said Friday.

Negotiators have been working on an agreement — which allows Europeans’ personal data to flow to the United States — since the EU’s top court struck down the Privacy Shield agreement in July 2020 because of fears that the data was not safe from access by American agencies once transferred across the Atlantic.

The EU chief’s comments Friday show both sides have reached a political breakthrough, coinciding with U.S. President Joe Biden’s visit to Brussels this week.

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Joint Statement from the U.S. Chamber and BusinessEurope on the Significance of Legal Certainty for Data Flows to the US-EU Economic Relationship

Business News, Technology

WASHINGTON, D.C. — Businesses from both sides of the Atlantic operate in a global economy and their continued growth, innovation, and competitiveness depend on unimpeded transfers of data. As recent events have clearly demonstrated, reinforcing our shared connectivity is imperative as we face growing geopolitical and economic threats from other actors that do not share our values.

The economic importance of data flows is only increasing as our economies embark on a generational transformation towards a more digitally connected and sustainable society. To make such a transition a success, secure data transfers are foundational.

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