NEWS

Business and Investment News

Norway’s wealth fund hits NOK 8 trillion milestone

Business

Category: Financial / Investment

The value of Norway’s sovereign wealth fund, the world’s largest, rose to a record 8 trillion Norwegian crowns ($935 billion) on Tuesday, data from its manager showed, increasing the money available for public spending. The fund, run by a unit of the central bank, invests proceeds from Norway’s oil and gas industry in foreign stocks, […]

Source: Reuters


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NPD reports 6,000 wells on the Norwegian shelf

Business

Category: Energy

Well number 6,000 was registered as completed in the Norwegian Petroleum Directorate’s Fact Pages in late March. This was production well 31/2-Y-21 AY2H on Troll field, in the North Sea. All wildcat and production wells drilled on the Norwegian shelf since 1966 have been registered in the Fact Pages with wellbore designation and well ID. […]

Source: World Oil


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IMCA report indicates proposed Jones Act changes could damage U.S. GOM deepwater industry

Business

Category: Energy

The International Marine Contractors Association (IMCA) has issued a report about the potential impact of the Jones Act proposals published by the U.S. Customs and Border Protection agency (CBP) on Jan. 18. IMCA has conducted a detailed analysis of the technical requirements of conducting various operations in deep water (>1,000 m or 3,280 ft) cross-matched […]

Source: World Oil


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Norway’s Statoil plays down risks ahead of Arctic drilling

Business

Category: Energy

Norway’s Statoil on Monday played down concerns that drilling in the Arctic is risky, days before it kickstarts its drilling campaign in the Barents Sea, where the country believes around half of its remaining resources could be located. Despite opposition from environmentalists, the company plans to drill five wells in the Norwegian sector of the […]

Source: Reuters


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Norway’s Labor Seeks to Soothe Oil Industry Amid Lofoten Shift

Business

Category: Energy

Norway’s oil industry has nothing to fear from a return to power of the Labor Party in elections later this year, according to the deputy leader of the biggest opposition group. A new government led by Labor, which polls show is the likely outcome from September’s election, would continue to ensure stable and predictable terms […]

Source: Bloomberg


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