NEWS

Shipping & Offshore

Arctic Oil Rush Abates in Norway After Exploration Letdown

Business

Category: Energy

Oil exploration in Norway’s Arctic seems to have lost some of its appeal after a disappointing drilling campaign. Only 11 companies applied for exploration licenses in the latest round — the nation’s 24th — which focused heavily on the Barents Sea, the Petroleum and Energy Ministry said in a statement on its website on Tuesday. That’s down […]

Source: Bloomberg


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Statoil Greenlights Key $6 Billion Norway Arctic Oil Project

Business

Category: Energy

Statoil ASA gave the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower prices, […]

Source: Bloomberg


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Norway Oil Bosses Insist End Isn’t Nigh After $35 Billion Shock

Business

Category: Energy

Can Norway dump $35 billion in oil and gas investments, and simultaneously convince that same industry to throw money into the country’s own fossil-fuel future? After the initial shock of learning that Norway’s $1 trillion wealth fund wants nothing to do with it, the petroleum industry says both are in fact possible.  But the mood is shifting. […]

Source: Bloomberg


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Norway’s first platform to be remote-operated from land

Business

Category: Energy

On Thursday 9 November, the opening of the Valemon control room was celebrated at Sandsli in Bergen. Valemon will be the first platform in Statoil’s portfolio to be remote-controlled from land. “This is a vital milestone for Statoil. We have had land-based surveillance and control of offshore operations for a long time, however, the remote […]

Source: Statoil


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Oil Output Threatened as Norway Explorers Neglect North Sea

Business

Category: Energy

Oil explorers are neglecting their old hunting grounds in the North Sea, threatening to deepen an expected slump in Norway’s output in the middle of the next decade, the country’s industry regulator warned. Norway’s oil and gas production, which peaked in 2004, is already forecast to fall again after 2025 as old fields decline. But […]

Source: Bloomberg


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