Tag Archives: Gas

New York Times: Norway Moves to Sell Some Oil and Gas Shares From Wealth Fund

LONDON — The Norwegian government has recommended that the country’s $1 trillion wealth fund sell its holdings in a group of companies that focus on finding and producing oil and gas.

The decision, the result of a two-year review of the giant fund’s investments in fossil fuels, is a compromise that stops short of divestment in major energy companies like Exxon Mobil and Royal Dutch Shell. But the fund’s activities are closely watched, and the move seems likely to increase concern among investors about the risks of holding such stocks.

Read entire article HERE.

World Oil: Staale Gjervik on New ExxonMobil / Microsoft Digital Partnership

IRVING, Texas — ExxonMobil has announced that a new partnership with Microsoft will make its Permian basin operations the largest-ever oil and gas acreage to use cloud technology and is expected to generate billions in net cash flow over the next decade through improvements in analyses and enhancements to operational efficiencies.

“The combination of Microsoft’s technologies with our unique strengths in oilfield technologies, production efficiency and integration will help drive growth in the Permian and serve as a model for additional implementation across the U.S. and abroad,” said Staale Gjervik, senior V.P., Permian Integrated Development for XTO. “The unconventional business is fast moving, complex and data rich, which makes it well suited for the application of digital technologies to strengthen our operations and help deliver greater value.”

Read entire article HERE.

Reuters: Norway oil sector lowers 2019 investment forecast

Oil and gas companies working in Norway have lowered their investment forecasts for 2019 to 172.7 billion crowns ($20.1 billion) from 175.3 billion crowns seen in November, a survey by the country’s statistics agency (SSB) showed on Thursday.

In 2020 investments are expected to fall to 158.5 billion crowns, according to initial forecasts, though the forecasts could be revised upwards in the months to come, it added.

Read entire article HERE.

See the SSB article on the survey (Norwegian) HERE.