Tag: Norway
Norway oil investment gloom seen lasting several more years
Norway oil investments to drop in 2017, 2018 By Stine Jacobsen OSLO, Dec 12 (Reuters) – The Norway oil and gas sector faces another two years of falling investment as the industry’s downturn lasts longer than expected, a lobby group forecast on Monday. A 50 percent drop in crude prices to around $57 per barrel since […]
Norway and Russia to step up cooperation in hunt for Arctic oil
Arctic oil reserves in unexplored Barents sea areas crucial OSLO, Nov 28 (Reuters) – Russia and Norway have agreed a deal to acquire new seismic data from the neighbouring countries’ Barents Sea border region to boost the search for Arctic oil and gas, the Norwegian oil minister told Reuters on Monday. As developed parts of the […]
Norway oil companies lower 2017 spending plans-survey
Norway oil spending may be cut by 10 per cent OSLO, Nov 23 (Reuters) – Norway oil companies have lowered their 2017 investment plans, a Statistics Norway survey showed on Wednesday, raising the chances of a central bank interest rate cut in the coming months. Norway’s biggest industry has curbed spending in the wake of a more than […]
Saipem rig fire off Norway, no injuries reported -Statoil
Saipem rig fire began in an engine room OSLO, Nov 22 (Reuters) – A fire broke out in an engine room on Saipem’s Scarabeo 5 drilling rig in the Norwegian Sea on Tuesday, Norwegian oil company Statoil said in a statement. All 106 crew were accounted for, and there were no reports of injuries following the […]
Declining Norway investment affects exploration drilling more than production drilling
Total investment in oil and natural gas extraction in Norway was 21 per cent lower in the first half of 2016 compared with the first half of 2015, a decline of about 20.9 billion Norwegian kroner (US $3.5 billion), according to the US Energy Information Administration. However, investment cuts have affected some segments of the industry […]
Statoil’s Trestakk field gets go-ahead after company slashes cost
Statoil investing $665 million in Trestakk field BODOE, Norway, Nov 1 (Reuters) – Statoil and partners will invest 5.5 billion Norwegian crowns ($665.51 million) in the development of the Trestakk oil and gas field off Norway, down from a January estimate of 7 billion crowns, the company said on Tuesday. The field had initially been […]
Shell pulls out of latest Norway offshore exploration licence bidding, eyes next round
Shell’s miss on 23rd Norway offshore licensing round “sad and very regrettable”: Official BODOE, Norway, Oct 31 (Reuters) – Royal Dutch Shell expects to take part in the next bidding round for Norway offshore exploration licences, after dropping out of the latest one, the head of its Norwegian unit said on Monday. The oil major […]
Offshore oil production in deepwater and ultra deepwater is increasing
US and Brazil together account for more than 90% of global offshore oil deepwater production Global offshore oil production (including lease condensate and hydrocarbon gas liquids) from deepwater projects reached 9.3 million b/d in 2015, according to the US Energy Information Administration. Deepwater production, or production in water of depths greater than 125 meters, has increased 25 per […]
Statoil Q3 forecasts missed, company cuts capex again
Statoil Q3 adjusted operating profit $636 million from $2 billion last year OSLO, Oct 27 (Reuters) – Norway’s Statoil cut its 2016 capital expenditure plans again on Thursday after missing third-quarter earnings forecasts hurt by lower-than-expected output and low oil prices. Like other oil companies, Statoil has been slashing investments, jobs and projects to cope with […]
Offshore production 30% of global crude oil output in 2015
Gulf of Mexico total offshore production grew by 6.5% from 2005 to 2015 Global offshore oil production in 2015 was at the highest level since 2010, and accounted for nearly 30 per cent of total global crude oil production, according to the US Energy Information Administration. Offshore oil production increased in both 2014 and 2015, reversing consecutive annual declines […]
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