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Russia and Norway Use Saudi Oil Strategy in Europe’s Gas Market

April 26, 2016

(Bloomberg) — Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share. Utilities from EON SE to Centrica Plc are beneficiaries as Europe’s two biggest gas suppliers provided a record amount of the fuel in the first quarter, according to Societe Generale SA. The glut… Continue Reading »

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National Oilwell Varco Lays Off Another 520 Staff In Norway

April 26, 2016

U.S. oilfield equipment maker and service provider National Oilwell Varco Inc will cut its Norwegian workforce by another 520 people after low oil prices resulted in fewer orders, the company said in a statement on Friday. The latest round of cuts will reduce the company’s staff in Norway to less than 2,000, down from almost… Continue Reading »

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Norway’s Arctic A Bright Prospect In Crisis-Hit Oil Sector

April 25, 2016

While the oil industry continues to cut jobs, projects and costs amid low crude prices, one region is making a surprise comeback after years of declining activity, company executives and officials say: the Norwegian Arctic. The search for oil and gas in mature offshore areas in the North Sea is being axed this year due… Continue Reading »

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Norway’s Oil Firms, Unions Seek Opening of Arctic Islands to Exploration

April 21, 2016

Oil firms and trade unions in Norway made a joint call on Monday for the opening of a pristine Arctic archipelago to oil exploration as soon as possible to counter an expected decline in offshore production. Oil exploration off the Lofoten islands has been suspended for the life of the current minority government since it… Continue Reading »

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Oceaneering Axes More Jobs in Norway

April 9, 2016

Oil services company, Oceaneering, is reportedly laying off 150 staff from its Norway division. According to Norwegian Aftenbladet.no the company informed the employees about the downsizing earlier this week, and that specifically ROV division will be most affected by this decision. Oceaneering’s CEO, Erik Sæstad, was quoted in Norwegian media saying that “the situation is difficult but the company… Continue Reading »

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Norway Greenlights Deepwater Fish Farm Project

April 6, 2016

The Norwegian Ministry of Trade and Fisheries has approved Norway’s first development concession enabling Ocean Farming AS, supported by Kongsberg Maritime AS, to build the world’s first automated ‘exposed’ aquaculture facility. Situated outside of Trondheim, this innovative new facility introduces a paradigm shift in salmon farming now, and other fish types in the future and… Continue Reading »

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Shell Pulls Out Of Arctic-Focused Exploration Oil Licensing Round In Norway

April 5, 2016

Oil major Royal Dutch Shell has pulled its application from Norway’s Arctic-focused oil licensing round, the firm said on Monday, in a blow to the Nordic country’s ambitions to explore for oil and gas in its northern offshore areas. “The decision is part of an optimisation of Shell’s global portfolio following the acquisition of BG… Continue Reading »

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Non-Oil Company Takes CSV Polar King on Charter

April 2, 2016

Norway’s GC Rieber Shipping has entered into a time charter agreement with Nexans Skagerrak, a subsidiary of Nexans Norway, for the CSV Polar King. The charter, which starts in January 2017, is set for a fixed period of about 8.5 months, with options for up to 16 months additional work. The vessel will conduct survey, trenching and… Continue Reading »

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Crude At $40 Isn’t The Only Problem Facing Norway’s Oil Industry

March 31, 2016

The collapse of crude prices isn’t the only problem facing energy companies in Norway: Explorers in western Europe’s biggest oil-producing nation also have had their leanest drilling spell in almost a decade. Companies searching off Norway found less than 5 million barrels of oil and gas for every exploration well drilled last year, the lowest… Continue Reading »

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