‘Game of krones’ surprises players

Norway's krone is expected to weaken again, according to analysts at Handelsbanken. PHOTO: newsinenglish.no

Norway’s krone was keeping currency players busy on Tuesday, zooming back up to a value higher than it was before OPEC ministers failed to reduce oil production at their weekend meeting in Doha. By mid-afternoon, it cost just NOK 8.11 to buy one US dollar, its strongest level in months. The krone also strengthened against the euro, which […]

Oil fund tapped as Goliat field opens

The Goliat oil field and its new floating production and storage platform are now pumping up oil in Barents Sea, a "milestone" celebrated by Oil Minister Tord Lien, oil industry executives and lodal officials on Monday. PHOTO: Eni Norge/News On Request AS

Norway could finally carry out the ceremonial opening of its first oil field in the Barents Sea this week. The long-overdue Goliat oil field project has begun pumping up Arctic oil, just after Finance Minister Siv Jensen had to make another withdrawal from Norway’s oil fund, the state pension fund that’s been fueled over the past 20 years by oil […]

Oil prices sank after OPEC disagreement

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UPDATED: The value of Norway’s currency, the krone, fell along with the price of oil after members of the OPEC oil cartel failed to strike an agreement over the weekend that would have raised oil prices.  At least one Norwegian oil analyst, however, thinks the renewed weakness is only short-term, and that the price of oil and […]

US to allow more Norwegian Air flights

More Norwegian Air flights to the US have been cleared for takeoff, after the Oslo-base airline finally received preliminary approval for them from the US Department of Transportation. Norwegian said it means it will quickly start flying planned routes such as one from Cork in Ireland to Boston. Norwegian Air officials called the approval a […]

Oil fund avoided big coal bankruptcy

When the large US coal company Peabody Energy Corp declared bankruptcy last week, Norway’s huge state pension fund that’s fueled by oil revenues didn’t take any losses. It sold out of Peabody even before the Norwegian Parliament ordered the fund to dump coal stock. Norway’s oil fund had already, at its own initiative, sold out […]

Seafood boom helps ease ‘crisis’

Demand for Norwegian cod, both fresh and preserved, is higher than ever and prices are too. Here are racks of cod drying in Lofoten, mostly for export to countries fond of bacalao. PHOTO: newsinenglish.no

While Norway’s important oil and offshore industries battle what’s widely believed to be a “crisis,” the seafood industry is booming. High prices and record exports help support one local economist’s claim that the country’s overall economy isn’t all that bad. “It’s not all gloom and doom for the Norwegian economy,” Dag Aarnes, head of the economics […]

Solberg drums up Asian trade

Norwegian Prime Minister Erna Solberg received flowers from the robot Hubo while in South Korea over the weekend on an official visit. The robot was made as part of a competition to make robots that can offer assistance after accidents and natural catastrophes that would be dangerous for people to provide. PHOTO: Statsministerens kontor

Prime Minister Erna Solberg was wrapping up official visits to Singapore and South Korea this weekend, ending her Asian tour by calling for even tighter business cooperation with the latter. Solberg noted that South Korea is Norway’s fourth-largest trading partner, after only the EU, the US and China. “The economic relationship has grown immensely the last […]

DNB boss got a standing ovation

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Rune Bjerke, embattled chief executive of major Norwegian bank DNB, has received at least some encouragment as he continues to deal with the uproar over disclosures about the bank’s tax haven use. His own employees and middle-managers at the bank gave him a standing ovation at a meeting last week, in a spontaneous show of support. Newspaper Dagens […]

Shipping sinks into ‘crisis’ mode

Norway's large fleet of rigs and vessels serving offshore oil fields has been hit hard by the oil price dive. Nearly half the fleet is not in lay-up. PHOTO: Rederiforbundet/Havila

As hard times spread through oil and offshore companies, Norway’s large shipping industry is suffering, too. Dramatic ripple effects were recently revealed by the Norwegian Shipowners’ Association, with nearly 12,000 workers at sea and on land hit by cutbacks tied to relatively low oil prices. More and more ships, especially those serving offshore oil rigs and oil field […]

Oil firms still see hard times ahead

Statoil workers, along with those at other companies tied to the oil and gas business, have had a lot to talk and worry about as the industry pares back. PHOTO: Statoil

Statoil isn’t backing away from its major cost-cutting program and now also aims to reduce pay levels at the state-controlled oil company. Three out of four oil firms based along the country’s oil- and offshore-oriented West Coast (Vestlandet), meanwhile, believe their business is in a state of crisis. It’s going to take a lot more than […]