Oil industry meets amid new ‘bonanza’

Thousands of oil industry players from all over the world are in Stavanger this week for the latest Offshore Northern Seas (ONS) exposition, and the mood could hardly be better. It was only fitting that the price of a barrel of North Sea crude jumped back up to USD 76 this week, adding to optimism […]

Oil industry faces labour shortage

The rapid recovery of Norway’s oil industry is suddenly leaving some offshore oil and oil service companies short of workers. State welfare and employment agency NAV reports that a labour shortage is beginning to resurface in several sectors, with the decline in unemployment greatest among engineers and information technology experts. Unemployment in Rogaland County on […]

Equinor poised for ‘extreme’ profits

Massive cost-cutting in recent years and rising oil prices can lead to “extreme profitability” for Equinor, Norway’s state-controlled oil and energy firm that recently changed its name from Statoil. One Oslo analyst thinks the company can earn more money during the next two years than it has in the last 17 together. “Equinor has spent […]

Offshore strike hits nine oil platforms

The large labour organization representing offshore oil platform workers, Safe, failed to come to terms over pensions with the organization representing oil platform- and shipowner, Rederiforbundet. The union therefore called 669 of its members working on nine rigs out on strike during the night. News bureau NTB reported that negotiations extended for more than an […]

Summer holidays close to home

Hundreds of thousands of Norwegians launched their annual summer holidays over the weekend, which marked the start of the three-week period known as fellesferie. The myth that “everyone” heads for southern Europe or farther afield isn’t true, though, with three out of five Norwegians planning to stay in Norway, some of them in rather primitive […]

Huge investment planned for ‘Troll’

Norway’s newly renamed oil company Equinor and its partners announced more huge new investment in their large Troll oil and gas field in the North Sea on Tuesday. With oil prices rising, the plan calls for extending the field’s lifetime and tapping its value for all it’s worth. The Troll field, located around 65 kilometers […]

Unemployment keeps falling

The number of Norwegians officially unemployed has fallen by another 20,000 during the past 12 months. That brought Norway’s jobless rate down to just 3.7 percent, according to new numbers from the labour survey AKU (Arbeidskraftundersøkelsen). State statistics bureau SSB (Statistics Norway) reported that the jobless number fell by 7,000 people from January 1 to […]

Italian unrest hits Norway’s ‘krone’

Oil prices have been rising and Norway’s economy is surging ahead, but that hasn’t made the Norwegian krone stronger, as might be expected. It weakened considerably against the US dollar on Tuesday, with analysts blaming political unrest in Italy that’s hit the euro, and even a weaker krone in neighbouring Sweden. It cost more than […]

Statoil poised ‘to earn record amounts’

Norway’s largest company, Statoil, looks set to keep logging record amounts of earnings, given its lower cost base and rising oil prices. Some analysts think its announcement on Wednesday of a huge jump in earnings is expected to be the first of many. Trond Omdal, an oil analyst at Pareto Securities in Oslo who follows […]

Statoil cuts back on new oil project

There was no lack of hyperbole when Statoil presented its latest development plan for the long-delayed Johan Castberg oil field off Northern Norway on Tuesday. Statoil has resorted to extreme cost-cutting to make it profitable, however, and North Cape communities hoping for economic development from the Castberg project may wind up disappointed. “This is a […]