Greens vote to phase out oil industry

Members of Norway’s Greens party (Miljøpartiet De Grønne, MDG) voted at their national meeting over the weekend to work towards phasing out the country’s oil industry within 10 years. Oil Minister Terje Søviknes dismissed the move as “totally unrealistic” and “ridiculous.” Søviknes, from the conservative Progress Party (Fremskritts Partiet, FrP), went on to accuse the Greens […]

Prudence prevails in use of Oil Fund

Even though Finance Minister Siv Jensen has tapped into more of Norway’s oil revenues than any of her predecessors, to pad the state budget, the country’s famous Oil Fund just keeps growing. It’s the ultimate piggy bank, more than 70 percent bigger now than when Jensen assumed her post in 2013, and new figures show that […]

Huge reserves fuel Arctic oil debate

UPDATED: Norway’s petroleum directorate reported on Tuesday that the country’s undiscovered offshore oil and gas reserves in the Barents Sea may be twice as large as previously thought. That’s only fueling the debate over whether they should be found and tapped, at a time when the largest political parties want to do just that. The fate of […]

DNB: Economic optimism has returned

The investment banking arm of Norway’s biggest bank has reported a much brighter economic outlook for the country than that described by politicians trying to oust the conservative government. DNB Markets believes the oil industry crisis is letting up, unemployment rates are declining and gross national product is on the rise. The outlook is brighter than […]

Speculation rises around Aker Solutions’ ownership

Stock in Norwegian oil supply company Aker Solutions is “in play,” according to more media reports that the Oslo-based firm may be about to be sold. Both US and Chinese interests are reportedly interested in buying up parts of the company that’s recently been through major cost-cutting. Aker Solutions’ share price jumped so high last year […]

Aker Solutions rewards executives

Aker Solutions is the latest Norwegian company to release financial reports that reveal what their own executives earn. Employee representatives had trouble accepting how the oil service firm’s chief executive could receive a 50 percent increase in his total compensation last year at a time when around 5,000 employees have lost their jobs, and those remaining have endured […]

Statoil invests in oil field upgrades

Norway’s state oil company Statoil announced this week that it will be investing nearly NOK 20 billion (USD 2.35 billion) to extend the lifetimes of its Njord and Hyme oil fields, and hook up the new Bauge field in the Norwegian Sea. The investments will double the longevity of Njord, which started production in 1997, […]

Exxon the latest to sell off oil fields

ExxonMobil has become the latest international oil major to cut back on its Norwegian operations, after announcing an agreement Wednesday to sell the Balder and Ringhorne oil fields that it owned and operated alone. Exxon has been part of Norway’s oil age since it began, but Norwegian Oil Minister Terje Søviknes wasn’t shedding any tears. […]

Shell cuts another 231 jobs

The oil industry crisis isn’t over for the Norwegian subsidiary of Dutch oil company Shell. Its Shell Norge unit plans to lay off 75 full-time employees later this year, plus another 156 workers hired in on a temporary basis. The job cuts come as work winds down on Shell’s Draugen platform in the Norwegian Sea and at its gas plant […]

DNB pulls out of Dakota Pipeline

Norway’s biggest bank, DNB, has responded to public protests and political criticism over its involvement in the highly controversial Dakota Access Pipeline project in the US, by pulling out of the project entirely. Attention has now turned to whether Norway’s Oil Fund will do the same thing. “We have learned a lot from this issue,” said […]