Stock market slide hits the Oil Fund

Norway’s central bank (Norges Bank) once again gathered 300 of the country’s most powerful people Thursday night, to listen to its chief’s annual perspectives on the economy. Øystein Olsen warned that recent declines in stock markets around the world can weaken Norway’s enormous piggy bank known as the Oil Fund. What goes up must come […]

Kværner lands huge Statoil contract

Western Norway and several other communities around the country were celebrating this week after Norwegian industrial firm Kværner signed contracts on a project expected to generate 4,800 jobs. Kværner will build major sections of a large floating production and storage vessel (FPSO) for Statoil, prompting the mayor in Stord, where Kværner has a shipyard, to […]

Oil policy ‘firm’ but faces EU pressure

NEWS ANALYSIS: Norwegian government officials have been stressing lately that the country’s oil policy remains firm, even though new coalition colleagues have viewed it as stimulating too much risky exploration. Now EU competition authorities have been asked to review whether refunds of unprofitable exploration costs also amount to illegal state subsidy, raising new uncertainty in […]

Oil field to be ‘a money machine’

Norway’s giant Johan Sverdrup oil field, located just 155 kilometers west of Stavanger, is being called “a money machine” even before production starts up next year. New estimates suggest it can generate a whopping NOK 9 million per hour at today’s oil price of around USD 65 a barrel. That price is still far below […]

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 […]

Norway is now the richest in the world

A new method of calculating wealth has resulted in the World Bank ranking Norway as the richest country in the world. The World Bank based its ranking on wealth per capita and thus beat out Qatar, which earlier held the top spot. Instead of simply assessing wealth in terms of currency earned, though, the bank […]

Climate concerns prompt an appeal

Environmental organizations Greenpeace and Natur og Ungdom  aren’t accepting defeat in an Oslo city court, announcing on Monday that they will appeal for a halt to Arctic oil drilling directly to Norway’s highest court. They continue to claim that expanded oil activity in the Arctic violates Norwegian constitutional guarantees to protect nature and the environment […]

Environmentalists lost against state

It was dubbed as “The People vs Arctic Oil,” and the people lost. Environmental organizations that sued the Norwegian government for opening up its Arctic territory to more oil and gas activity announced they’d been defeated in court on Thursday, but still think their battle to protect sensitive Arctic areas has been worth it. “We […]

Oil and krone fuel thousands of jobs

Norway has suddenly found itself enjoying the economic effects of stronger oil prices and its weaker currency, the krone (crown). Just three years after the Norwegian economy went into crisis mode, when oil prices collapsed, a recent economic paradox is now expected to create thousands of new jobs in 2018 despite another fall in the […]

Film star lobbies to protect Lofoten

Environmental activists in Norway were calling it “one of the greatest things that’s ever happened:” Film star Leonardo DiCaprio has taken up their campaign to protect the scenic waters around Lofoten from oil and gas exploration and production. DiCaprio made his appeal to protect Lofoten, Vesterålen and Senja from oil and gas activity by posting […]