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 […]

Statoil makes more big investments in Sverdrup

Norwegian oil company Statoil was busy handing out more large contracts this week, and raising spirits in the still-sluggish oil and offshore industry. This time the main beneficiaries were, once again, Aker Solutions and Kværner plus Siemens. Aker Solutions will deliver process platforms in the second phase of development on the Johan Sverdrup oil field, Kværner […]

Conflicts of interest ram Center Party

Ola Borten Moe is a former Oil & Energy Minister for the Center Party who now leads its program committee heading into the next national election. He’s also attracting questions of conflicts of interest, since he’s gone into the oil business himself while also seeking benefits for small oil companies like his own and calling for cuts in […]

Kværner wins huge Statoil contract

A contract for upgrading Statoil’s Njord A platform was being formally awarded to the Kværner Stord yard on Norway’s West Coast on Friday. The contract is said to be worth around NOK 5 billion (USD 588 million) and expected to generate as many as 3,000 jobs. “This is one of the most important contracts in the market this […]