More record profits, and some losses

State oil company Statoil reported more record profits on Tuesday after another year of high oil prices and major discoveries on the Norwegian Continental Shelf. Two other big companies in which the state has ownership stakes, though, reported some large losses. Statoil remains on a roll, pumping oil revenues and profits into the state treasury [...]

‘Exploration boom’ off Norway’s coast

Never before have so many companies won permission to search for oil and gas on the Norwegian continental shelf as they did this week, while discussion flies over whether Norway should construct a new pipeline from fields in the Barents Sea. Environmentalists dislike all the oil and gas activity and as always, Norway’s own Statoil [...]

Northern Norway sails into oil age

The northern city of Hammerfest was being called “the new Stavanger,” a reference to Norway’s oil capital, as reaction and celebration continued following Statoil’s announcement of a huge new oil discovery just 200 kilometers away. The entire northern region is believed to be on the threshold of a new “golden age” of economic development. “This [...]

New oil ‘province’ found off Norway

Extension of Norway’s lucrative oil age was further assured on Monday when state oil company Statoil announced another major oil discovery in the Barents Sea. Now the biggest question seems whether Statoil, its partners and Norwegian industry have the capacity to develop yet another oil and gas project, and other international players are expected to [...]

More oil sands’ static for Statoil

Another demonstration against oil company Statoil was held outside the Norwegian Parliament in Oslo on Monday, with a broad alliance calling Statoil’s oil sands project in Canada a “shame” for Norway and Statoil itself. Meanwhile, in Turkmenistan, Statoil reportedly held a small demonstration of its own. Politicians from the Christian Democrats, the Liberal Party (Venstre) [...]

Statoil in huge gas field deals

Norwegian oil company Statoil announced Monday that it was selling off five North Sea gas fields and greatly reducing its takes in three more, in a deal valued at more than USD 1.6 billion. Statoil can use the money to help pay for development of new oil and gas fields that have priority in both [...]

Statoil holds off on Libya reopening

Norwegian oil company Statoil won’t say when it plans to re-open its office in Tripoli but company officials confirm they’re watching developments in Libya carefully, not least since the country officially declared its liberation from 42 years of dictatorial rule under Moammar Gadhafi. “We’re following the developments in Libya very closely, with the thought of [...]

‘Gigantic’ discovery extends oil era

Norwegian state oil company Statoil has confirmed the discovery of even more oil tied to its Aldous Major South project in the North Sea. A new well drilled near the original shows a “large oil column” that doubles Statoil’s estimates for recoverable oil volume, and will extend Norway’s oil era for at least another 30 [...]

Latest Statoil deal sparks protests

Environmentalists were quick to criticize Norwegian oil company Statoil’s latest overseas venture. Its bid to take over Brigham Exploration Co, which runs oil exploration and extraction operations on the US prairie, is among the largest acquisitions in Norwegian history. Statoil is paying nearly NOK 25 billion (around USD 4.5 billion) in cash to buy up [...]

Oil discovery just keeps growing

The size of the oil discovery made at the Avaldsnes field in the North Sea earlier this year has grown once again and now is believed to rank as the third-largest ever struck in Norwegian waters. The news sparked some welcome life into the Oslo Stock Exchange on Friday. “This discovery will probably be one [...]

‘Guilty’ plea fuels oil sands opposition

Greenpeace was among environmental groups calling on Norwegian oil company Statoil to finally heed ongoing calls for it to pull out of its controversial oil sands project in Alberta, after reports that Statoil was pleading guilty to various water use violations in the Canadian province. Statoil has been back in court in Alberta this week, [...]

Analysts predict new oil ‘bonanza’

News of a major oil discovery and a huge drilling rig deal this week has fueled expectations that Norway’s oil and offshore industries are on the verge of another “golden age.” Some analysts see a new “bonanza” for oil and offshore companies. Among them is Terje Fatnes, an analyst for brokerage firm SEB Enskilda in [...]

Statoil back in court over oil sands project

Jubilation over a major new oil discovery by Norwegian oil company Statoil this week overshadowed less positive news concerning Statoil’s controversial involvement in an oil/tar sands project in Alberta, Canada. Statoil has been charged with several violations of water usage at the site south of Fort McMurray in Alberta, and was called back into court [...]

Statoil finds more oil in North Sea

Norwegian state-controlled oil company Statoil announced Tuesday that its latest discovery in the North Sea can be even bigger than officials thought when it was first made public earlier this month. It could end up as one of the 10 largest oil discoveries ever on the Norwegian continental shelf. The new discovery at the Aldous [...]

Oslo Stock Exchange continues fall

The Oslo Stock Exchange’s main index fell by 5.65 percent to 344.39 by the end of trading on Monday, as turbulence in the international financial markets continued and predictions that a new financial crisis was on the way gathered pace. In step with other European indexes, the Oslo Stock Exchange rallied during the morning after [...]

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