ExxonMobil selling North Sea fields to local firm

Norwegian oil firm Vår Energi, formed through the merger of Point Resources and ENI Norge late last year, has confirmed it’s buying ExxonMobil’s remaining oil field stakes on the Norwegian Continental Shelf. Newspaper Dagens Næringsliv (DN) reports that Vår Energi is expected to pay as much as USD 4.5 billion. Confirmation came after DN  had […]

Equinor’s windmills stir more debate

The Norwegian government’s decision to fund half if not all of a huge offshore wind power project for state oil company Equinor is stirring up both praise and criticism. Critics believe the highly profitable Equinor should pay for the pioneering project itself, while others are glad the state is supporting wind energy that won’t involve […]

Oil platform smoke set off alarms

An investigation was underway Thursday into what caused a separator to start smoking on board one of state oil company Equinor’s oil platforms in the North Sea on Wednesday afternoon. The smoke sent around 120 people on board the platform into its lifeboats, and triggered a major emergency response. The smoke, it turned out, was […]

Aker boss is Oslo’s best paid

Øyvind Eriksen has been working for the past 10 years as chief executive of Aker, Norwegian industrialist Kjell Inge Røkke’s stocklisted investment firm. That’s also made him the best paid CEO of all companies on the Oslo Stock Exchange, reports newspaper Dagens Næringsliv (DN). Eriksen, age 54, received executive pay equal to NOK 17.3 million […]

Auditor slams oil safety regulator

Environmental activists were alarmed this week, after Norway’s state auditor general’s office all but blasted Norway’s Petroleum Safety Authority (Petroleumstilsynet, PTIL) for not doing a better job. The highly critical report of the regulatory agency, which was even worse than environmental activists had expected, comes just as Norway’s Oil Ministry has granted a record number […]

‘Goliat’ platform in trouble again

The huge Goliat oil platform, Norway’s first in the Barents Sea, is still plagued by so many technical problems that safety regulators are warning they’ll issue an injunction to halt operations if the problems aren’t solved. The order comes just after Goliat came under new management and altered ownership this week, and as Norway must […]

Supply ships busy in Russian waters

Norwegian supply ships that offer various services to the offshore oil industry have been busy in Russia’s Arctic waters this summer. It’s welcome business for supply ship owners that lost lots of business when the oil price collapse in 2014 dried up activity on the Norwegian Continental Shelf. Several supply ship owners faced bankruptcy, and […]

Giant Statoil deals help secure jobs

Norway’s three largest offshore companies won contracts worth nearly NOK 12 billion from state oil company Statoil on Thursday that can create as many as 3,000 jobs over the next three years. The contracts are all tied to work on the next phase of development of Statoil’s huge Johan Sverdrup oil field in the North […]

Offshore giant aims to refloat fortunes

Seadrill, controlled since its founding by Norwegian shipping magnate John Fredriksen, aimed to be the world’s largest offshore offshore drilling contractor. It was already burdened with heavy debt, though, when oil prices collapsed in 2014, prompting it to ultimately file for bankruptcy protection last week in a move now aimed at reviving its fortunes. The company has stressed that […]

Fredriksen scrambles to save Seadrill

Norwegian shipowner and industrial tycoon John Fredriksen, long listed as one of the wealthiest men in the world, says he’s working 18 hours a day to save his large offshore rig company Seadrill from bankruptcy. The 72-year-old Fredriksen has faced crises before, and is prepared to “work day and night” for the next several weeks […]