OSLO, April 11 (Reuters) – Royal Dutch Shell has
dropped one of Norway’s biggest and most innovative industrial
projects due to rising costs and complexity, dealing a blow to a
technology that some hope could revolutionise offshore
Shell said on Friday it would postpone a project to provide
subsea compression at the North Sea’s Ormen Lange, the
second-biggest Norwegian gas field, despite the objections of a
key licence partner.
OSLO (Reuters) – Iran is cooperating with U.N. nuclear inspectors seeking answers about detonators that could be used to help set off an atomic explosive device, part of a wider investigation into Tehran’s activities, their chief said on Wednesday.
Iran agreed late last year to grant inspectors of the International Atomic Energy Agency (IAEA) greater access to nuclear-related sites and to provide more information about its atomic programme, which it says is for purely peaceful purposes.
HAMMERFEST, Norway, April 1 (Reuters) – Rising costs, lack
of infrastructure and a string of poor exploration results may
mean Norway’s Arctic oil exploration peaks this year, energy
officials said on Tuesday.
Drilling in the Barents Sea will reach a record high this
year with 12 wells but the sector could quickly shift its focus
to more promising regions if the heavy investment fails to pay
off, especially as firms around the world are already cutting
back capital spending plans.
BRUSSELS/OSLO (Reuters) – NATO chose former Norwegian Prime Minister Jens Stoltenberg as its next leader on Friday at a time when the Western military alliance must deal with a resurgent Russia following its annexation of Ukraine’s Crimea.
Stoltenberg will take over as secretary-general of the 28-nation grouping on October 1, succeeding former Danish prime minister Anders Fogh Rasmussen, who has led NATO since 2009.
OSLO (Reuters) – From his youth as an anti-war activist who hurled stones at the U.S. Embassy to his later years as Norway’s leading statesman and negotiator, Jens Stoltenberg will take over the reins of NATO with honed skills in both confrontation and compromise.
The former prime minister and U.N. climate change envoy will assume the role of North Atlantic Treaty Organisation secretary general from October 1 at a delicate time for the security group over Russia’s annexation of Ukraine’s Crimea region.
OSLO, March 26 (Reuters) – On a mission to crush costs,
global oil firms are rewriting the rule book on how they deal
with service companies.
Energy companies have sharply cut spending plans after a
decade of double-digit growth, saving cash for dividends as
stagnating oil prices and cost increase on mega projects
worldwide have squeezed margins and angered shareholders.
OSLO, Feb 28 (Reuters) – The current slowdown in offshore
oil and gas drilling will last 12 to 18 months, and the market
for rigs will rebound in 2015, Maersk Drilling said, providing a
more optimistic forecast than other drilling firms.
Oil companies are only delaying projects, Claus Hemmingsen,
the chief executive of Maersk Drilling, a unit of Danish
shipping conglomerate A.P. Moller-Maersk, told
Reuters on Friday.
OSLO, Feb 17 (Reuters) – Global oil firms, hit by one of the
worst years for discovery in two decades, are about to cut
exploration spending, pulling back from frontier areas and
jeopardising their future reserves, industry insiders say.
Notable exploration failures in high-profile places such as
Africa’s west coast, from Angola all the way up to Sierra Leone,
have pushed down valuations for exploration-focused firms and
are now forcing oil majors to change tack.
OSLO, Feb 13 (Reuters) – Norway’s interest rates will stay
low for years but the economy is showing cracks as the oil
sector cools off, and loose monetary policies will not be enough
to sustain higher growth, the central bank governor said on
Costs have become too high, due to an offshore oil boom that
appears to be running out of steam, and the currency’s
depreciation cannot prop up Norway’s eroding competitiveness,
Norges Bank Governor Oeystein Olsen said in his main annual
OSLO, Feb 13 (Reuters) – Norway’s $830 billion wealth fund
needs to take on greater risk, invest more in real assets and
lower its bond exposure as prospective returns are diminishing,
the governor of the central bank said on Thursday.
The central bank manages the fund, through which Norway
saves some of its oil wealth for the future, but has only
limited discretion over asset allocation as the finance ministry
sets its investment guidelines.