Balazs's Feed
Feb 26, 2015

Oil cash crunch to squeeze rigs, operators out of business

OSLO (Reuters) – Offshore drilling rig operators are facing a cash crunch as oil firms hold back work and the shakeout will put vessels and possibly some operators out of business, Claus Hemmingsen, chief executive of Maersk Drilling, said.

Rig firms are already delaying or cancelling vessel orders and some may have to merge while smaller, more speculative operators may struggle to refinance their debt, Hemmingsen told Reuters in an interview on Thursday.

Feb 23, 2015
via FaithWorld

Norway’s Muslims form protective human ring around synagogue

Photo

(Muslims join hands to form a human shield as they stand outside a synagogue in Oslo February 21, 2015. REUTERS/Hakon Mosvold Larsen/NTB Scanpix)

More than 1000 Muslims formed a human shield around Oslo’s synagogue on Saturday, offering symbolic protection for the city’s Jewish community and condemning an attack on a synagogue in neighboring Denmark last weekend.

Feb 20, 2015

The ‘king of wines’ gets ready for a makeover

TOKAJ, Hungary (Reuters) – Dubbed the “king of wines, the wine of kings” by Louis XV of France, Hungary’s Tokaji wine is undergoing a makeover as the region hopes to regain fame lost in decades of mismanagement.

Known for its exquisite sweet tipple, the eastern Hungarian wine region is clamping down on poor quality produce and establishing new standards as it tries to lure back high-end customers to arguably the best dessert wine in the world.

Feb 20, 2015

Trip Tips: The “king of wines” gets ready for a makeover

TOKAJ, Hungary, Feb 20 (Reuters) – Dubbed the “king of
wines, the wine of kings” by Louis XV of France, Hungary’s
Tokaji wine is undergoing a makeover as the region hopes to
regain fame lost in decades of mismanagement.

Known for its exquisite sweet tipple, the eastern Hungarian
wine region is clamping down on poor quality produce and
establishing new standards as it tries to lure back high-end
customers to arguably the best dessert wine in the world.

Feb 19, 2015

Oil service sector faces more cuts, needs new model – FMC Tech

OSLO, Feb 19 (Reuters) – The global oil service industry
will have to cut more jobs and idle more rigs following the
slump in crude prices and companies must reshape their business
models to get a grip on costs, the CEO of U.S. firm FMC
Technologies said on Thursday.

One of the world’s biggest subsea equipment suppliers, FMC
Tech expects the U.S. shale sector to take the brunt of
the next round of cost cuts and sees large West African
deepwater projects and developments in the North Sea and Brazil
as most vulnerable to delay or cancellation, John Gremp said.

Feb 17, 2015

Danish police thought gunman not likely to attack

COPENHAGEN (Reuters) – Danish authorities had a Copenhagen gunman in their sights even before his attacks on Saturday but did not consider him a threat, police said on Tuesday, even as reports emerged that he had served time in prison with a Muslim radical.

The gunman, reported in Danish media to be Omar Abdel Hamid El-Hussein, was known for violence and gang activity, and served time in jail for stabbing a man. But intelligence services concluded there was no risk of an attack even as prison officials raised the alarm that his behaviour was changing.

Feb 16, 2015

No to Netanyahu: Jews’ loyalty to Denmark runs deep

COPENHAGEN/PARIS (Reuters) – Prime Minister Benjamin Netanyahu’s calls for Jews to move to Israel after attacks in Paris and Copenhagen may strike a chord with thousands of French Jews but will likely fall on deaf ears in Denmark.

While French Jews are moving to Israel at an unprecedented rate, Danish Jews embrace their country.

Feb 13, 2015

Statoil gives go ahead for $29 bln oil project

OSLO, Feb 13 (Reuters) – Norway’s Statoil is moving ahead
with plans to develop a giant $29 billion oil field, Europe’s
costliest offshore energy project, expecting to produce some of
the world’s cheapest oil that will be profitable even after the
recent price crash.

Statoil said on Friday it would start the Johan
Sverdrup field in the North Sea by 2019 and expected to produce
up to 3 billion barrels of oil equivalents (boe) over 50 years,
giving Norway’s fading oil industry a second life.

Feb 12, 2015

Norway’s $860 bln fund faces diminishing returns: c.bank

OSLO, Feb 12 (Reuters) – Norway’s wealth fund, the world’s
largest, faces diminishing returns due to low bond yields and
should reduce its fixed income portfolio in favour of real
assets, its central bank governor said on Thursday.

The $860 billion fund, built up from oil and gas income, is
now worth twice as much as Norway’s non-oil gross domestic
product. But measured in relation to the economy, its size has
probably peaked, years earlier than expected, as oil income
falls and budget spending increases.

Feb 6, 2015

Statoil keeps payout as cutbacks respond to depressed oil price

LONDON, Feb 6 (Reuters) – Norwegian oil major Statoil
vowed to protect dividend payments and said it was
braced for a long period of depressed crude prices as it set out
plans on Friday to slash costs and cut investments.

With oil prices falling by more than half since June, oil
companies from BP to Chevron have been slashing
costs, delaying or cancelling projects and reducing shareholder
returns to save cash.