Balazs's Feed
Oct 29, 2014

Statoil swings to net loss; oil, gas prices hurt underlying profit

OSLO (Reuters) – Norway’s Statoil (STL.OL: Quote, Profile, Research, Stock Buzz) reported an unexpected third-quarter net loss on Wednesday, weighed down by impairments, and said its underlying profit fell by a quarter on low oil and gas prices.

State-controlled Statoil said it took $2 billion worth of charges on a halted Canadian oil sands project and exploration assets in the United States and Angola, while its underlying operations were hurt by a 21 percent drop in gas prices and a plunge in oil price.

Oct 28, 2014

Low oil prices threaten Norway’s Arctic, UK’s mature fields

OSLO, Oct 28 (Reuters) – Big oil and gas finds in waters
along Europe’s northern edge may remain undeveloped now that oil
prices have dropped, keeping potential supply of over a billion
barrels of oil equivalent out of the market for the foreseeable
future.

Discoveries in Arctic Norway could stay dormant, while
mature British fields could face early closure and frontier
exploration in areas such as Greenland could be called off as
oil companies cut capital spending by up to a fifth.

Oct 22, 2014

Yara shares fall as profit misses expectations

OSLO, Oct 22 (Reuters) – Shares in Norwegian fertiliser firm
Yara – still reeling from failed merger talks with CF
Industries – fell more than 4 percent on Wednesday after
it reported quarterly profit below market expectations.

The global fertiliser industry has been expanding quickly
this year as farmers’ margins have remained high, keeping demand
strong. The sector has also benefited from lower prices for
natural gas, the main ingredient in nitrate fertilisers.

Oct 15, 2014

Norsk Hydro clients want ‘green’ aluminium: CEO

OSLO (Reuters) – Some major customers of Norwegian aluminium maker Norsk Hydro (NHY.OL: Quote, Profile, Research, Stock Buzz) want it to certify metal made with clean hydro power to help a shift from high-polluting fossil fuels and combat climate change, chief executive Svein Richard Brandtzaeg said.

He also said the company, the world’s number nine producer of primary aluminium in 2013, was investing in measures to cut greenhouse gas emissions because it expects governments to impose a global price on carbon pollution sometime in future.

Oct 15, 2014

Statoil CEO quits to take top job at BG

OSLO/LONDON, Oct 15 (Reuters) – Statoil’s
long-serving chief executive Helge Lund unexpectedly quit on
Wednesday to take on the top role at BG Group where he
has been promised a big rise in pay if he can turn the flagging
British gas firm around.

Lund, who in 10 years transformed Norway’s once
domestic-focused state oil firm into a $77 billion international
major, now faces a new set of problems at BG, Britain’s
third-largest energy firm, which has been struggling following a
string of production downgrades that cost the previous chief
executive his job.

Oct 10, 2014

Pakistan’s Malala Yousafzai, Indian activist Kailash Satyarthi win Nobel Peace Prize

OSLO (Reuters) – Pakistani teenager Malala Yousafzai, who was shot in the head by the Taliban in 2012 for advocating girls’ right to education, and Indian children’s right activist Kailash Satyarthi won the 2014 Nobel Peace Prize on Friday.

Yousafzai, aged 17, becomes the youngest Nobel Prize winner by far.

Satyarthi, 60, and Yousafzai were picked for their struggle against the oppression of children and young people, and for the right of all children to education, the Norwegian Nobel Committee said.

Oct 10, 2014

Pakistani teen, Indian activist win Nobel Peace Prize

OSLO (Reuters) – Pakistani teenager Malala Yousafzai, who was shot in the head by the Taliban in 2012 for advocating girls’ right to education, and Indian children’s right activist Kailash Satyarthi won the 2014 Nobel Peace Prize on Friday.

Yousafzai, aged 17, becomes the youngest Nobel Prize winner by far.

Satyarthi, 60, and Yousafzai were picked for their struggle against the oppression of children and young people, and for the right of all children to education, the Norwegian Nobel Committee said.

Oct 8, 2014

Norwegian shipping tycoon plans to merge dry bulk shipping assets

OSLO, Oct 8 (Reuters) – Norwegian shipping tycoon John
Fredriksen plans to merge his dry bulk shipping arms Golden
Ocean and Knightsbridge Shipping in an
attempt to fight off a downturn in the sector and create one of
its biggest fleets.

Fredriksen, who owns a plethora of shipping assets ranging
from offshore rig firm Seadrill to tanker group
Frontline, would own 42 percent of the combined firm,
to be named Golden Ocean Group, the companies said in a
statement.

Sep 30, 2014

Norway’s oil minister concerned lower oil price will hit investment

TRONDHEIM, Norway, Sept 30 (Reuters) – Norway is concerned
about a drop in energy investment levels and would like oil
prices to rise back above $100 per barrel, but still sees
activity levels high by historical standards next year, the
energy minister told Reuters on Tuesday.

Exploration in Norway’s Arctic was disappointing this year,
despite record high drilling activity, and a key worry for the
sector is if service companies permanently remove capacity, as
they did in the 1990s, becoming unable to meet increased demand
once oil prices rise again, Tord Lien said.

Sep 26, 2014

New Yara CEO quits before he starts after merger talks announcement

OSLO, Sept 26 (Reuters) – Fertiliser maker Yara’s
new chief executive, who was to start in February, quit on
Friday just days after the firm announced it was in merger talk
with rival CF Industries to create a $27 billion company.

Svein Richard Brandtzaeg, who announced in July that he
would take the helm at the world’s biggest nitrate fertiliser
maker, said he will stay on as CEO of aluminium producer Norsk
Hydro, where he has worked for the past 29 years.