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.
OSLO, Feb 13 (Reuters) – Norwegian oil services firm Aker
Solutions reported surprisingly strong order intake
numbers on Thursday and defied oil sector gloom with an upbeat
outlook, sending its shares 10 percent higher.
Aker Solutions, part of billionaire Kjell Inge Roekke’s
business empire, said demand was robust and tendering activity
high, despite oil companies reining in capital spending this
year in particular, potentially affect parts of its businesses.
OSLO, Feb 13 (Reuters) – Norway’s Johan Sverdrup oilfield,
the biggest North Sea find in decades, will produce more at its
peak than earlier thought and initial development costs will be
below forecasts, operator Statoil said on Thursday.
The field, a key plank in Norway’s plans to revive oil
production after a decade-long decline, will start up at the end
of 2019 and the initial phase will also be bigger, producing
more oil than analysts had anticipated.
OSLO (Reuters) – Norway’s mainland economy grew faster than expected in the fourth quarter, further reducing the chance of any rate cut, even as total GDP which includes the lucrative offshore oil and shipping industries contracted.
Mainland growth picked up to 0.6 percent in the final quarter of 2013 from 0.5 percent in the previous three months, beating expectations and the central bank’s forecast for 0.4 percent as consumption and housing investments both surprised.
OSLO, Feb 12 (Reuters) – Norwegian telecoms group Telenor
released weaker than expected fourth-quarter earnings
and 2014 margin guidance on Wednesday, sending its shares down
Capital expenditure in Norway, political risk in Thailand
and Bangladesh, and the redeployment of 5,000 sites in India
were big challenges this year and it was also bracing for major
investments in Myanmar, the company said.
OSLO, Feb 7 (Reuters) – Norwegian oil major Statoil
abandoned its 2020 production target and slashed investment
plans on Friday, joining rivals in reining in runaway spending
and targeting returns over output.
Statoil, which has grown into a global player with big finds
in places like Brazil, Canada and Tanzania, said it would spend
$5 billion less than planned in the next three years, pushing
its 2020 production targets back by 3 to 4 years.
OSLO, Feb 6 (Reuters) – Drillers face a year of pain as they
take delivery of a slew of new vessels ordered during boom times
just as oil companies ruthlessly tighten spending on offshore
Global offshore oil rig rates, already down sharply from
record highs last year, could fall as much as 15 percent in some
segments and firms with smaller and older fleets could be hurt
the most, analysts and executives said.