STAVANGER, Norway, Aug 27 (Reuters) – The rate of oil
discoveries continues to disappoint after a record low last year
and firms could even cut their exploration budgets to save on
costs, a risk to long-term supplies and prices, industry
Explorers are finding so little oil, many are retreating
from high-risk frontier areas to safer bets like North American
shale, executives at a major Norway oil conference said. This
will likely force them to buy expensive discoveries once
investor sentiment shifts focus to reserves from cash flow.
STAVANGER, Norway, Aug 25 (Reuters) – Europe needs to
enforce its energy strategy and will have to pay more for gas if
it wants to improve the safety of supply and reduce its reliance
on Russia, the head of the West’s energy watchdog said on
The 28 country European Union is supposed to have a single
market for power and gas, but in practice policy is still
patchy, infrastructure poorly developed and not all governments
follow the single policy line.
MOSCOW/OSLO, Aug 22 (Reuters) – Russia’s top crude oil
producer Rosneft will sell drilling rigs to Norway’s
North Atlantic Drilling Ltd (NADL) in return for shares
in the firm, going ahead with an earlier agreed deal despite
sanctions over Ukraine.
Rosneft and its head Igor Sechin, a long-standing ally of
Russian President Vladimir Putin, have been sanctioned by the
West over Moscow’s role in the Ukraine crisis, limiting the
firm’s access to international financial markets.
OSLO, Aug 21 (Reuters) – Norwegian growth surged beyond all
expectations in the second quarter, even as investments in its
vital oil sector were flat, raising the pressure on the central
bank bringing forward its first rate hike after a string of
Growth on the mainland, or excluding the lucrative offshore
oil and gas sector, accelerated to 1.2 percent on the quarter
from 0.5 percent three months earlier, official data showed,
comfortably beating forecasts for a 0.6 percent gain.
OSLO, July 25 (Reuters) – Norwegian oil major Statoil ASA
forecast a recovery in gas prices through the coming
year and said it had held back some production in expectation of
a market rebound, helping send its earnings well below
expectations in the second quarter.
Europe’s second-biggest gas supplier after Russia’s Gazprom
said its European gas prices fell 10 percent from a
year earlier and it chose to hold back production, pushing some
volumes into 2015 in anticipation of better prices ahead.
OSLO (Reuters) – Militant Islamists with fighting experience in Syria may be planning an attack in Norway in the coming days, police said on Thursday, as they deployed armed units at borders, airports and railway stations.
A small group of Norway-based militants who have gained combat experience in conflicts around the globe have become the biggest threat to the Nordic nation and up to 50 have traveled to Syria in recent years, police said.
OSLO, July 23 (Reuters) – Telecoms firm Telenor
lifted its full-year outlook on Wednesday on a solid rise in
lucrative data traffic across its sprawling business empire in
Europe and Asia, sending its shares sharply higher.
Norway’s Telenor said its margins would be above its earlier
projection on a continued shift to data and a rebound in its
Norwegian operations, offering a contrasting outlook after
rivals TeliaSonera and Tele2 cut their
guidance recently on stiff competition.
OSLO, July 22 (Reuters) – The global aluminium market is in
its strongest shape since the financial crisis of 2008-2009 and
the price of the lightweight metal could move higher this
quarter, Norsk Hydro, a top global producer, said.
The company, one of Norway’s biggest industrial companies
and also a big producer of hydro-electric power, has ridden a
deep downturn in the global aluminium sector, but its shares
have surged this year on the back of rising prices for the
OSLO, July 21 (Reuters) – An ordinary, long-scheduled
journey of an oil drilling rig into Arctic waters is turning
into a major political exercise, attracting international
scrutiny and creating a dilemma for ExxonMobil.
Exxon, the top U.S. oil major and the world’s most valued
oil company, is bringing the rig, called West Alpha, from Norway
to the Russian Arctic. It is hoping for a major discovery in the
Kara Sea with Russian partner Rosneft.
LONDON, June 27 (Reuters) – Energy firms need to start
delegating properly to the companies they employ as contractors
and have confidence in them if they are serious about their
cost-cutting mantra, Kristian Siem, chairman offshore oil
services firm Subsea 7 said.
Big oil companies, such as Shell and BP, are
cutting spending this year to save cash for dividends, in
response to shareholder demands for bigger returns after years
of rapid spending growth and cost inflation.