Balazs's Feed
Aug 22, 2014

Russia’s Rosneft to buy into Norway oil driller despite sanctions

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.

Aug 21, 2014

Norway’s growth tops Europe even with flat oil investment

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
positive surprises.

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.

Jul 25, 2014

Statoil banks on gas market rebound after second-quarter profit miss

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.

Jul 24, 2014

Islamists planning imminent attack in Norway: police

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.

Jul 23, 2014

Telenor raises outlook on solid telecoms data growth

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.

Jul 22, 2014

Norsk Hydro sees best global aluminium outlook in years

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

Jul 21, 2014

Exxon oil rig enters uncharted waters of Russian political storm

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.

Jun 27, 2014

Oil firms need to cut duplication if serious on costs – Subsea 7 chairman

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.

Jun 26, 2014

Norway’s $890 bln oil fund cuts bond stakes in long-term bet

LONDON, June 26 (Reuters) – Norway’s $890 billion oil fund,
the biggest of its kind, needs an overhaul to boost its
long-term performance and preserve wealth for future generations
long after North Sea energy income has dried up, its chief told

The fund should gradually scale down the share of its
holdings in bonds, which are producing near zero real returns,
in favour of assets such as infrastructure and property, and
emerging markets including China, chief executive Yngve
Slyngstad said in an interview.

Jun 5, 2014

Oil majors must give longer service deals to cut costs – Aker boss

OSLO, June 5 (Reuters) – Oil producers must award longer
service contracts if they want to cut costs – and should look to
Brazil’s Petrobras as an example – but they are
struggling to change, said the CEO of Norway’s Aker, a major
shareholder in several energy firms.

Oil and gas producers around the globe are cutting back
spending plans to save cash after a decade-long spending bonanza
cut deep into margins and reduced cash available for dividends.