Balazs's Feed
Nov 14, 2014

Oil price crash has silver lining for Norway

OSLO, Nov 14 (Reuters) – Norway, Western Europe’s top crude
producer, looks set actually to benefit from the oil price crash
as its energy sector is forced to relax its stranglehold over
much of the economy and non-oil firms profit from more
favourable business conditions.

Although it generates almost a quarter of its GDP from oil
and gas, about the same as Russia or Venezuela, Norway’s economy
remains surprisingly resilient, and even its oil industry has
begun a readjustment towards lower costs that could extend the
sector’s lifetime.

Nov 14, 2014

S.African, Norwegian e-commerce rivals bury hatchet in Brazil battle

JOHANNESBURG/OSLO, Nov 14 (Reuters) – Two of the fiercest
rivals in online classifieds, South Africa’s Naspers and
Norway’s Schibsted, said they would team up in some emerging
markets, including fast-growing Brazil where they have battled
each other for years.

The two companies have transformed themselves from
traditional print publishers into e-commerce publishers,
focusing in recent years on emerging markets such as Brazil
where their competition has added to costs, eaten up resources
and slowed expansion.

Nov 14, 2014

Norway’s oil fund targets “forever” horizon in real estate market

OSLO, Nov 14 (Reuters) – Targeting an investment horizon of
“forever”, Norway’s $860 billion oil fund plans to enter the
Asian real estate market next year and aims to broaden its asset
range to include anything from new developments to
refurbishments, it said.

Stepping up its activity after a gradual start and aiming to
invest around $8-$10 billion a year, the fund will also do more
property deals on its own as it struggles to find partners with
deep enough pockets, Karsten Kallevig, its real estate chief,
told Reuters.

Nov 12, 2014

Subsea 7 may cut fleet as fall in oil price hits orders

OSLO, Nov 12 (Reuters) – Oil services firm Subsea 7
forecast a drop in revenues next year and said it
would cut capital spending and possibly its fleet as energy
firms curb investment following a slide in oil prices.

Oslo-listed Subsea 7, which focuses on the North Sea, Brazil
and the Gulf of Mexico, said on Wednesday its order backlog
plunged in the third quarter, sending its shares down as much as
4.8 percent.

Nov 3, 2014

Statoil puts $32.5 bln price tag on giant Sverdrup oil field

OSLO, Nov 3 (Reuters) – Statoil’s giant Johan Sverdrup oil
field could cost as much as $32.5 billion, the company said in
its first full estimate of the price tag to develop Europe’s
most expensive ever oil and gas project.

Discovered in 2010, Sverdrup is the biggest North Sea find
in decades, reinvigorating Norway’s oil sector where production
has been declining for more than a decade. At maximum, its
production would equal nearly half of Norway’s current oil

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

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.