Norway

Orsted, the Danish offshore wind company, said that it has no plans to acquire the renewables division of Equinor. Equinor is its second largest shareholder and had proposed closer ties with Orsted. Equinor is a Norwegian oil and gas group that also produces renewable energy. It took a 10% share in Orsted in October last year, and invested close to $1 billion into the company. Last week, it said that offshore wind needed consolidation. Orsted shares are down 85% since their peak in 2021, due to rising costs, disruptions of the supply chain, and challenges in the United States, where...

Arkansas is facing stiff Chinese competition as well as a sagging market price and technical challenges in its bid to become the U.S. hub for lithium production. State officials and industry executives have said that these obstacles are easily overcome. According to the U.S. Geological Survey, the southern state of South Carolina, where former U.S. president Bill Clinton was born, is located atop Smackover. This underground geological formation stretches from Florida to Texas and contains brines containing over 5 million metric tonnes of lithium. This is enough lithium for millions of electric vehicles and other devices, if it can be...

As early quarter results show businesses adapting to President Donald Trump's new tariffs, the outlook for European corporate health is slightly better, according to the latest earnings estimates released on Tuesday. According to data from LSEG, European companies will report an average growth of 0.4% for their third quarter earnings. This is higher than the 0.2% analysts expected just a week earlier. This would still be the lowest quarterly performance since the beginning of 2024. Early Results Beat Analyst Expectations So far, 96 companies in the index have reported their earnings. Of these, 56.3% exceeded analyst expectations. Volvo Cars is...

The Maeil Business Newspaper reported on Thursday that Brian Kemp, governor of Georgia in the U.S., will meet with South Korean leaders of business this week. This includes executives from Hyundai and LG Energy Solution. Kemp's trip comes after U.S. Immigration authorities raided in September the construction site of an under-construction battery plant in Georgia owned jointly by Hyundai Motor, LGES and LGE. After a week-long negotiation between South Korea, the United States and South Korea, hundreds of South Koreans were arrested on suspicion of working without visas. The local public relations agency that handled Kemp's visit refused to comment....

The Green Party of Norway played a key role in Monday's re-election. It secured 4.7% of votes and ensured that Labour and its allies had 87 seats in Parliament - two extra than required to have a majority. The Greens have a number of energy-related policy proposals. Here's a breakdown of their main ideas, the potential impact they could have, and whether or not it is likely that these will be implemented: What do they want to do? The Greens are calling for an immediate halt to new petroleum exploration and a phase-out of existing activities by 2040. They also...

The head of the Brazilian oil lobby IBP said on Wednesday that energy companies in Brazil will resume oil exports to the United States following the exemption from U.S. duties for several oil products. The top Brazilian export to the U.S. is oil. It was exempted from the 10% tariff on Brazilian exports in April, but the uncertainty about whether it would be exempted under the new tariffs announced on the 9th of July led to a stoppage in shipments throughout the month. Despite the fact that President Donald Trump's Wednesday decree increased tariffs on Brazil by 50%, several Brazilian...

Roberto Ardenghy of the oil lobby group IBP told reporters on Wednesday that energy companies in Brazil have suspended oil exports to the United States following President Donald Trump's announcement of 50% tariffs against Brazil. The U.S. is Brazil's largest export market. Oil was exempted from the 10% tariff on Brazilian exports in April, but it remains unclear if the commodity will be exempted under the new tariff of 50% that is set to take effect on Friday. Ardenghy said, "This time there is no way to know." IBP represents Brazilian oil companies such as Petrobras, Shell, TotalEnergies ExxonMobil, Equinor,...

The Austrian energy company OMV said that the Borouge-Borealis merge will have a positive impact of 120 million euro ($140.8) on its operating result for the second quarter before special effects. This was part of an update to trading on Tuesday. After almost two years of negotiation, Abu Dhabi National Oil Company and OMV decided in March to combine their polyolefin business to create Borouge Group, a chemicals powerhouse with a $60 Billion enterprise value. OMV said that it also expected to take a 400-million-euro hit on its operating cash flow adjusted from Romania and Norway, compared with the first...

The Norwegian company DNO announced on Wednesday that it had sold all of its gas production from the Norwegian continental shelf over a period of four years to French utility Engie at an undisclosed price. The deal was facilitated by an American bank loan, as U.S. banks are increasing funding for the fossil fuel sector. It also said it is in talks over a similar agreement and financing facility related to its North Sea oil production. The agreement will take effect on October 1, and it covers DNO’s increased gas production following its March acquisition of assets from Sval Energi....

Petrobras, the state-run oil company in Brazil, was the biggest winner of the auction on Thursday. The sale is expected to generate revenues in excess of $5.08 billion. The amount exceeds initial Government forecasts The 25 billion reais should boost the public coffers, as the Luiz Inacio Lula Da Silva administration tries to reach its fiscal targets. The state-run company PPSA held the auction, and is responsible for selling that portion of oil which companies producing under share contracts in pre-salt fields must give to the Brazilian government according to Brazilian law. Petrobras purchased three of the seven lots that...

Statistics Norway (SSB), on Thursday, released data showing that the Norwegian economy's growth was faster than expected in the first quarter 2025. In the January-March timeframe, mainland GDP increased by 1.0% in comparison to October-December. The economists polled had predicted a growth of 0.6%. The Norwegian crown currency rose against the Euro to 11,62 at 0609 GMT, from 11,63 before the release of data. spring budget proposal The central bank of Norway had predicted that the economy on the Norwegian mainland would grow by 0.6% during the first quarter, compared to the last three months in 2024 when it contracted...

TotalEnergies announced on Wednesday that it has signed an agreement with Norwegian investment company HitecVision to sell 50% of Polish producer Polska Grupa Biogazowa. The French energy company stated that the agreement represents a value of 213.6 million euros (190 million Euros). Stephane Michel, TotalEnergies' President of Gas, Renewables & Power, said that the deal would help Polska Grupa Biogazowa continue its growth in Poland, where biogas development is booming. Erlend Elliottsen, CEO of HitecVision and Managing Director, said that the companies have complementary skills which they will use to "scale" PGB in the coming years, through greenfield projects, as...

The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by the Progress Party. Inequality and taxation are two of the key issues that will determine the outcome. The result could also have an impact on the energy and power supply to Europe, and the management and control of Norway's massive sovereign fund. What's at stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to government in 2021. This follows eight years of...

The general elections in Norway on September 8 and 9 are expected to be close between the centre-left block led by the Labour Party and the centre-right group dominated by Progress Party populists and centre-right Conservatives. Inequality and taxation are two of the key issues that may decide the outcome. The result could also have an impact on the energy and power supply to Europe, as well as the management and control of Norway's massive sovereign fund. What's at Stake? Labour, led by Prime Minister Jonas Gahr Stoere, is seeking to extend its reign after returning to power 2021. This...

Shell, Equinor, and TotalEnergies announced on Monday that the first volumes of CO2 have been injected into and stored in Norway's Northern Lights Carbon Capture and Storage (CCS) Project, marking the beginning of operations. Companies said that the CO2 was being stored in a 2,600 meter reservoir (8,530 feet) below seabed. This marks a significant milestone for CCS. In a press release, Anders Opedal said that the industry of carbon capture transport and storage is scalable. The facility is a part of the heavily-subventioned Longship carbon storage and capture project in Norway, which aims to commercialise CCS to reduce CO2...

Statkraft, Norway's largest utility and state-owned company, announced a larger quarterly net loss Tuesday as lower expectations of Nordic power prices, along with ongoing restructuring, led it to write off the value of several assets. The net loss in the period April-June widened from 992 millions crowns to 6.5 billion Norwegian Crowns ($638.56 Million) from the second quarter 2024. Statkraft, who has slowed down its growth plans this year due to rising costs, announced on Tuesday that it would prioritise investment in short-term profitable opportunities. Birgitte Vartdal, CEO of Statkraft, said that "given the current market conditions and geopolitical reality,...

It said that the New York State Public Service Commission had terminated its offshore transmission planning due to a stalled federal permit, in order to protect ratepayers of New York State from premature infrastructure costs. This ends the Public Policy Transmission Needs process, which was seeking proposals for delivering up to 8 gigawatts (or more) of offshore wind energy to New York City before 2033. The commission cited federal actions that have halted new offshore wind leasing, permitting and it claimed this makes short-term project implementation unfeasible. Rory M. Christian, Chair of the Commission, said: "Given Washington's uncertainty we need...

Statkraft, a Norwegian company, reported a 56% decline in its fourth-quarter operating profit despite soaring power prices. Statkraft also warned that trade wars may increase the cost to build generation capacity. Birgitte Vartdal, CEO of Birgitte Ringstad, said that "potential trade wars would increase costs, and reduce the efficiency in the market." Statkraft's earnings before interest and taxes (EBIT) dropped from 11.5 billion Norwegian crowns to 5.1 billion Norwegian Crowns ($459m) compared to 11.5 billion a previous year. It said that the benchmark Nordic System power price has fallen to an average of 31,10 euros per Megawatt-hour, down 46.3% on...

Scatec's CEO, who is a developer of renewables, said that cheaper solar power and batteries are increasing the role of these technologies in stabilising the energy system and offering more opportunities to renewables. Scatec, a Norwegian company, builds and owns renewable energy plants. Scatec has 4.2 gigawatts (GW) in operation, another 0.8 GW is under construction and 2 GW are near-term projections. Equinor is its largest shareholder. Scatec CEO Terje Piskog stated in an interview that solar panel prices had dropped by 66% and battery system prices by 58% over the past two years. This dramatic change has made renewable...

A company spokesperson confirmed that Norway's Equinor stopped all production from its Johan Sverdrup field in the North Sea on Tuesday due to a failure in the offshore electricity system. This is the largest oilfield producing in western Europe. The spokesperson did not elaborate. "Repair works have been started, and we're working on a plan to restart the system," he said. The oil price could be supported by the outage, as it was under pressure Tuesday due to concerns over global demand after U.S. Tariffs on China went into effect. Sverdrup produced up to 755,000 barrels per day of oil...

German gas imports fell by 11%. in 2024 compared to the year before, with Norway the biggest. supplier, while exports more than halved, the country's network. regulator stated on Wednesday. According to initial figures from the Bundesnetzagentur,. German gas imports fell to 865 terawatt hours (TWh) in 2024 from. 968 TWh in 2023. Norway, with 48% of shipments, was followed by the. Netherlands at 25% and Belgium at 18%, it stated. Exports from Germany, meanwhile, dropped to 89 TWh in 2024. from 187 TWh the year before, with the Netherlands, the Czech. Republic and Austria among its most important consumers....

Norway has given startup Morrow Batteries a loan facility of 1.5 billion crowns ($ 134 million), government firm Innovation Norway stated on Tuesday. The Norwegian business opened the Nordic country's first battery cell plant in August and has stated it prepares to broaden production step by action. The loan center will be readily available for Morrow to money the scale-up and advancement of battery manufacturing in Norway, Innovation Norway stated in a statement. The country wishes to enter the battery cell production market, intending to gain from access to green power and distance to European clients keen to source batteries...

Dutch and British wholesale prices hovered near annual highs on Friday as fresh U.S. sanctions on Russia's Gazprombank raised worries over remaining gas materials from Russia and as cold temperatures resulted in drawdowns in European gas stores. The benchmark front-month agreement at the Dutch TTF hub was down 0.15 euro at 48.45 euros per megawatt hour ( MWh), or $14.81/ mmbtu, by 0910 GMT, having touched a fresh 1 year high of 48.90 euros/MWh in earlier trade. In Britain, the front-month agreement rose 0.13 pence to 121.22 p/therm, also near to the intraday yearly high of 121.48 p/therm reached on...

Norway's combined petroleum output lagged a main projection by 1.7% in September as gas production was lower than expected, the Norwegian Offshore Directorate (NOD) stated on Monday. Norway is Europe's largest provider of natural gas and a. significant manufacturer of oil, however output varies from month to month. depending on maintenance needs and other stoppages at more than. 90 overseas fields. Overall oil, condensate, gas liquids and gas output. stood at 0.515 million basic cubic metres daily, equivalent. to 3.24 million barrels of oil equivalent, an increase of 3.8%. year-on-year. Gas production in September rose to 241.3 million. cubic metres...