Norway

Norway's economy grew at a. faster rate than economists had actually anticipated in the third quarter. buoyed by favorable developments in manufacturing, Data. Norway (SSB) information showed on Thursday where secondquarter growth. was likewise revised upwards. The July-September period saw an increase in mainland GDP of 0.5%. compared to the April-June period, while economic experts polled by. Reuters had actually expected development of 0.3%. Second-quarter mainland GDP was revised upwards to 0.3%. growth from the 0.1% initially reported. The data was additional evidence that the economy had the ability to. withstand relatively high rate of interest enforced by the main....

Oil rates steadied on Tuesday as the restart of production at Norway's Johan Sverdrup oilfield balanced out financier concerns about an escalation in the RussiaUkraine war. Equinor resumed partial production from the North Sea oilfield, Western Europe's biggest, after a power interruption there assisted lift oil costs by over 3% on Monday. Brent crude futures were down 12 cents, or 0.2%, at $ 73.18 a barrel by 1425 GMT, while U.S. West Texas Intermediate unrefined futures slipped by 19 cents, or 0.3%, to $68.97. I think the partial restart of the Sverdrup field is the motorist of the problem, in...

Oil prices increased on news on Monday that output at Norway's huge Johan Sverdrup oilfield has been halted, contributing to earlier gains originating from escalation in the RussiaUkraine war. Brent unrefined futures were up $1.52, or 2.14%, to $ 72.56 a barrel at 1503 GMT, while U.S. West Texas Intermediate unrefined futures were at $68.41 a barrel, up $1.39 cents, or 2.07%. Norway's Equinor stated it had actually halted output from its Johan Sverdrup oilfield, western Europe's biggest, due to an onshore power interruption, without a clear timeline for its reboot. Oil rates rose on the news as the failure...

Norway's Equinor has stopped output from its Johan Sverdrup oilfield, western Europe's. biggest, due to an onshore power blackout, the business said on. Monday. Work is underway to re-establish production, however it was not. immediately clear when it would resume, a business representative. said. The interruption was brought on by smoke developing in an onshore. electrical power converter station which sends out power to phase 1 of. the Johan Sverdrup development, the representative added. The situation was rapidly clarified, however led to a. short-term shutdown of production on the entire Johan Sverdrup. field, he stated. The power supply to other...

Norwegian oil significant Equinor will report Greenpeace to cops after the ecological group opposed at the home of its CEO Anders Opedal by dumping debris from current floods in Brazil in his garden on Wednesday. The demonstration tactic is new in Norway, where protesters traditionally avoid targeting the homes of individuals. The protesters placed a refrigerator, a crib and some battered kids's toys in the executive's garden in Sandnes, western Norway, Greenpeace said in a statement. Pictures from regional media likewise revealed couches, chairs, sandals, a cupboard and a biking helmet at the home. Protesters brought banners with slogans such...

EQT Corp said on Tuesday it would offer its staying interest in its nonoperated natural gas assets in northeast Pennsylvania for $1.25 billion in cash to Equinor. Earlier this year, the gas producer stated it would offer a 40% interest in northeast Pennsylvania to Equinor U.S.A. in exchange for the Norway-based business's onshore property in the Appalachian basin and $500 million in cash. The sale comes amid EQT's efforts to shed off its financial obligation pile, which it built up after finishing the $14 billion purchase of pipeline operator Equitrans Midstream in July. Though the acquisition included more than 2,000...

Norway's Equinor stated on Monday it has actually bought a 9.8% stake in Danish renewable energy group Orsted valued at around $2.5 billion, making it the 2nd largest shareholder after the federal government of Denmark. Orsted's share cost increased on the news, trading 2.8% greater at 1028 GMT, while Equinor's shares fell by 2.3%. Orsted did not right away react to an ask for remark. Equinor said it had a long-lasting viewpoint on the investment but did not strategy to raise its stake beyond 10%. This is a counter-cyclical financial investment in a leading designer, and a premium portfolio of...

The Norwegian federal government proposed on Monday to provide to 35 billion Norwegian crowns ($ 3.29 billion) in aid payments in the nation's very first commercial floating wind power tender, in line with a compromise reached earlier this year. Norway has enormous capacity for drifting offshore wind on its continental rack, however because the technology is still immature and expensive, government assistance is needed to accelerate development, energy minister Terje Aasland stated. The anticipated cost of structure drifting wind farms has skyrocketed compared to earlier projections as inflation hit turbine makers and other suppliers, leading developers to look for considerable...

The U.S. Energy Department stated Friday it prepares to award $3 billion to 25 battery manufacturing sector jobs in 14 states as the Biden administration works to shift the supply chain far from China. The tasks will increase domestic production of advanced batteries and battery products and follows the adoption of U.S. EV tax credit rules to shift battery production and critical minerals far from China. The awards fund battery-grade processed important minerals, elements, battery production, and recycling, and will generate $16 billion in total investment for the projects and support 12,000 production and construction jobs, the department stated Mineral...

Spanish oil business Repsol has called off the sale of its Norwegian system, Repsol Norge AS, according to three sources with understanding of the negotiations. Repsol got investment bank Rothschild to manage the sale, that includes 10 properties located on the Norwegian Continental Rack, Reuters reported in March. The possessions include seven producing fields with net reserves of 53 million barrels of oil equivalent (mmboe), 36% of which are gas, and a projected 2024 net production of 29 mmboe, according to a marketing document dispersed by the investment bank earlier this year. A representative for Repsol decreased to comment. The...

Equinor and Exxon Mobil Corp stated on Wednesday they have transferred their stakes in a deepwater oil and gas expedition block off Suriname to Hess Corp, with the Norwegian oil producer exiting the South American nation. The exit aligns with Equinor's method to concentrate on producing oil and gas in a few core locations, such as Norway, the U.S. Gulf of Mexico and Brazil, while increasing financial investments in renewable and low-carbon energy internationally. We have decided to withdraw from the deepwater Block 59 expedition license in Suriname and we don't intend to seek further exploration chances in the country,...

Equinor remains on track to restart its Arctic Hammerfest LNG plant on Monday after a weekend power blackout halted production, a company spokesperson stated. Hammerfest LNG, likewise called Melkoeya, has capacity of about 6.5 billion cubic metres of gas per year. That is enough to provide about 6.5 million European homes and accounts for approximately 5% of all Norwegian gas exports. We plan to increase today, the representative said. Production at Europe's largest melted gas export center was stopped late on Saturday and is expected to stay offline until 1900 GMT on Monday, according to a regulatory disclosure. The plant's...

Donor countries have vowed a record $100 billion threeyear replenishment of the World Bank's fund for the poorest countries, offering an essential lifeline for their struggles against squashing debts, climate disasters, inflation and conflict. The World Bank made the announcement early on Friday in Seoul at a vowing conference for the International Advancement Association, which provides grants and very low interest loans to some 78 low-income nations. The overall exceeds the previous $93 billion IDA replenishment announced in December 2021. Nations will contribute about $24. billion straight to IDA, but the fund will release bonds and. utilize other financial utilize...

Norway will not proceed with plans to perform deepsea mining, the SV party which supports the minority centreleft federal government said on Sunday, after it concluded settlements over next year's spending plan with the union. We are stopping plans to open mining on the sea bed, Kirsti Bergstoe, leader of the green leftwing SV celebration, informed press reporters. Previously, Norway, whose huge hydrocarbon reserves made it one of the world's wealthiest nations, had taken a leading function in the global race to mine the ocean floor for metals that remain in high need as nations shift away from nonrenewable fuel...

After a year of canceled projects, damaged turbines, and abandoned lease sales, the worldwide offshore wind market no longer has much opportunity to hit the lofty targets set by federal governments in the U.S., Europe and somewhere else, marking a. obstacle for efforts to combat climate change. The technology forms a huge part of federal government techniques to. advance renewable resource and decarbonize the global power. industry due to the fact that it can produce large amounts of electrical energy. near largely populated coastal regions. Missing targets by a. large margin will leave a gap that might be hard to...

European private equity company Verdane has actually raised 700 million euros ($ 755 million) for its second fund concentrated on business assisting to decarbonise the economy, its handling partner informed Reuters. Verdane Idun II had reached its hard cap at more than double the size of its predecessor fund in an indication of growing demand from a series of institutional investors from pension plans to endowments and insurers, Bjarne Lie stated. This is one of the, if not the, biggest decarb( onisation). pure-play growth funds in Europe, he said, adding it showed. big pockets of capital are beginning to realise...

Dutch and British wholesale gas rates hit a more than 10month intraday high up on Thursday as the Middle East conflict and reports that North Korean troops were ready to help Russia in Ukraine kept traders on edge. The benchmark front-month contract at the Dutch TTF gas hub struck 42.57 euros per megawatt hour at 0945 GMT, its greatest intraday level given that Dec. 1, LSEG data revealed. Geopolitical risk premium is a main factor behind the rise, one trading source stated. The cost is still much lower than the August 2022 all-time high of 306.00 EUR/MWh, when rates surged...

An Arctic seed vault on Norway's Spitsbergen island has actually gotten brand-new samples from the largest number of depositors since 2020, reflecting worry about the danger of dispute and environment modification to food security, a. custodian of the center stated on Wednesday. The Svalbard Global Seed Vault, set deep inside a mountain. to stand up to catastrophes from nuclear war to worldwide warming, was. introduced in 2008 as a backup for the world's gene banks that. shop the hereditary code for countless plant types. Billed as an end ofthe world vault protected by permafrost, the. deposit has actually gotten samples...

More than 40 environment scientists are advising Nordic ministers to prevent worldwide warming from triggering a major modification in an Atlantic Ocean present, which could set off abrupt shifts in weather patterns and damage environments. A collapse of the Atlantic Meridional Overturning Blood circulation, a system of ocean currents that carries warm water into the North Atlantic and offers Europe its mild environment, could put living conditions for people in the Arctic region and beyond at danger, according to the researchers. Such an ocean flow modification would have terrible and irreversible impacts especially for Nordic nations, but also for other...

Dutch and British wholesale prices were mainly lower on Monday morning on weak need and higher wind generation however with tensions in the Middle East still a danger. The benchmark front-month agreement at the Dutch TTF hub were down 0.63 euro at 40.20 euros per megawatt hour ( MWh) by 0838 GMT, while the December agreement was 0.23 euro lower at 41.10 euros/MWh, LSEG information revealed. The British day-ahead price was 0.30 pence lower at 97.50 pence per therm. Regional circulation zone need in north-west Europe has reduced due to typical temperatures anticipated to be up by 1.43 degrees Celsius...

Constellation Energy and Microsoft plan to restart the Three Mile Island nuclear plant, hoping they have scored a quick source of sufficient climate-friendly energy to power quickly broadening information centers for artificial intelligence (AI). U.S. power generation capability through completion of the years might rise by about 2.4% to 2.7%, according to an analysis of the most recent available U.S. Energy Information Administration ( EIA) information, from late 2022. Data center power use is expected to more than double by 2030 to consume about 9% of all the nation's electrical power. Tech business are rushing to meet a rise in...

China is willing to work with Norway to promote friendly cooperation consisting of on green energy, President Xi Jinping told visiting Norwegian Prime Minister Jonas Gahr Stoere in Beijing on Monday. Xi highlighted environmental management, energy shift, shipping, agricultural and fishery products and electrical cars as areas where the two nations might broaden cooperation, according to Chinese state broadcaster CCTV. Regarding the Ukraine crisis, Xi told Stoere that he hoped all parties would work to create favourable conditions for a. political resolution through dialogue, CCTV reported. At present, the world's extraordinary modifications are. speeding up, testing whether the international community...

Battery startup Morrow on Friday opened Norway's first battery cell production site on the nation's south coast, with plans to provide the initially units by the end of the year and adding more production step by action. Battery cell production is one new market Norway is keen to get in, hoping to gain from access to green power and proximity to European consumers keen to source batteries away from China. Established in 2020, Morrow Batteries will at first utilize existing lithium iron phosphate (LFP) technology and its plant in Arendal, southern Norway, is Europe's first gigawatt LFP factory. The crucial...

Alex Yee might have been the fastest runner in the field at the Olympic men's triathlon but he knew you can't beat the heat and his considered pacing paid optimal dividends when he drew in Hayden Wilde in a remarkable finish on Wednesday. The two athletes understand each other inside out and won silver (Yee) and bronze (Wilde) in Tokyo, so the New Zealander took something of a punt in attempting to go hard early and break his British friend and competitor's willpower. With just around 500 metres of the 10km course to go it looked to be a masterstroke...