Norway

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...

Norway's sovereign fund, which is the largest in the world, sold all its shares to Israel's Paz Retail and Energy, because the company owns and runs infrastructure that supplies fuel to Israeli settlements on the West Bank. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It is regarded as...

The world's largest sovereign wealth fund has sold its entire stake in Israel's Paz Retail and Energy, because the company owns and runs infrastructure to supply fuel to Israeli settlements on the West Bank occupied by Israel, the fund said. The Council on Ethics of the fund, which is responsible for overseeing the fund's ethical standards, had adopted a stricter interpretation in August, aimed at businesses that support Israel's activities in the occupied Palestinian Territories. In December, the first divestment took place from Israeli telecoms company Bezeq. The fund operates according to guidelines set forth by the Norwegian parliament. It...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch their accuracy. Headlines Gerry Cardinale’s RedBird evaluates takeover of UK’s Telegraph newspaper Trump administration stops Equinor’s $5 billion New York energy project British Steel's Chinese Owner says UK Government must "respect" its rights - Lyft buys European taxi app FreeNow in 175 mln euros deal View the full article RedBird Capital Partners, a company owned by Gerry Cardinale, is preparing plans to acquire The Telegraph to end the two-year-long sale of this British newspaper group. The U.S. has stopped a...

Equinor, a Norwegian company, announced on Thursday that it is merging its renewables division with its gas to power plants and energy storage assets in order to increase its electricity business. Equinor said that the move was a response to a surge in demand for energy, fuelled by artificial intelligence, the growth of data centres and the green shift. The vast majority of Equinor's income still comes from oil and natural gas. In a press release, CEO Anders Opedal stated that by combining renewable energy with flexible power offerings we could strengthen our competitiveness in the market and create value....

Cognite, a Saudi Aramco-backed software company for industrial applications in Bengaluru in southern India, opened its AI service center on Wednesday and announced that it was exploring possible contracts with the top conglomerates of the country. The company declined to give further details, but said that it had signed agreements with two major automobile companies and a large industrial-cement company. Hakon Bjerke, chief strategy officer at Cognite, said that the company is "betting on India" and investing millions of dollars in India. Cognite produces software to help companies improve the safety and operation of industrial installations such as oil and...

These are the most popular stories from the Financial Times. These stories have not been verified and we cannot vouch for the accuracy of these reports. Headlines EU opens the door to UK, Norway and a 'coalition' of willing defence forces Vitol: Oil demand will remain unchanged until at least 2040 EU will'respond strongly' if Trump imposes Tariffs - UK to unveil 100 mln pounds development finance drive View the full article The European Union (EU), governments are looking at ways to include Britain, Norway and other neutral capitals in a "coalition" that will expand the continent's defenses. According to...

Commonwealth Fusion Systems, a private company spun off from the Massachusetts Institute of Technology, prepares what it calls the world's first gridscale combination power plant in Virginia, to generate power by the early 2030s, the company stated on Tuesday. The project, if successful, might revolutionize the worldwide energy market by tapping into an essentially endless power source, similar to that which fuels the stars. But it is a long-shot. CFS does not have regional and federal licenses, investors to money the majority of the plant's construction, and the answer to blend's leading technological question: how to get more energy out...

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...

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...

Equinor's Hammerfest LNG plant in Arctic northern Norway has suffered an unanticipated interruption due to an unexpected loss of power, stopping all output, the business stated on Sunday. Production at Europe's largest liquefied natural gas export center was stopped late on Saturday and is anticipated to stay offline till 1900 GMT on Monday, according to a regulative disclosure. The plant's own power generators had actually been undergoing maintenance when its backup supply from an external grid stopped working, leading to the outage, a business representative stated. We prepare to reboot on Monday, the spokesperson included. Hammerfest LNG, also referred to...

The Australian federal government on Thursday gave Norwegian energy huge Equinor and Oceanex Energy a licence to study the expediency of building a. wind farm in waters off its east coast as it looks to enhance. clean energy projects. Energy Minister Chris Bowen stated the prospective Novocastrian. Wind project, more than 20 km (12.4 miles) offshore Newcastle in. the state of New South Wales, might generate over 2 gigawatts. ( GW) of electrical power, enough to power 1.2 million homes. If feasibility is proven, Oceanex, which has actually lined up. Equinor as a partner, can look for a business licence...

Japan, a major coal and melted gas (LNG) buyer, could be energyindependent by 2060 thanks to growth of solar and wind power together with storage batteries, stated Jarand Rystad, chief executive of the Rystad Energy consultancy. Japan imports the majority of its energy resources, with the Middle East, Australia and the United States being its top suppliers. The federal government's strategy calls for a decrease in LNG and coal to under 40% of the power generation mix by 2030 from more than 60% now. However analysts state Japan is moving slower it needs to. Japan's mindset is that we have...

Norway's gas exports to Europe fell dramatically on Monday as a shutdown of the overseas Sleipner hub halted operations at the Nyhamna onshore processing plant, pipeline operator Gassco said, lifting European costs to their highest level this year. The failure was brought on by a fracture found in a two-inch pipeline onboard Norway's overseas Sleipner Riser platform, the company stated. It was not yet known the length of time this will require to repair work, however the situation is ruled out unsafe, it added. This has big effects from a supply perspective, Alfred Hansen, head of pipeline system operations at...

Icelandic energy exchange Elma will comply with Norwaybased power bourse Nord Pool for the launch of the island nation's very first shortterm physical electricity trading market by 2025, the business stated on Wednesday. The new Elma power market will begin with day-ahead trading in late 2024 or early 2025, followed by intraday trading at a. late stage, the firms stated when signing the cooperation. arrangement. Running an organised power market for the very first time is a. big step forward for Iceland, Nord Pool CEO Tom Darell said in. a declaration. The move will benefit performance, openness, the. provision of...