Norway

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,...

Global oil demand will peak by 2029 and begin to contract the following year while the U.S. and other nonOPEC nations contribute to provide, the International Energy Company stated on Wednesday, resulting in a significant surplus this years. The IEA, which recommends industrialised nations, moved forward the date for peak oil demand after having said in October that it would take place by 2030. Its view contrasts with the outlook of oil manufacturer group the Organization of the Petroleum Exporting Countries (OPEC),. which sees demand increasing long after 2029 in part due to a slower. shift to cleaner fuels and...

International oil need will peak by 2029 and start to contract the next year, the International Energy Firm stated on Wednesday, while oil supply capability is due to vastly exceed demand by the end of the decade. The Paris-based energy guard dog sees supply capability hitting almost 114 million barrels each day (bpd) by 2030, or a complete 8 million bpd above forecasted need in its annual oil report. This report's projections, based on the most recent data, show a. significant supply surplus emerging this years, suggesting that oil. business may wish to ensure their company strategies and. strategies are...

2 business said on Wednesday they are seeking offshore seabed acreage on the Norwegian continental shelf where they intend to check out for minerals, in what could be the start of a controversial new mining market. The procedure puts Norway on track to become the very first country to start commercial production from its continental rack of metals helpful in the shift from oil and gas, such as copper, cobalt and zinc, in addition to unusual earth aspects (REE). Elections for acreage sent by a May 21 due date will form the basis for revealing the country's first seabed mineral...

Equinor has actually signed a. longterm handle engineering companies to assist drive down the. cost of establishing two overseas oil discoveries that were. previously held off, the Norwegian energy group stated on. Thursday. The contract with the Subsea Integration Alliance, an. oilfield services group making up Subsea7 and. OneSubsea, could help restore strategies to establish Norway's Wisting. field and Canada's Bay du Nord, potentially opening around one. billion barrels of oil. Selecting the provider at this early stage is a brand-new method of. approaching project advancement for us, Equinor job. advancement head Trond Bokn said in a joint declaration with....

Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its environment aspirations by stopping working to back numerous investor propositions pressing oil business to cut their greenhouse gas emissions, a nongovernmental organization stated in a report said on Monday. The fund swimming pools the Nordic nation's state profits from oil and gas production. Considering that 2022 its objective is for the 9,000 business it buys internationally to reach net-zero greenhouse gas emissions by 2050, in line with the Paris Contract. As part of its strategy, the fund's management, Norges Bank Financial Investment Management (NBIM), has set...

Norway's $1.6 trillion sovereign wealth fund, the world's largest, falls short on its climate aspirations by failing to back numerous shareholder proposals pushing oil business to cut their greenhouse gas emissions, an NGO report said on Monday. The fund swimming pools the Nordic nation's state earnings from oil and gas production. Given that 2022 its objective is for the 9,000 companies it purchases internationally to reach net no greenhouse gas emissions by 2050, in line with the Paris Agreement. As part of its technique, the fund's management, Norges Bank Financial Investment Management (NBIM), has actually set expectations for corporate boards...

Norwegian independent oil company Aker BP on Wednesday published higherthanexpected net profit for the very first quarter as costs fell, and said its Tyrving field development might begin production sooner than formerly planned. The business, partly owned by BP, reported an internet revenue of $531 million for the January to March duration, up from $ 187 million a year earlier, beating a $470 million projection in a company-compiled poll of analysts. Oslo-listed Aker BP shares were trading around 1% up by 0823 GMT, outperforming the European oil and gas sector, which was 0.5% greater. Analysts said the results beat was...

Norway's Equinor may reevaluate investing in oil and gas in Britain if the Labour government alters the market's tax regime, a top company executive informed Reuters. Equinor's head of global operations said it may not be as appealing to buy the British oil and gas sector if taxation of oil business changes, as is expected. We require to take a look at our cravings to invest further in the UK based upon the financial program ... it might be that the economics are truly, actually tough impacted, Philippe Francois Mathieu stated in an interview on the sidelines of an energy...

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...

Denmark has actually granted the very first 3 licenses to examine largescale storage of carbon dioxide in geological formations on land, the Danish Energy Agency said on Thursday. In neighbouring Germany, onshore CO2 storage was prohibited last years in the middle of worries of gas leakages, however Danish authorities stated the country's subsoil was particularly appropriate for CO2 storage that might assist to limit worldwide warming. Licenses to explore onshore CO2 storage in Demark were awarded to three groups: one including Wintershall Dea and INEOS, another including CarbonCuts, a subsidiary of BlueNord, and a third consisting of Equinor and Orsted....

Norwegian oil and gas financial investments are expected to strike a record high this year and will stay strong in 2025, driven by a string of brand-new advancements as well as expense inflation, a nationwide data office (SSB). survey revealed on Tuesday. The country's greatest company sector now expects to invest. 246.9 billion Norwegian crowns ($ 23.58 billion) in 2024, up from. a 243.6 billion crown quote made in February and going beyond a. previous record of 224 billion in 2014. Initial estimates for oil and gas investments in 2025. stood at 215.8 billion crowns, compared to a previous quote....

Ecological advocates have submitted a claim at an Oslo court challenging Norway's prepare for seabed mineral expedition, citing insufficient impact evaluation of the mining, the World Wide Fund for Nature (WWF). and its legal representative said on Friday. Norway's parliament in January approved a proposition to open a. large ocean area bigger than Britain for seabed mineral. exploration after a government-commissioned research study concluded that. its effect would be very little. WWF, one of the world's biggest conservation organisations,. said it thought the study didn't fulfill minimum requirements set. for effect assessment under Norway's Seabed Minerals Act, and. for that...

Equinor and its partners in the North Sea Troll gas field, Europe's largest, will invest 12 billion Norwegian crowns ($ 1.13 billion) to further increase production, the Norwegian energy business said on Friday. Norway is already Europe's largest supplier of natural gas after a sharp decrease in Russian deliveries because the start of the war in Ukraine in 2022. The gas from Troll alone fulfills around 10% of Europe's. demands, Equinor's head of exploration and production in Norway. Kjetil Hove said in a statement. This is an extremely profitable task that will protect high. gas production from the Troll field,...

A magnate of Schlumberger NV (SLB), the world's largest energy services company, on Monday predicted self-governing drilling of oil and gas wells will beat self-governing driving cars to market and produce brand-new efficiencies for oil producers. Self-governing drilling is ripe for adoption by much of the world's oil majors, Abdellah Merad, an SLB executive vice president, stated at the Offshore Technology Conference. We believe we will be nearly autonomously drilling even before we can autonomously drive, Merad told the conference. We have currently with many big customers, NOCs (National Oil Business) IOCs (International Oil Companies) and big independents that are...

Denmark's Tyra natural gas field will just reach peak production in the fourth quarter of this year rather of midyear due to technical concerns with a. power transformer, operator TotalEnergies said on. Monday. While the repair work is continuous, various choices to. provide additional gas volumes to Denmark are being checked out,. TotalEnergies stated. The commissioning of the facilities and gas exports from. Tyra continue at present levels, however gas volumes may be. redirected to Den Helder, the Netherlands, throughout removal,. the group added. The technical issue relates to a transformer providing. power to the intermediate pressure gas compressor. We...

Norway's Equinor is positive of discovering an investor for its scheduled Empire Wind 1 offshore wind farm in New York after a new power offtake agreement enhanced the project's economics, the company said on Thursday. New york city State authorities in February awarded the task a. brand-new conditional power purchase agreement, changing a previous. offer that was no longer competitive due to increasing building. expenses, greater interest rates and supply chain snags. Equinor was glad to have gotten the new agreement, which. substantially changed the economics of the job, CFO Torgrim. Reitan told experts during an incomes contact Thursday. 2024...

Investors have submitted a. resolution at Norwegian oil business Equinor, majority. owned by the federal government, to bring its method and capital. investing into line with the Paris Agreement on climate. The relocation is the latest in the present annual basic meeting. season after several oil and gas companies downsized environment. aspirations in the face of an energy crisis and high prices. Amongst those to alter tack consist of Britain's Shell,. while U.S.-based ExxonMobil is suing financiers who asked. it to cut emissions faster, drawing a fresh resolution calling. for the elimination of the president. The Equinor resolution likewise underlines...

Norway's $1.6 trillion sovereign wealth fund, one of the world's biggest investors, said on Saturday it would vote in favour of the reappointment of BP's present chair to the company's board of directors. Ahead of its annual meeting on April 25, BP has proposed the reappointment of Chair Helge Lund to the board, which in 2015 dismissed previous CEO Bernard Looney. The fund said it would also vote in favour of BP's executive remuneration plan. Two major shareholder advisory firms have expressed support for the BP board's handling of previous CEO Bernard Looney's. dismissal last year, ahead of the British...

British finance minister Jeremy Hunt is set to reveal a oneyear extension of a. windfall levy on energy companies' profits in this week's budget,. market sources informed on the relocation said. The Energy Earnings Levy (EPL) was introduced in May 2022. after a jump in energy prices arising from Russia's full-blown. intrusion of Ukraine. Hunt increased the tax in November 2022 from its preliminary 25%. rate to 35%, bringing the total tax burden on North Sea oil. and gas producers to 75%, amongst the highest on the planet. The chancellor likewise extended the tax until 2028 rather than. 2025 and...