Norway

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...

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,...

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...

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...

Norway's Hydro, one of the world's biggest aluminium manufacturers, said on Wednesday it believed markets would enhance later on this year after the group's. core earnings fell more than expected in the very first quarter, hit. by weak need and margins. Changed profits before interest, tax, depreciation and. amortisation (EBITDA) fell 28% year-on-year to 5.41 billion. crowns ($ 497.8 million), lagging experts' average projection of. 5.54 billion crowns in a company-compiled survey. Primary aluminium volumes outside China fell 2% year-on-year. in January-March, hit by muted need from property and. commercial building, especially in Europe, which also saw a. decrease in...

A Siemens Gamesa wind turbine blade weighing 22 metric lots fell off the equipment on Wednesday but nobody was harmed, the Odal Vind wind farm in Norway stated, a month after it halted numerous of the company's turbines because of blade damage. The 72 metre (236 feet) blade was from a Siemens Gamesa 5.0-145 turbine, part of the turbine maker's 4.X platform, a. spokesperson for the wind farm told on Thursday. Wednesday's occurrence is the current obstacle for Siemens. Energy after what investors state was a botched. takeover of turbine maker Gamesa, requiring it to look for billions of. euros...