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Norwegian oil fund elaborates on decision to sell out of oil

Norway's central bank, Norges Bank, which manages Norway's Government Pension Fund Global (GPFG) now explains its decision to sell out of oil and gas assets to Norwegian media in a new discussion note. However, the decision has yet to be approved by Norwegian politicians.

Norwegian oil fund elaborates on decision to sell out of oil

Norway's central bank, Norges Bank, which manages Norway's Government Pension Fund Global (GPFG) now explains its decision to sell out of oil and gas assets to Norwegian media in a new discussion note. However, the decision has yet to be approved by Norwegian politicians.

These are Norway's oil investments

Norway's Government Pension Fund Global recommends selling its stocks in oil and gas because it finds that Norway is too exposed to the sector. The fund has oil stocks worth hundreds of billions of Norwegian kroner. Learn here where the money is invested.

Oil output threatened as Norway explorers neglect North Sea

Norway's oil output could come under further pressure because oil explorers are neglecting the North Sea. This development could exacerbate an expected slump in the country's oil production in the middle of the next decade, regulator warns.

Aker BP buys Hess Norway for USD 2 billion

Aker BP has acquired Hess Norway for USD 2 billion, informs the company. The deal makes Aker BP sole owner of several fields which, according to the company, hold significant potential.

These are some of Seadrill's major bondholders

Bondholders have again become the unknown ownership element that could ultimately block a restructuring – this time at Seadrill. But there are several parties among the unsecured bondholders who support the rescue plan. Now some investors have been named.

Norwegian taxpayers could be left with Seadrill debt

The Norwegian state may have guaranteed upwards of USD 1.3 billion of Seadrill's debt, which means that Norwegian taxpayers could end up footing part of the bill if John Fredriksen's rig company goes bankrupt, reports E24.

Norway could lose millions on Oceansaver collapse

Norway's state-owned fund Investinor expects to lose its entire investment after the collapse of ballast water systems supplier Oceansaver. Norway actively fought to have the IMO rules postponed, which wound up derailing the company.

John Fredriksen tops list of Norway's wealthiest people

John Fredriksen, who actually holds a Cypriot passport, has been listed as Norway's richest person by business magazine Kapital for the 15th consecutive year. Another shipping profile is ranked a bit further down the list.

Rolls-Royce injects billions in fresh capital into Norwegian marine business

The engine behemoth has booked huge losses on its Norwegian subsidiaries, Rolls-Royce Marine in particular. The UK parent company has subsequently injected more than NOK 2 billion in fresh equity into its marine business in Norway, which is severely strained by the downturn in offshore, reports Finansavisen.

Norwegian state continues to bag huge gains from oil fields

State-owned Norwegian energy company Petoro, which owns one third of all oil and gas fields on the Norwegian shelf, now believes that oil extraction is on track to become a profitable business once again. The half-year results shows significant improvements compared to last year.

Norway anticipates field plans totaling NOK 125 billion

Norway's Petroleum and Energy Minister, Terje Søviknes, is optimistic about the number of submitted development plans for the oil sector. More development plans have already been submitted so far in 2017 than during all of last year combined.

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