Oil and gas resources worth upwards of NOK 900 billion (USD 105 billion) could be hiding in the eastern part of the northern Barents Sea, estimates the Norwegian Petroleum Directorate after mapping the area.
Norway should sell the oil shares the country owns through Oljefondet, its state-owned oil fund, as the state is already sufficiently exposed to the oil sector through its stake in Statoil and in several fields on the Norwegian shelf, says a professor of economy in a new report.
The Norwegian carriers saw their revenue decline significantly more than expected last year, according to new numbers from the Norwegian Shipowners' Association. The shipowners expect a continued crisis in offshore in 2017 and a new major dip in revenues.
Norwegian offshore carrier Island Offshore saw its bottom line plunge to a loss of almost NOK 1 billion in 2016. The company is in the midst of a restructuring process which meant that, among other things, the carrier sold three vessels in the first months of the year.
The Norwegian oil and gas sector has become somewhat more optimistic about the future, and it now expects to make more investments in 2017 compared to just a few months ago, according to new numbers from the companies.
Rolls-Royce Marine has offered all its around 1,650 employees in the group's Norwegian marine division a voluntary severance packages. This comes as part of the company's plans to cut some 800 employees from its global marine business.
Low activity among subcontractors to the oil and gas sector contributed to an overall decrease in Norwegian industry production during the last three months of 2016. The vessel and rig construction sector took a hit, among others.
Statoil has virtually cleaned out the market for Norwegian supply vessels, writes Dagens Næringsliv. The oil behemoth needs to relocate four rigs and has hired 13 vessels on short-term contracts for the job.
Statoil has just completed a report related to a well accident in the Troll field and a hydrogen leakage at production facility Mongstad. The company acknowledges that the two incidents could have resulted in fatalities.
Norway's Kjell Inge Røkke and his Aker group are allegedly weighing a sale of offshore-engineering business Aker Solutions. The company is discussing various options with potential adviser Goldman Sachs, sources say.
Statoil will be the operator or partner in approximately 70 percent of exploration wells on the Norwegian North Sea shelf in 2017, and in some instances the Norwegian oil company is struggling to find partners, report Norwegian media.
Since 2014, costs in the Norwegian oil sector have been more than halved according to a new report from the Norwegian Petroleum Directorate. While 2017 and 2018 will see a lower investment level than in 2016, the picture will change in 2019, say estimates. Read the report here.
Shipbroker Hagland Offshore estimates that 80 of the currently 110 stacked offshore vessels are either too small or too old take on new jobs in the North Sea. The 80 vessels, according to the broker, have cost a combined USD 1.88 billion to build.
Norwegian company Standard Drilling continues its acquisition spree buying used supply vessels at low prices, with its latest investment in a newly established company which has purchased two used PSV vessels for USD 11.7 million.
Almost one fourth of the entire Norwegian offshore fleet is now idled, says a Norwegian export bank to local media Aftenposten. The bank also criticizes the offshore carriers for not cooperating better.
Oil companies are planning to invest less money on the Norwegian shelf next year. Investments in 2017 are now expected to reach USD 17.1 billion, which is 3.6 percent less than what the companies said they expected to spend when asked in the second quarter.