Norway has produced oil and gas for 50 years, but the reserves are not even halfway depleted, notes the company's petroleum directorate in its latest resource report. Discoveries have been made for volumes totaling more than 4.4 billion barrels, according to the report.
Employment among those with advanced training in the Norwegian offshore sector is higher today than a year ago, according to new numbers published by a union – though the union warns that the crisis is not yet over.
Six months after the launch of Maritime & Merchant, the Norwegian shipping bank is now in talks with carriers and investors beyond its home market, CEO Halvor Sveen tells ShippingWatch. Small and medium-sized carriers in particular are showing interest.
Statoil has become too powerful a company and is pressuring subcontractors into continuously lowering prices on contracts, says a Norwegian supplier, according to Sysla.no, stressing the need to scrutinize the power of the oil major.
Alongside firms such as DNV GL and the Kongsberg Group, Norway's Wilhelmsen will now launch a new maritime innovation center for the development of future solutions in shipping, CDO Inge André Sandvik tells ShippingWatch. He himself is new to the shipping industry.
After stepping down from his CEO post yesterday after a nine-year run, the 60-year old geophysicist Jon Erik Reinhardsen has now been nominated to the post as chairman of Norway's largest energy company.
If the government had done nothing to improve the conditions of the Norwegian International Ship Register, the developments would have been even worse, Norway's minister of business tells media sysla.no.
The Norwegian offshore carrier booked a somewhat higher revenue in the first quarter, but low rates and overcapacity weighed down operations as well as the bottom line. The company projects a tough North Sea spot market characterized by vessel oversupply in the years to come.
Three US-based oil companies have filed three individual lawsuits against Airbus Helicopters, reports Norwegian TV2. The companies accuse the helicopter manufacturer of production flaws and of withholding information in the wake of the Turøy accident in April 2016.
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.