Norway's two biggest parties have long favored steps that could open up the environmentally sensitive area Lofoten for oil exploration. But many Norwegians are turning their backs on the industry that helped make the country one of the world's richest.
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'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.
The Sævik family, known for Havila Shipping, has bought a stake in offshore carrier Volstad Maritime, based in Ålesund, Norway, report local media. "We wish to contribute to building a large and profitable subsea company," says Havila founder Per Sævik according to Sysla.
Iceland's Samskip has acquired Norwegian shipping and logistics company Nor Lines, which competitor Eimskip tried in vain to take over earlier this year. The acquisition awaits approval by Norwegian regulators.
One of Norway's richest businessmen was severely strained by the deep dive of the oil price. But now things are looking better, and the oil companies once again need rigs, though rates are low, Frederik W. Mohn tells Dagens Næringsliv.
The Norwegian oil major has taken on a series of offshore vessels on contracts totaling USD hundreds of billions, including ships from Norway's new, large-scale offshore carrier Solstad Farstad and from Havila.
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.