ShippingWatch

German oil companies throw billions of euros into Norwegian Shelf

Germany's DEA and Wintershall will each invest NOK 20 billion (EUR 2.08 billion) in the Norwegian Shelf, reports Norwegian media Sysla.

Photo: Wintershall

Germany's DEA will invest NOK 20 billion (EUR 2.08 billion) in the Norwegian Shelf, announced new group CEO Maria Moræus Hanssen recently, reports Norwegian media Sysla. The investment will run until 2021.

Recently, it emerged that DEA was teaming up with German competitor Wintershall and this merger will be finalized during 2018. Wintershall will also invest NOK 20 billion in Norway over coming years.

"Now we'll almost get a new company which will be a major player and which can invest more and take larger jobs. That must be an advantage both for partners and Norwegian authorities," she tells the media.

The large investments will go to projects under development such as Maria Skarfjell and Aasta Hansteen and the further development of the Brage field.

English Edit: Gretchen Deverell Pedersen

Lundin heralds losses on empty wells

BASF and Russia's LetterOne merge oil and gas activities

Frontpage right now

Maersk Line installed a "sleeping partner" in Tunisia

Maersk Line has had a "sleeping partner" in Tunisia, although authorities require foreign companies to partner with domestic players in an active, local co-ownership. Now, Maersk Line has had to establish a new joint venture taking over the role of Maersk Tunisie.

Meldgaard: Crude tankers cannibalizing product market

The downturn for crude oil tankers, where rates are extraordinarily low, has become a major problem for the product tanker operators. Torm Executive Director Jacob Meldgaard expects that the pressure from the supertankers could continue for a while yet, he tells ShippingWatch.

Related articles

Latest news

Jobs

See all

See all