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Insider trading case hits Norwegian oil sector

Three employees have been charged by the Norwegian financial police for insider trading ahead of a major oil discovery.

Photo: Marit Hommedal - Statoil

The Norwegian financial crime division has charged three individuals in relation to a case of insider trading, reports media offshore.no.

The prosecutors believe that two of the three individuals, ahead of the announcement of a major oil discovery in the Pil field in the Norwegian Sea, traded shares in a manner that ensured them a financial benefit on the basis of information that had yet to be made public. The two traders were not employed by the company that made the discovery. The third individual charged was employed at the exploration company's Norwegian subsidiary.

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