Oil company Aker BP has successfully located oil from its license number 442's ninth prospect drilling in the North Sea. The company has found oil of an extremely high-grade, the Norwegian Petroleum Directorate informs.
In the small hours of the night, the trade unions representing Norwegian workers on a numbers of rigs reached agreement with the Norwegian Shipowners' Association to increase wages substantially. Thus averting a strike among 1,500 rig workers.
Despite significantly lower production, Total earns hundreds of millions in DKK from the Danish part of the North Sea in the first year after its acquisition of Maersk Oil. The number of employees is reduced by one-fifth.
Siem Offshore reduced its losses in the first quarter of this year compared to last year. For the PSV segment, demand is rising, while contracts in another segment are "non-existing," states quarterly report.
Equinor pays so little to offshore shipping companies that some of them prefer to have their ships berthed rather than working for the partially state-owned oil company, says the industry. The matter is now being addressed politically in Norway.
It is not quite there yet, but after a dive around New Year, the oil price is now moving past USD 65 per barrel and is thus inching closer to the USD 71 per barrel which was the average price last year. Good for offshore investments. Bad news for shipping.
For the first time since the crisis, revenue in the Norwegian oil industry is expected to climb above NOK 300 billion, according to EY. Yards and rig companies stand to benefit from strong growth rates, but several factors could slow the development.
All major oil companies in the Danish share of the North Sea will soon have changed ownership. Nordsøfonden, the Danish state-owned oil and gas company, will now strive more to set the agenda at the partners' meetings.