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.
The container carrier has hired a company specializing in salvaging to coordinate the cleanup efforts following the loss of 270 containers in the North Sea. The cleanup will not be complete until the last container has been recovered, says MSC.
Scorpio Group, mostly known for its two shipping companies, has with its acquisition of Nordic American Offshore taken a definitive step into the North Sea. And there could be more in store. "Things are developing very quickly," President Emanuele Lauro tells ShippingWatch.
Energy major Ørsted, formerly Dong, has presented a plan detailing its ambitions for the year to come. Combined gross investments ahead of 2025 total DKK 200 billion, of which the vast majority will be spent on offshore.
For the second time within a few days, Norwegian firm Equinor has divested of its ownership share on the Norwegian shelf. This time, the sale price is USD 220 million and the buyer is a Polish oil and gas company.
The new Norwegian oil minister Kjell-Børge Freiberg tells Sysla in an interview that he does not see any opposition between fossil fuels and climate change mitigation. He wants Norway to play a central role.