News on Norway.
Oil major Exxonmobil's plans to sell off its Norwegian business could lead to the biggest sale on the Norwegian Shelf since 2006, according to Wood Mackenzie. The analyst firm points mainly to North Sea players as obvious buyers of the large portfolio.
A new executive, found internally, will take over as CEO of family-owned shipping company Kristian Gerhard Jebsen Skipsrederi. Jan Pedersen steps down after serving for 26 years.
With a new plan of action, the Norwegian government will work to reduce the emission of greenhouse gases from the country's shipping sector by 50 percent already in 2030 – two decades before the target set by the IMO comes into force. But the plan includes too few concrete initiatives, say critics according to Sysla.
Lars Lühr Olsen, who has been a part of Ulstein for 20 years, becomes new managing director of Ulstein Verft in Norway. His predecessor departed of his own accord, write several media.
Companies with large exposure to the oil sector are more optimistic than the average. 73 percent expect increased activity and earnings next year.
A Greek cruise line has been fined close to NOK 1 million for violating the sulfur cap in Norway, says the country's maritime authority, describing the fine as historically large.
Kvaerner increases its expectations for 2019 revenue by NOK 1 billion, bringing the total revenue projection to NOK 8 billion. First quarter was solid, says CEO.
Oil major Equinor was, despite a sliding revenue from lower oil prices, able to surpass expectations and strengthen its bottom line in the first three months of the year.
Exports of oil and natural gas out of Norway decreased significantly in March. Even though the oil price has gone up, lower volumes weigh down, show the figures.
16 months have passed since the last fatal accident in Norway, and as such, 2018 was a year without fatalities in the country's oil industry, shows the latest risk level numbers from Norway's Petroleum Safety Authority.
The ban on open-loop scrubbers in Norway could be expanded to more than the five fjords where it is currently prohibited to eject wash water, reports Lloyd's List.
With shares in Maersk and Teekay, the world's biggest investor, Norwegian wealth fund, expects to pass judgement on carriers who scrap ships in India already by this fall. The chairman of the fund's Council on Ethics tells ShippingWatch that shipping companies will now be contacted.
Norway's government has decided to remove oil companies from the country's sovereign wealth fund, the world's largest investment fund. This is being done to reduce an overall oil price exposure to the national economy, says finance minister Siv Jensen.
Climate considerations should not put a damper on oil exploration, says the head of Norway's central bank, Øystein Olsen, according to Aftenposten.
Oil major Equinor's employee union Safe calls for the Petroleum Safety Authority Norway's Director General, Anne Myhrvold, to step down when her term ends this spring, reports Dagens Næringsliv. The call comes after Norway's public auditor has criticized the authority.
Several shipping companies are considering moving functions and departments out of Norway as a result of the new Norwegian tax rules, the Norwegian Shipowners' Association tells ShippingWatch. DHT has already made the move.
Billion dollar investments in the Norwegian oil sector is headed for a significant surge, projects the Norwegian Oil and Gas Association.
Norwegian oil major Equinor and partners have found new oil at North Sea field Johan Castberg.
A new study shows that three out of four Norwegian oil fields produce less oil in their first years than originally projected, reports Dagens Næringsliv.
The Norwegian government is getting ready to let Color Line out-flag its international service ferries, which would enable the ferry operator to hire cheaper labor. The move is met with criticism from DFDS, which will look at similar possibilities.
Six out of ten Norwegian oil companies are expecting growth in the coming years, and there could be challenges finding enough new oil workers, according to a new poll by SpareBank1.
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.
Oil investments in Norway are expected to grow this year and next year, projects Statistics Norway, which eyes a new peak around 2020. The bureau upgrades its forecast for next year significantly.
According to analyst firm Wood Mackenzie, the Norwegian offshore market is currently characterized by momentum. But there are threats looming on the horizon.
Ahead to 2022, the Norwegian oil sector will hire between 24,000 and 28,000 employees, says a research institute according to Dagens Nyheder.
Treasury Risk Manager with focus on financial risk management - Group Treasury, Bunker Holding
Executive, Operations - BW LPG
