Orlen, a Polish company, aims to double its output in Norway through acquisitions and projects
Polish energy company Orlen wants to double its production from its operations in the Norwegian continental shelf, which is one of its key growth areas. This will be achieved through acquisitions and exploration, according to its upstream chief. Wieslaw Prrugar said in an interview on the sidelines of a conference that the company would like to increase its production to 200,000 barrels per day, up from 100,000.
Equinor, Aker-BP and Vaar will cooperate in Norway for frontier oil exploration
Equinor Aker BP Vaar Energi? plan to?cooperate in oil and gas exploration on the so-called high impact frontier areas of Norway’s continental shelf. Drilling in areas where there has been little or no exploration is more expensive and carries a higher risk of dry holes. However, it could also yield larger finds. In a joint press release, the three companies said they had agreed to combine their expertise…
Norway asks Supreme Court to reverse environmental verdict against oilfields
The Norwegian government will ask the supreme court on Monday to overturn a lower-court ruling that found three oilfield permits invalid because they did not take climate into consideration. The case pits environmental groups against Norway's oil industry which provides half of the country's revenue as well as government policy to prolong extraction of natural gas and crude for many decades.
Norway offshore workers and employers enter mediation to avoid strike
Norwegian unions representing workers on offshore drilling rigs and floating platforms entered wage negotiations with the state on Wednesday. They hoped to avoid a strike that was scheduled for Friday, which could have affected a part of Norway's oil and natural gas industry. Styrke Safe and DSO have all said that more than 600 workers could walk out at first, with the potential for an escalation. The wage agreement is for about 7,500 employees in total.
Norway oil companies and unions reach wage agreement, averting a strike
Negotiators from both sides said that the Norwegian oil companies had agreed to a wage deal with three unions. This agreement prevented any strike action which could have disrupted production. The industry estimates that the strike would have reduced production by an initial 45.500 barrels equivalent per day. Union officials had warned that a strike could have expanded at any moment, and would have had a significant impact on production.
Equinor and Aker BP exchange stakes in several Norwegian oil fields
Equinor, a Norwegian oil company and BP said that they had agreed to swap stakes in several 'oil and gas' fields near the Norwegian coast. This could increase production through accelerating new developments. The initial deals included?stakes? in a cluster known as Ringvei Vest, as well as?the Yggdrasil area and?the?Wisting area. Further transactions could follow, according to the companies.
Norway Oil firms seek mediation to avoid a labour strike that could affect output
Offshore Norge, an industry group, said that wage talks between Norwegian oil companies?and labour unions?broke down on Wednesday. The state will now take over mediation to try and?prevent workers from going on strike. If the government-appointed mediator in Norway is unable broker a deal at the time of negotiations that resume later this summer, union members will be eligible to strike and disrupt?the output from Western Europe's biggest oil and gas producer.
Norway's Vaar Energi Q1 operating profit lags forecast
Vaar Energi, a Norwegian oil company, reported a lower than expected operating 'profit for the first quarter. It maintained its dividend and capital expenditure guidance. Vaar, listed in Oslo, increased its earnings before interest and taxes (EBIT) from $972 to $1.31 Billion between January-March. This is a significant increase but still falls short of the $1.41 Billion average forecast by 15 analysts in a poll conducted by Vaar.
Oil prices plunge on Iran ceasefire, causing European energy stocks to fall
After weeks of gains, European oil and gas stocks fell sharply Wednesday. Equinor, a Norwegian company, led the declines, falling 13%. It was followed by its domestic competitors Var Energi and Aker BP, who had benefitted from the disruptions in Qatar's gas flow after the closure of the Strait of Hormuz. TotalEnergies, France, BP and Shell in Britain, Eni and?Italy were all around 6%-9% down. Oil prices fell after U.S.
Danish funds challenge Nordea at AGM over Arctic Oil
Two Danish institutional investors have backed a shareholder resolution calling on the Nordic region's largest bank,?Nordea, to cease all financing of companies that are expanding Arctic oil and gas production due to environmental risks. Investors, pension funds Sampension and Akademiker, informed the annual general meeting of the bank on Tuesday about their voting intentions. The activist…
Aker BP raises dividend despite 2026 output dip
Aker BP, a Norwegian oil firm, announced on Wednesday that it will increase its quarterly dividend by 5% in '2026 despite an anticipated decline in production. Its profit for the last quarter of 2017 was below expectations. The company's poll of 16 analysts showed that the group's earnings were below expectations. Karl Johnny Hersvik, CEO of Aker BP said that "our major development projects" had also made good progress.
After cutting costs, Equinor hopes that it can finalize the technical plan for the world's most northern oilfield.
Equinor, a Norwegian company, aims to finalize the technical plans for the development of the Wisting?undersea?oil discovery in the Arctic this year after reducing?its?costs significantly. ?on Tuesday. In 2022, Equinor, along with its partners, put the development of Wisting on hold. Wisting is located in the Barents sea, about 300 km (190 mile) off Norway's north coast. Although the world's most northern oilfield was estimated to contain 500 million barrels…
Oil Firms in Norway to Drill 18% Less Exploration Wells by 2026, Survey Finds
A survey on Thursday showed that oil firms in Norway are planning to drill 18% less exploration wells next, as they focus on existing fields. This could undermine the government's aim of maintaining production from Europe's biggest petroleum producer.Offshore Norway's survey of its members shows that drilling and investment will decline next year.The survey revealed that oil companies on the Norwegian continental Shelf…
Norway loses an appeal over oilfield development
The Norwegian Court of Appeal ruled against the government and in favor of environmentalists on Friday, confirming the lower court's ruling that the approval by the Energy Ministry of three offshore oil-and-gas fields was invalid. The court said that production from the oilfields affected would not stop, but the government could correct any deficiencies in the original approvals. Greenpeace Norway…
The Norwegian budget shows that the costs of Aker's offshore projects are rising.
Norway's Budget Proposal showed that the cost of Aker BP’s major oil and gas projects, Yggdrasil, and Valhall-Fenris have risen 32% and 25% respectively from nominal estimates a month ago. The Yggdrasil Project, the largest development project off Norway since 2019 is expected to cost 177.6 trillion crowns ($17.59billion), an increase from a nominal estimation of 134.4 billion a year earlier.
Shell and others withdraw from global oil and gas emission standard, FT reports
The Financial Times reported that Shell and other major energy companies have given up their six-year effort to define a strategy for net zero emissions after they were told by the standard's creators that it would force them to stop developing oil and gas fields. The FT reported that Shell, Norway's Aker BP, and Canada's Enbridge all left the expert advisory group for Science-Based Targets Initiative since late last year.
Equinor and partners approve $1.3 Billion Johan Sverdrup Oilfield Expansion
Equinor, a Norwegian oil company, and its partners approved an investment of 13 billion Norwegian crowns ($1.29 billion), for the expansion at Johan Sverdrup. This is the largest oilfield in western Europe. Equinor's partner Aker BP and Equinor said separately that the project will increase recoverable volume from the field between 40 and 50 millions barrels of oil-equivalent. They added that…
Norway's oil-drilling unions are seeking wage mediation in order to avoid a strike
Employers and three unions reported that wage talks with 7,500 oil drilling employees in Norway failed on Wednesday. This could lead to a strike later this year. The Norwegian Shipowners' Association's (NSA) talks with the Safe, Styrke, and DSO unions are to resume at a future date, which is yet to be determined, under the mediation of a state appointed mediator. Geir Sjoeberg, the NSA's lead negotiator…
Norway Oil Drilling Unions Seek Mediation to Avoid Strike
Two unions have said that wage negotiations involving 7,000 oil drilling employees in Norway failed early on Wednesday. This could lead to strike action later in the year, which would disrupt exploration. The unions have announced that the talks between the Norwegian Shipowners' Association and the Safe and Styrke unions will be resumed at a future date, under the direction of a mediator appointed by the state.
Aker BP will raise dividends as long as oil remains above $40 per barrel
Aker BP will increase its dividend annually by 5% if North Sea oil prices remain above $40 per barrel. The company announced this on Wednesday, while also reporting first-quarter earnings that were in line with expectations. Brent crude fell to a four year low of $60 per barrel from over $80 per barrel in January, as OPEC+ decided to accelerate output increases. This decision stoked concerns about an increasing global supply during a period when demand is uncertain.
