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…
Nordic investors ask EU to maintain its stance on Arctic drilling ban amid energy crises
Investors and financial institutions have urged the European Union to maintain its opposition to any new Arctic oil & gas drilling as it considers re-evaluating its position to prioritize energy security. Investors are concerned that the U.S./Israeli war against Iran, which triggered the current energy crisis, could be used as a justification to roll back climate commitments.
Prices for Norway gas are lower, and US-Iran hopes of peace have been raised.
Dutch and British wholesale gas prices fell?on the morning of Friday due to a re-invigorated hope for a peace agreement?between Iran and the U.S., some profit-taking and a rise in Norwegian supply. Data from the Intercontinental Exchange showed that the benchmark Dutch front-month contract was 48.21 Euros per megawatt hour at the TTF Hub at 0802 GMT. This is a decrease of 1.20 euros.
Equinor: Europe's gas reserves could be critical if Hormuz is closed for 1-3 months
Equinor executives said that Europe could face a critical shortage of gas stocks if the disruption in shipping through 'the Strait of Hormuz' lasts for one to three more months. Low inventories and distorted pricing slow down stockpiling. Gas caverns, tanks and cylinders are only 35% or more full in Europe, which is below the seasonal norm of 50%, according to data from Gas Infrastructure Europe.
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.
Poland to tax oil companies for windfall profits in order to reduce fuel prices
Poland's State Secretary for Energy said on Wednesday that it will propose next week a windfall levy on the profits of 'oil and gas' companies from the surging energy price due to the Iran War to help pay for the national 'fuel tax reductions'. Wojciech Wrochna, in an interview, said that "next week we will present some legislative initiatives". He added that the measure was aimed at excess profits from oil…
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S.-Iran reach a peaceful agreement to end their war, oil supplies will tighten in the coming weeks. It will take weeks before oil shipments from the Middle East Gulf can be resumed and reached refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the 'peak summer demand. World has used temporary buffers to absorb the shock of the Middle East war.
Even if the conflict ends, oil supply shock will worsen due to further decline in inventories
Even if U.S. and Iran reach a peaceful agreement to end their conflict, oil supplies will tighten in the coming weeks. It will take weeks for oil to be shipped from the Middle East Gulf to refiners around the world. Oil companies will therefore continue to deplete the storage tanks they have to meet the peak summer demand. World has temporarily buffered the impact of the Middle East war by using?commercial stocks…
Equinor Sees Increased Energy Export Requests Since Start of Iran War
Equinor has seen a surge in interest for energy exports out of Norway from customers as far afield as Australia after the Iran war curbed exports of petroleum and liquefied natural gas (LNG) from the Gulf, the energy group said on Wednesday.The conflict has effectively closed the Strait of Hormuz, a choke point for energy exports from producers in the Gulf…
Equinor: Iran's war increases interest in LNG and Norwegian petroleum products in Asia-Pacific
Equinor said that it has seen an increase in demand for energy exports from 'Norway', even from customers as far away as Australia. This is after the Iran War curtailed exports of LNG and petroleum products (LNG) out of the Gulf. Conflict has closed the Strait of Hormuz - a chokepoint for energy exports, particularly to Asia. After presenting Equinor's first quarter earnings…
Equinor: Europe will not reach the 80% target for pre-winter storage of gas
Europe will have a difficult time replenishing its depleted 'gas storage sites, to the 80% target before next winter. This is due to unfavourable price spreads, and lower than expected supply. On a conference call with analysts, Torgrim Reitan, the Chief Financial Officer, said that European gas storage facilities are around 30% full. This is six percentage points lower than the seasonal average.
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,…
After Middle East turmoil, oil majors are looking to resurrect Canadian energy.
Shell's $16.4billion agreement to purchase ARC Resources is the most obvious sign of the change. TotalEnergies, ConocoPhillips and Equinor are all companies that have been re-evaluating their Canadian competitors. According to interviews conducted with 12 people who were familiar with these discussions, companies have asked investment banks to create lists of potential acquisition targets.
The 2025 profits of energy trader Danske Commodities are cut in half due to lower volatility
Danske Commodities, a Danish energy trader, reported on Thursday that its profit would be lower than expected by 52% in '2025. They cited low 'volatility' and structurally challenged gas market. Danske Commodities (owned by Norwegian oil producer Equinor) reported a full-year adjusted profit before tax of 88 millions euros ($103.88million), down from the 186 million euro?in 2024.
Equinor: trading profits to top guidance partly due to Iran war windfall
The Norwegian oil and gas company Equinor said that its downstream division, which includes trading in energy, will report stronger results for the first quarter of this year. This is partly due to the volatility caused by the Middle East war. Equinor will report its first-quarter earnings to investors on May 6. Investors are interested in how tighter markets for gas and crude oil…
Eni's Vaar Energi plans a boost in oil production from Arctic Goliat
Vaar Energi, a subsidiary of Italy's Eni and a Norwegian company, announced on Wednesday that it plans to increase crude production 'from its Arctic Goliat 'oilfield with'minority stakeholder Equinor. Vaar Energi, a subsidiary of Italy's Eni, announced on Wednesday that it plans to boost crude production?from its Arctic Goliat?oilfield along?with?minority stakeholder Equinor.
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The 12% tax on exports of crude?oil, which was introduced by the Brazilian government about a month ago, is a barrier to new investment by oil companies, according to the head lobby group IBP, who said at an event held on Wednesday that the group may file a suit against the tax. The 12% export tax was created when oil prices spiked due to the U.S./Israeli war against Iran.
The oil lobby group claims that the export tax in Brazil is an obstacle to new investment
The head of the lobby group IBP said at a Wednesday event that Brazil's new export tax on crude oil, which was created by the government a month ago, is a hurdle to new investments for oil majors. He added that the group may file a suit against the tax. As oil prices rose due to the U.S./Israeli war against Iran, the government abolished?local taxation on fuel sales in order to reduce prices for consumers.
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.
Oil and gas exploration is back. Energy giants are hunting to replenish reserves
Executives at the CERAWeek Conference in Houston, Texas, this week declared that global energy companies have returned to the basics, focusing their efforts on finding?new oil and gas sources. This marks the end of years of underinvestment. The'shale revolution' in the U.S. in recent years promised a flexible, abundant supply. However, growth in renewable energy sources like wind and sun raised doubts over long-term demand for oil.
