Monday, July 15, 2024

Nerijus Adomaitis News

How Much Oil Does the EU Import from Russia?

© vchalup / Adobe Stock

The European Union has agreed to ban the bulk of imports of Russian crude and oil products in its latest round of sanctions following Moscow's invasion of Ukraine.The ban on seaborne crude imports will be phased in over six months and for seaborne refined products over eight months.

Lithuania Seeks Alternative Bids for LNG Import Terminal

Lithuania is seeking alternative bids from providers of floating liquefied natural gas (LNG) terminals to potentially replace its existing import terminal, operator Klaipedos Nafta said on Friday.The Baltic state leases a floating storage and regasification vessel (FSRU) from Norway's Hoegh LNG and has an option to buy

Oil Profits Soar: Oil Majors Shed Pandemic Blues

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Europe's major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them.Last year's demand collapse forced BP, Royal Dutch Shell…

When is a Cargo of Oil Certified "Carbon Neutral"? Ask Lundin Energy

(Photo: Lundin Energy)

Sweden's Lundin Energy has sold to Italian refiner Saras what it said is the world's first oil cargo certified as carbon neutral at the point of production, the two companies said on Monday.Oil companies are increasingly trying to market their products as cleaner…

Rystad: Oil Demand to Peak in 2026

Credit: freshidea

The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway's biggest independent energy consultancy Rystad said on Wednesday.World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026…

Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup

(Photo: Ole Jørgen Bratland / Equinor)

Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its production permit, Lundin Energy, a partner in the field, said on Friday.Equinor-operated Sverdrup increased its production capacity to 470,000 barrels of oil equivalent per

Equinor Axing Jobs in US, Canada and UK

Equinor's Houston office (Photo: Ole Jørgen Bratland, Equinor)

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.The group plans to cut employee numbers in those countries by about 20% and…

DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019

Illustration by freshidea / AdobeStock

Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology…

Norway's May Oil Output Down, But Still Above Forecast

Illustration only - Image by donvictori0

Norway's oil production fell in May from the previous month but still exceeded official forecasts by 0.9%, the Norwegian Petroleum Directorate said on Friday.The country's crude oil output fell by 2.1% month-on-month from April to 1.74 million barrels per day.

Norway to Keep Oil Production Cut Unchanged after OPEC+ Deal

Gullfaks B - Equinor - Photo Ole Jørgen Bratland

Norway, Western Europe's largest oil producer, has no plans to modify its existing plans for production cuts, following the OPEC+ group's agreement to extend a deal on record output cuts to the end of July, the oil ministry said on Monday.On Saturday, OPEC+…

Norway Oil Companies Slash Investment Plans

Offshore rigs in Norway - Credit: BjrnKristian/AdobeStock

Norwegian oil and gas investment, a key economic driver, is expected to decline sharply in 2021 after rising less than previously anticipated this year, an industry survey by the national statistics agency (SSB) showed on Thursday.The biggest drop will come…

Price Drop Triggers Haggling Over Oil and Gas Deals

The collapse in oil prices to 21-year lows has led potential buyers of oil and gas fields to try and renegotiate deals already agreed at higher prices, with the first examples emerging of sellers having their hand forced.At a time when most oil companies are slashing budgets…

Equinor Raises $3.9 Bln in the Bond Market

(Photo: Equinor)

Norwegian oil company Equinor raised $3.4 billion in euro and dollar bonds on Monday, in its latest push to secure long-term funding at a time of weak crude prices."In the current volatile market situation characterised by high uncertainty going forward, we…

Lundin Cuts 2020 Oil Output Goal, Raises Long-term Target

Lundin Energy has cut its 2020 oil and gas output target after Norway's decision to reduce production along with OPEC+ producers, the Swedish company said on Monday.The company has a 20% stake in the Equinor-operated Johan Sverdrup field, which reached phase-one plateau output of 470…

Norway Gov't Cuts Its Oil Price Assumption for 2020

Image Credit: Corona Borealis - AdobeStock

The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday.Norway is Western Europe's largest oil and gas producer, with petroleum accounting…

Aker Braces for Oil Price to Stay Low for Long

Oeyvind Eriksen - Credit; Aker Energy

Aker ASA, a major investor in Norway's oil and oil service industries, is preparing its businesses for an extended period of low crude prices, its chief executive said on Friday"I don't expect the oil market to come into balance during the next couple of years...

Equinor CEO Doesn't Believe in Quick Oil Market Rebound

Equinor Chief executive Eldar Sætre. (Photo: Ole Jørgen Bratland)

More global oil production curtailments will be needed to reduce the gap between supply and demand and normalize the oil market, the chief executive of Norway's Equinor said on Thursday.Eldar Saetre, who led the company through the previous market downturn in 2014-2016…

Aker BP Cuts Dividend by Two-thirds on Oil Price Slump

Image Credut: Aker BP

Aker BP will cut its quarterly dividend payments by two-thirds due to the COVID-19 pandemic and the plunge in crude prices, the Norwegian oil firm said on Wednesday after reporting a better-than-expected first-quarter core profit.Earnings before interest, tax…

Norway Deciding Whether to Cut Oil Output

(Photo: Equinor)

Norway's oil minister reiterated on Tuesday that Western Europe's largest oil producer was soon to conclude whether to cut its output following historical curbs agreed by the OPEC+ group.Brent crude front-month contract fell to $18.10 a barrel on Tuesday, its lowest since December 2001, after U.S.

Equinor's $466M Floating Wind Farm Plan Approved

Hywind Tampen Illustration - Image Credit: Equinor

Norway approved on Wednesday Equinor's 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, the energy ministry said.The long-planned project is going ahead…