Bloomberg reported that Statoil ASA rose as much as 2.3% after its discovery in the Gullfaks field in the North Sea, which could potentially mean cheaper oil.
Articles Tagged "Norway"
A brief overview of oil price developments, supply and demand and significant market movers.
Bloomberg reported that Norwegian Energy Company, Statoil ASA, which is currently making plans to develop Barents Sea’s largest oil finds, intends to bring crude oil ashore by means of a pipeline according to Petoro AS.
Norway's thriving oil sector is set for steady growth in the years ahead and a skills shortage, principally for highly trained engineers, is the biggest constraint, a new report said on Wednesday.
Norway’s Oil Minister Ola Borten Moe said he would recommend keeping a restriction on oil exploration off the northern islands of Lofoten and Vesteraalen until at least 2017 to preserve the fishing industry.
Reuters reported that BP plc (LSE:BP) closed its Norwegian Ula field following a potentially dangerous leak last week. BP will not resume production until it knows what caused the problem.
Reuters reported that this week Sudan and South Sudan may make a deal that will allow both countries to resume oil exports, although there is still a chance that negotiations will fall through.
Reuters reported that in 2013 Norway's Statoil plans to drill nine exploration wells in the Barents Sea in an attempt to discover more finds like the Skrugard and Havis oilfields.
Lundin Petroleum AB (TSX:LUP) announced that its Johan Sverdrup discovery, located offshore of Norway, is expected to produce its first oil in the fourth quarter of 2018.
Moving away from more traditional supply and demand side fundamentals, gas prices and the costs of production may increasingly be leveraged by oversight, share holder accountability, and seasonal meteorology.