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Oil price drop forces huge cut in new projects in next year

VN-CRUDE-OIL

OSLO: Another major oil company has said it will cut billions of pounds from spending plans as the market adjusts to a second price slump – and more results today are expected to detail further pain across the sector. BG Group, the subject of a £55bn takeover by Shell that should complete early next year, posted earnings before tax and ... Read More »

Statoil profit hit beyond Norway’s Shores

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OSLO: Statoil ASA’s ambitious expansion in oil production beyond Norwegian shores is increasingly yielding an unwanted byproduct: losses. The state-run oil and gas company posted a 16% drop in second-quarter profit on Tuesday, hit by the continuous slide in oil prices as well as further losses from overseas operations. Net profit, boosted by gains from disposals, stood at 10 billion ... Read More »

Oil industry starts new round of cost cuts as oil slump persists

VN CRUDE OIL

OSLO: BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices. “It’s really tough times for the industry,” BP Chief Executive Officer Bob Dudley said Tuesday, comparing the market to 1986 when tumbling prices forced drastic cost savings. Oil explorers are seeking ... Read More »

Global logistic to buy US Warehouses from Industrial Income Trust Inc. for $4.55b

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OSLO: Global Logistic Properties Ltd. agreed to buy more than 200 warehouses from Industrial Income Trust Inc. for $4.55 billion in a deal that will make it the second-largest owner of U.S. industrial real estate. In its second American acquisition this year, Singapore-based GLP will purchase assets that comprise 58 million square feet (5.4 million square meters) in 20 major ... Read More »

$450m contract linking power grids of UK, Norway to benefit Stone

No.1 and No.2 reactor buildings are seen at Kyushu Electric Power's Sendai nuclear power station in Satsumasendai, Kagoshima prefecture, Japan

OSLO: A $450m contract which will see a power systems business link the power grids of the UK and Norway is to benefit Stone. ABB has won the contract to supply the high-voltage direct current (HVDC) converter stations that will tie the new North Sea Network (NSN) Interconnector, the electricity line that will connect Blythe to Norway. The firm will ... Read More »

Liquefied natural gas tanker Arctic Princess set to arrive Lithuania’s LNG terminal at Klaipeda

ukraine raises gas import

OSLO: Liquefied natural gas (LNG) tanker Arctic Princess is set to arrive at Lithuania’s LNG terminal at Klaipeda on July 19, port data showed. The 148,000-cubic-metre capacity tanker is delivering gas from Norway’s Snoehvit LNG plant. Lithuania opened the LNG terminal last year as it looks to reduce its reliance on pipeline gas imports from Russia. Read More »

FT opening Quote: BP profits slump as oil price falls

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OSLO: Fresh from its Deepwater Horizon settlement, BP is back in deep water with results that show profits diving on the sliding oil price. FT Opening Quote, with commentary this week by deputy head of Lex Oliver Ralph, is your early City briefing. You can sign up for the full newsletter here. One has to feel sorry for the people ... Read More »

Statoil ASA profit beats forecasts as production increases

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OSLO: Statoil ASA, Norway’s biggest oil and gas producer, posted second-quarter profit that beat estimates as higher production and refining margins helped to weather a plunge in crude prices. Net income excluding financial and other items fell to 7.2 billion kroner ($882 million) from 9.9 billion kroner a year earlier, the Stavanger-based company said Tuesday. That beat the average 5.5 ... Read More »

Sons of Norway CEO Heiberg is Norway honorary consulate new consul general

Norwegian consultant company

OSLO: The new consul general of Norway’s honorary consulate here is both CEO of the Sons of Norway and a son of Norway. Eivind Heiberg was named Monday to the honorary post by Kåre Aas, Norway’s ambassador to the United States, who flew in from Washington, D.C. Heiberg takes on the duties Sept. 1, after current honorary consul general Gary ... Read More »

Norway record music income up healthy 7% in first half of 2015

aus shares slips

OSLO: Recorded music income was up a healthy 7% in Norway in the first half of 2015, with streaming finding yet more growth to heavily dominate the market. Total revenues stood at 305 NOK (€34.2m), up from 285m NOK (€32m) in H1 2014. According to IFPI stats, Norway was the 15th biggest recorded music market across last year. Ahead of ... Read More »

Norway pumps up 937 hydropower plants ‘green battery’ plan for Europe

brown coal power plants

OSLO: Norway is hoping to become the “green battery of Europe” by using its hydropower plants to provide instant extra electricity if production from wind and solar power sources in other countries fade. Without building any new power stations, engineers believe they could use the existing network to instantly boost European supplies and avoid other countries having to switch on ... Read More »

Blackstone buys $2.7b of Nordic properties from funds

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OSLO: Blackstone Group LP, the world’s biggest manager of alternative assets, agreed to buy Nordic real estate portfolios valued at about 22 billion kroner ($2.7 billion) in the region’s largest property deal since 2008. Blackstone Real Estate Partners Europe IV entered into an agreement with 10 funds managed by Obligo Investment Management AS to acquire the portfolios in an all-cash ... Read More »

Blackstone buys $2.7b of Nordic properties from funds

fund

OSLO: Blackstone Group LP, the world’s biggest manager of alternative assets, agreed to buy Nordic real estate portfolios valued at about 22 billion kroner ($2.7 billion) in the region’s largest property deal since 2008. Blackstone Real Estate Partners Europe IV entered into an agreement with 10 funds managed by Obligo Investment Management AS to acquire the portfolios in an all-cash ... Read More »

Norway opens Breivik massacre exhibition on anniversary

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OSLO:  Four years after the attacks by Anders Behring Breivik, Norway opened an exhibition dedicated to the tragedy that some fear could become a “hall of fame” for the mass murderer. The exhibition has triggered controversy as several objects used by Breivik in his July 2011 rampage, such as the remains of the van where he hid his bomb and ... Read More »

Economic Development firms invest $81m on Capital expansion projects in seven cities

economy

OSLO: Economic Development Authority awarded direct financial assistance and tax benefits to companies in Story City, Belle Plaine, Benton County, Urbana, Cedar Falls, Urbandale and Clarksville that plan to invest about $81 million in new capital investment. In Story City, Iowa, American Packaging Corporation is an integrated, flexible packaging converter specializing in flexographic and rotogravure printing, multi-ply extrusion and adhesive ... Read More »

Hibiscus Petroleum Bhd fails to strike oil at Haribo in Norwegian North Sea

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OSLO: Hibiscus Petroleum Bhd has failed to discover oil in the Haribo prospect in PL616 located in the Norwegian North Sea after drilling was stopped at 3,388 metres below sea level. The well will now be plugged and abandoned, as the targeted high porosity reworked chalk reservoir was not found,” the company told Bursa Malaysia yesterday. “However, the chalk sequence ... Read More »

Espersen to gain NOK 10m from takeover of Norway Seafoods

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OSLO: A. Espersen and the Danish subsidiary of Norway Seafoods Group have agreed that all of the latter’s frozen value-added processing (VAP) in Denmark will be transferred to the former. The transaction includes all existing customer agreements, specifications and other immaterial assets related to the sale of products to the customers of the VAP frozen business unit in Denmark. The ... Read More »

Norway needs more digital border surveillance

Digital accounts

OSLO: Norwegian intelligence agencies should be given wide-ranging permission to gather data from electronic communications to prevent terrorism and espionage, the head of the country’s military surveillance agency said on Wednesday. In an interview with public broadcaster NRK, Lieutenant General Kjell Grandhagen said it was becoming more difficult to uncover threats and that authority to monitor all data traffic as ... Read More »

Govt had no right to surprise them with tariff cuts of 90 percent: Norway investors

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OSLO: A group of investors made their concluding arguments against Norway in a $4.4 billion court case over gas-pipeline tariff cuts. A ruling on the lawsuit brought by the group, which includes Allianz SE and Abu Dhabi’s wealth fund, won’t be handed down until September or October, Finn Haugen, an Oslo District Court judge, said on Tuesday. Owners of about ... Read More »

Houston-based National Oilwell Varco Inc to cut 1,500 Norwegian jobs

OIL PRICES

OSLO: Houston-based National Oilwell Varco Inc. will cut about 1,500 Norwegian jobs, according to several media reports. That’s about one-third of the company’s roughly 5,000 Norwegian employees, according to the Wall Street Journal. The cuts include 900 permanent jobs and 600 contractor workers. NOV, which makes oil and gas drilling equipment, attributed the cuts to the downturn in oil prices ... Read More »