Marine link
 
Articles - Offshore Oil - History

Cooling The Fire

Norway, which is enjoying one of the best economies in the world, has decided to take unprecedented action in order to maintain a healthy growth for the long term, econ- and avoid some of the economic potholes inherent in an overheated economy.

Specifically, the country's petroleum and energy minister, Marit Arnstad, has issued a proposal to delay 12 specific oil and gas projects to dampen offshore activity in Norway. "There are big dangers that the economy will overheat," Arnstad reported to the Norwegian parliament, adding that the delays would cool t he economy. While some may deem the move unusual, it has received the blessings, at least publicly, of Statoil. Statoil's approval came from executive Vice President Stig Bergseth after the government made it clear that it wants to postpone investment in all fields under development from 1998 to 1999. The Norwegian authorities are reportedly acting because spending estimates for the current year based on operator plans — total approximately $8.8 billion — an increase of more than $1.7 billion. Given the heavy pressures on the Norwegian economy at present, the centrist coalition takes a serious view of this expansion, and the postponement is designed to significantly reduce capital spending both this year and next. Mr.

Bergseth said that Statoil as operator and commercial player has also noted pressure on costs and capacity constraints in the supplies industry. "The proposed delay will give us more time to work on costs and find the best solutions. We'll be reducing investment in projects to a minimum during 1998 while seeking to continue building on the planning and tendering work done so far." Postponements have been proposed by the petroleum ministry for Statoil's Gullfaks satellites phase II, Huldra and Heidrun North as well as Yme Beta West and Epsilon. In addition comes Sygna, which straddles Statoiloperated PL 037 and Saga's PL 089 in the North Sea. Negotiations are under way on a unitized development, and the operatorship will not be clarified until a deal has been struck and the authorities have approved a plan for development and operation. The ministry's proposals also affect Saga's Snorre B, H-Central and Southern Triangle Upper Jurassic (Stuj) projects, Hydro's Fram and Grane fields, Amoco's Valhall water injection scheme and BP's Ula Triassic




Offshore Oil History

Alliance Newfoundland To Perform Design Study For Terra Nova Field
Astilleros Delivers Discoverer Spirit
Atlantic Marine Celebrates Dedication Of Glomar Explorer
Australian Shows Focus On Technology, Market Expansion
Biollinger Adapts To Address Changing Markets
Company Wins OTC Award For Fluid Technology
Dubai Wins FSO Conversion; Dalian Completes Graving Dock
Entomology for the millennium: Options for the bugs
Friede Goldman Continues To Expand Capabilities
Gulf Coast Marine Industry In Buoyant Mood
Hibernia Supply Vessels To Be Built In Newfoundland
Industry Vital Signs Looking Good
Lisnave Continues To Set Trends
Norwegian cat speeds in African oilfields
Oil Ma|ors Rally To Support Offshore Energy Center
Pool Energy Makes Several Offshore Investments
Racal Acquires Techno Transfer Industries
San Diego Firm To Develop Oregon Site For Shipbuilding
Seabulk Acquires Eight More Crewboats
Seabulk Offshore Ltd. Modernizes Offshore Supply Vessel Fleet
SEACOR Acquires Graham & Sons For $74 M
Shipping and Offshore Shares Follow Oil Price Down
Tanker Markets Endure Political, Economical, Cyclical Turmoil
The Irish Sea Pioneer: A New Generation Of Giant Liftboat
The Storm Before The Calm?
The Year In Review
The Evolving Tanker Market
Ulstein Supplies Revised Thrusters, K-Series Engines
Weathering The Storm. National Weather Service Modernization to provide the maritime industry with improved weather prediction
Workboats Northwest Builds USCG-Certified "Near Shore1' Oil Spill Control Vossol
 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright