Norway Expects Gas Export Prices to Slip in 2019
Prices of Norwegian gas exports are likely to rise slightly this year amid strong demand, but will fall back in 2019 as liquefied natural gas (LNG) deliveries in Europe are expected to increase, the government said in its revised budget on Tuesday.Europe's largest gas supplier after Russia forecast gas export prices would rise by 0.1 crowns per standard cubic metres (sm3) to average 1.8 crowns (22.43 U.S.
Statoil to Become Equinor, Dropping 'Oil'
Shareholders in Norway's largest company, Statoil, will approve on Tuesday the board's proposal to drop "oil" from its name as its seeks to diversify its business and attract young talent concerned about fossil fuels' impact on climate change.From Wednesday, the majority state-owned company will change its 46-year-old name to Equinor and trade on the Oslo Exchange under the new ticker EQNR.The Norwegian government, which has a 67 percent stake in the firm, has said it will back…
Norway Extends Offshore Wage Talks, No Strike for Now
According to a June 16 report from Reuters, offshore energy workers and employers in Norway agreed to continue talks on wages past a midnight deadline, the state arbitrator said on Wednesday, June 16, raising hopes that a strike in the North Sea may be averted. Fears that a strike could lead to reduced supplies from Norway -- Europe's second biggest gas producer -- have created waves in the UK gas market, but many believe the Norwegian government would step in to avert any major supply disruptions. (Source: Reuters)
Wärtsilä, Tarbit to Convert Tanker to LNG Ops
Wärtsilä has signed a turnkey contract with Tarbit Shipping of Sweden to convert a product tanker to LNG propulsion, and to supply the ship with a Wärtsilä LNGPac system for the safe and convenient storage of LNG onboard. This is the first order for a Wärtsilä LNGPac system. The 25,000 dwt product tanker 'Bit Viking' is operated by Statoil along the Norwegian coastline, and the conversion will enable the vessel to qualify for lower NOX emission taxes under the Norwegian government's NOX fund scheme.
Aker Enters TRS Agreement
Aker ASA entered a TRS (Total Return Swap) agreement with exposure to 1,500,000 shares in Aker Solutions ASA. The expiration date of the TRS agreement is November 1, 2013 and the settlement price in the agreement is NOK 83.717325 share. Aker owns 70% of the shares in Aker Kvaerner Holding AS, which in turn owns 110,333,615 shares, representing 40.3% of the outstanding shares in Aker Solutions. The Norwegian government, through the Ministry of Trade and Industry, owns the remaining 30% of the Aker Kvaerner Holding shares.
Norway’s New Oceanographic Icebreaker Launched
A new oceanographic icebreaker being built for the Norwegian government has been launched at Fincantieri’s shipyard in Muggiano, La Spezia. The vessel, Kronprins Haakon, touted by the builder as “one of the most advanced oceanographic icebreakers in the world,” will continue to undergo final outfitting ahead of its delivery by the end of 2017. Kronprins Haakon will be owned by the Norwegian Polar Institute for the Norwegian Government, while the vessel, taking its name from the heir to the Norwegian throne…
Statoil Delays Norwegian Barents Sea Project
On account of applicable Norwegian Government tax changes Statoil as operator has recommended a delay of the investment decision for the Johan Castberg project in the Norwegian Barents Sea. Statoil has continued to mature the resource base and development plans for the project. There are still uncertainties related to the resource estimate and investment level. "In addition, the Norwegian government has recently proposed reduced uplift in the petroleum tax system, which reduces the attractiveness of future projects, particularly marginal fields and fields which require new infrastructure. This has made it necessary to review the Johan Castberg project," says Øystein Michelsen, Statoil's executive vice president for development and production in Norway.
Centrica Energy Awarded Barents Sea License
Centrica Energy in Norway was awarded a 50% operating share in the Scarecrow licence, its first in the Barents Sea. The Norwegian government on June 12 awarded the licences that form part of the 22nd round on the Norwegian Continental Shelf (NCS). Centrica Energy was awarded an operatorship and 50% ownership in the Scarecrow licence, block 719. This block opens up a new area for Centrica, and marks the beginning of a new venture for the Norwegian upstream business as it looks to grow its business further in Norway.
Norway Invites Coastal Ferry Route Bids
The Norwegian government is inviting shipping firms to compete for the right to provide a transport service for goods and passengers along the country's coastline, with 34 port calls from Bergen to Kirkenes, the Ministry of Transport and Communications said in a statement on Monday. "We've seen substantial interest from potential bidders," the ministry said, without mentioning numbers or names.
Norway proposes Act to protect coastline from oil spills
territorial sea from four nautical miles to twelve nautical miles. comes in the wake of the recent Prestige incident. east of the Barents Sea. coast. at Wikborg Rein. Norway to establish traffic separation zones along the Norwegian coastline. ballast would be allowed nearer to the shore. spill. Norwegian coast, some of which have polluted the coastline. prevent a Prestige-type incident in its waters," says Stang Lund. customs purposes. Norwegian authorities to intercept suspected immigrant and drug smugglers.
Norwegian Officials Meet with HHI Leadership
Norway’s Prime Minister Erna Solberg, along with Jan Grevstad, Norwegian Ambassador to the Republic of Korea, and other Norwegian government officials, visited Hyundai Heavy Industries (HHI) to meet with Choi Kil-seon, chairman and CEO of HHI, and Kwon Oh-gap, president and CEO of HHI. During the meeting held at the HHI headquarters in Ulsan, South Korea, the prime minister showed particular interests in HHI that has been developing long-term business partnerships with the Norwegian companies and government in the areas of offshore exploration and production…
NSA: Cuts Coming for Offshore
The Norwegian Shipowners' Association (NSA) had high hopes of maintaining status quo while the White Paper on shipping policy was still pending. These hopes were not met in the Government's proposal for a National Budget, put forward last week, according to NSA. for offshore vesssels. According to NSA, there are no proposals affecting the tax regime for shipowning companies or owners in the National Budget. Director General of The Norwegian Shipowners' Association. The Government announced a full evaluation of the tax system this fall. to the agreement that was reached for the seafarers three months ago. due in the spring 2004, says Lie. hoping the Government would continue supporting this in the Budget.
Lifeboat Donated to Hellenic Rescue Team
A new lifeboat has been donated to the Hellenic Rescue Team (HRT) by fellow International Maritime Rescue Federation (IMRF) members the Norwegian Society for Sea Rescue (RS), and the Norwegian Ministry of Foreign Affairs. ‘Norway II’ is the second lifeboat to be donated to HRT and follows ‘Norway I’ that has operated since September last year in the Aegean Sea around Kos. In her speech on Lesvos, the ‘godmother’ of the boat, Mrs. Marit Nybakk, Vice President of the Parliament…
Statoil Ships Run on Gas...Liquefied Natural Gas That is
Norway's Statoil has called upon shipbuilder Kleven Verft to construct a pair of 309-ft. (94.3-m) supply ships that will run on LNG. The vessels, which are scheduled for completion during 2003, and operated by Statoil, will be contracted from Eidesvik and Møkster Shipping. According to Knut Barland, Statoil's vice president for Environment, the LNG power concept is expected to cut the vessels' nitrogen oxide (NOx) emissions by 85 percent; annual emissions are expected to be lowered by 420 tons. Why would a company knowingly add $6 million to the construction price of a new vessel, and more than $1 million per year in operating costs? The answer is a multi-faceted one, but basically it comes down to environmental responsibility.
Statoil Director Appointed to Top Norwegian Government Post
Børge Brende leaves the Statoil board of directors. He has informed the company that he will resign from his position as member of the board of directors in Statoil ASA (OSE: STL, NYSE: STO) with immediate effect, having been appointed as Minister of Foreign Affairs in the Norwegian government.
Vard to Negotiate for Three Coast Guard Vessels for Norway
Ship designer and builder Vard Holdings Limited announced that it has been invited to continue negotiations for the construction of three new vessels for the Norwegian Coast Guard. The Norwegian Government had originally announced plans for the construction of three new Coast Guard vessels in September 2016. Following review of offers from three competing yards, Vard Langsten has now been selected to continue negotiations. If the negotiations are successful, according to the Government’s timetable, the project shall be tabled for approval by the Norwegian Parliament in 2018. Delivery of the first vessel would be in 2022.
StatoilHydro - New Exploration Licenses
StatoilHydro was offered interests in seven production licenses on the Norwegian continental shelf (NCS) in the Awards of Predefined Areas 2008 (APA 2008). The company will be operator of four of the licenses. “We are pleased with the award, which gives us important new exploration acreage close to the existing infrastructure we are operating on the NCS, ” says Tove Stuhr Sjøblom, senior vice president for explorations on the NCS. The Norwegian government discussed the proposal for awards in the APA 2008 on 18 December.
Norway Looks to Arctic Oil Exploration
The 22nd License Round announced by Minister of Petroluem and Energy Ola Borten Moe includes as many as 72 blocks in the Barents Sea, several of them near the polar ice ridge, reports the 'Barents Observer'. And Norwegian Arctic drilling will not stop with the 22nd License Round. According to Borten Moe, his ministry is ready to take it all the way to the 84th latitude, the northernmost point in Norwegian waters. In his meeting this week with high-ranking international politicians, including U.S. Secretary of Interior Ken Salazar, as well as a number of powerful oil company representatives, the Norwegian minister made it very clear what he intends to do in the area. For environmentalists, the signals from the Norwegian government are bad news.
Samskip Puts Multimodal Transport on the Norwegian Agenda
Samskip Multimodal presenting a ship model to the Norwegian Minister of Transport, Ketil Solvik-Olsen, last week, signalling its commitment to shortsea in specific and multimodal services, the company said. Samskip joined the Port of Oslo and the Norwegian Port Association to present the model on behalf of the shipping industry, to highlight shortsea’s contribution to policy aims, given its absence from the Government’s 2015 agenda. With new sulphur emission regulations effective from January 2015 and the Norwegian Government committed to reduce greenhouse gas emissions…
Boreal Orders Electric Ferry at Vard
Shipbuilder Vard Holdings Limited said it has been awarded a contract to build a new car- and passenger ferry due for delivery to Norwegian public transport operator Boreal in the third quarter of 2019. The vessel will ply the Norwegian fjords powered by a fully electrical battery solution for continuous electric operations. Vard said the vessel’s hull will be constructed at one of its Romanian yards, Vard Braila, and final delivery will take place from Vard Brevik in Norway.
Developing a Roadmap for Green Coastal Shipping
The Norwegian authorities’ target for 2030 is to reduce greenhouse gas emissions by 40% compared to what they were 40 years earlier. By doing so, Norway will set the direction for the shipping industry and continue to be a front-runner. The entire Norwegian shipping industry as well as the Norwegian authorities have gathered to create the Green Coastal Shipping Programme. The programme participants are now ready to share their views and recommend progress in a roadmap addressed to the Norwegian Government.
Norsk Hydro Strikes Oil, Natural Gas Reserves off Norway
Norsk Hydro ASA struck oil and natural gas reserves off the western Norway city of Bergen, reports said. The directorate described the strike as minor though no estimate was given for the size of the find. It said field partners may link the oil and gas reserve to existing production facilities at the nearby Fram field, also operated by Norsk Hydro. The Norwegian government has encouraged oil companies to look for small finds near producing offshore fields to maintain the oil flows that make the Nordic country a major oil exporter. Linking new discoveries to existing platforms sharply reduces development costs. Source: Canada East
EPE SA Wins Lebanese Contract, Oil Spill Cleanup
After several successful environmental projects in Lebanon, Environmental Protection Engineering S.A. (EPE SA ) recently won an international bid for offers and has been awarded a contract from the Higher Relief Commission of Lebanon (HRC) to provide oil spill cleanup services for the Lebanese coastline. The signature of the contract was held under the auspices of his Excellency Mohammad Rahal, Minister of Environment of Lebanon. Dr.Vassilios Mamaloukas-Frangoulis, Director of Marine Environment Protection Dept. represented EPE SA, whereas General Yehia Raad, Secretary General, signed on behalf of the HRC. Rahal highlighted the fact that the Lebanon oil spill cleanup project has reached its final phase with this project financed by a donation from the Norwegian Government.