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Business

Cairn Energy sells stake in Arctic exploration license

Print Monday, 23 January 2012 15:28 Written by CBC News


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m Norway's Statoil shows the drilling rig Aker Barents in the Arctic's Barents Sea, Monday Jan. 9, 2012. Norway's state-controlled oil company Statoil has just bought a stake in Cairn Energy's Baffin Bay exploration license. (Harald Pettersen/The Associated Press/Statoil)
Norway's Statoil to become partner

Scotland's Cairn Energy has sold a stake in its Baffin Bay oil exploration license to Statoil – a company whose majority stakeholder is the Norwegian government.

Cairn had been looking for partners in the project after two unsuccessful years of drilling in the bay which is off Greenland's west coast.

"Statoil is Norway's national energy company and they've got obviously extensive experience of drilling in the Arctic, in northern Norway, and also developing fields there.

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Business

Sweden's Saab workers may have future in Norway's oil industry

Print Tuesday, 17 January 2012 15:02 Written by Radio Sweden


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Hydro oil platform in Troll B, one of Norways biggest oilfields in the North Sea. Photo: Tor Richardsen, Scanpix, AFP.
A new labor market may soon open up for Saab's carmakers, reports Swedish news agency TT. The Gothenburg-based company YellowOffshore is planning to open a training branch in the Swedish city of Trollhättan, where workers from the bankrupt auto company can learn to work as repairmen within the Norwegian oil industry.

"Automakers have the competence that the offshore industry needs, " says Peter Eriksson with YellowOffshore to the Trollhättan daily, TTELA. "We estimate that this will lead to 200 jobs." 
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Business

How Norway grew a $600 billion sovereign fund from oil

Print Monday, 07 November 2011 00:00 Written by Alex DeMarban, Alaska Dispatch


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Norwegian Oil and Energy Minister Ola Borten Moe (2nd L) visits the Troll A-platform in the North Sea on October 28, 2011. Photo: Steinar Schjetne, Scanpix Norway, AFP.

In an address detailing Norway's success capitalizing on its offshore oil and gas resources – including creating a 21-year-old investment fund worth $600 billion and an oil company with worldwide operations – the country's energy minister said a stable tax regime for producers has been critical.

"If you are to invest billions and billions of dollars, you need to know the system won't change overnight," said Ola Borten Moe, Norway's Minister of Petroleum and Energy. "So we take great pride in the fact that we don't change the system every now and then."

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Business

Oil find in Norwegian waters

Print Friday, 30 September 2011 09:47 Written by Radio Sweden


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The Swedish and Norwegian-owned Lundin oil and gas company has announced a giant oil discovery in the Norwegian section of the North Sea.

Test drillings indicate a find of between 800 million and nearly two billion barrels of oil.

The company's shares have soared by 30% on the Stockholm stock market.

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Business

Alaskans compare oil economies with Norway

Print Thursday, 22 September 2011 10:53 Written by Dave Donaldson, APRN - Juneau


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A group of 40 Alaskans – including a dozen legislators — have returned from a tour of Norway, where their goal was to get a look at another oil economy.

The trip was organized by the Institute of the North.

Larry Persily, the federal natural gas pipeline coordinator, says the participants found a few areas in which Norway deals with the oil and gas industry differently than Alaska – and says there was interest in exploring the new ideas.

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