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CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.
BAAAHH! Bahp-Bahp Bahp-Bahp Bahp – BAAAAAHHH! (this morning’s fanfare is not only for the first Nonfarm Friday of the year, but also in honor of David Bowie’s 69th birthday). And sure enough ch-ch-changes are underway in the market, as we approach the end of a most tumultuous week. A sense of serenity returned to financial […]
Company spokesman Jan-Erik Geirmo said the evacuees were taken to other oil fields as a precaution, and that 85 people remained on platforms in the Valhall field Thursday morning.
Statoil is studying the use of unmanned platforms, which are new to Norway but have been used in Denmark and the Netherlands, for other projects, including at the giant Johan Sverdrup field, Aasheim said.
Norway’s oil companies reduced their exploration-spending forecast for next year by 35 percent from the previous quarter’s estimate, and foresee a “sharp decline” in the number of offshore wells, Statistics Norway said.
Norway’s biggest oil explorer and producer is set to drill 16 wells in the country as an operator in 2015, down from 21 last year.
Statoil’s announcement comes two months after Royal Dutch Shell announced it would abandon its $7 billion Arctic drilling efforts in a neighboring part of the Chukchi Sea north of Alaska, after drilling a dry hole.
Offshores drillers such as Transocean Ltd., Seadrill Ltd. and Fred Olsen Energy ASA have been caught in a double whammy of falling demand for their services and a glut of new rigs coming into the market.
After installing its first large-capacity, operational wind turbine floating offshore in 2009, Statoil said the project costs have reduced by more than 60 percent.
Statoil cited “impairment charges and provisions,” but it was also hit by declining revenue, which fell 24 percent to 112 billion kroner.