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The head office of Statoil in Stavanger, Norway.  (AP Photo / Kent Skibstad, NTB scanpix, File)

Statoil reports larger 4th quarter loss after oil price drop

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CEO Eldar Saetre said the company was stepping up its cost-cutting program and reining in spending.

Crude oversupply persists as Iraq ramps up exports…even to the US

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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 […]
Categories: Crude oil
A rig worker looks out across the North Sea aboard the Troll A natural gas platform, operated by Statoil ASA, in the North Sea, Norway, on Wednesday, Oct. 21, 2015. Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll's capacity. Photographer: Krister Soerboe/Bloomberg

Oil platforms evacuated in North Sea due to drifting barge

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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.
(Kristian Helgesen/Bloomberg)

Statoil submits rare $940 million plan amid oil-price rout

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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.
(Kristian Helgesen/Bloomberg)

Norway faces 20 percent drop in oil investment after prices slump

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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.
(Kristian Helgesen/Bloomberg)

Statoil sees more Norway oil exploration cuts amid Arctic halt

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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.
A rig worker looks out across the North Sea aboard the Troll A natural gas platform, operated by Statoil ASA, in the North Sea, Norway, on Wednesday, Oct. 21, 2015. Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited Troll's capacity. Photographer: Krister Soerboe/Bloomberg

Statoil to exit Arctic leases north of Alaska

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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.
(Getty)

Norway oil-rig tender reveals ‘desperate’ drillers in price rout

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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.
(Helge Hansen/Statoil ASA)

Statoil greenlights world’s first floating wind farm

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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.
The sign outside the Statoil oil company headquarters in Stavanger, Norway. (AP Photo / Kent Skibstad, NTB scanpix)

Statoil posts $330 million loss in third quarter

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Statoil cited “impairment charges and provisions,” but it was also hit by declining revenue, which fell 24 percent to 112 billion kroner.