Posts filtered on Tag


(Kristian Helgesen/Bloomberg)

Norway faces 20 percent drop in oil investment after prices slump

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

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

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.
Shell Oil President Marvin Odum, center, speaks at the University of Houston energy symposium, "Carbon tax: Is it the right time?" on Tuesday, Nov. 10, 2015. ( Karen Warren / Houston Chronicle )

Shell Oil Co. president touts carbon tax over piecemeal regulations

A carbon tax or cap-and-trade system in the U.S. — and globally — would serve the energy industry better than the current slate of piecemeal state and federal regulations, Shell Oil Co. President Marvin Odum said Tuesday at a University of Houston energy symposium on “Carbon Tax: Is It the Right Time?”
(Helge Hansen/Statoil ASA)

Statoil greenlights world’s first floating wind farm

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.
(AP Photo / Kent Skibstad, NTB scanpix)

Statoil posts $330 million loss in third quarter

Statoil cited “impairment charges and provisions,” but it was also hit by declining revenue, which fell 24 percent to 112 billion kroner.
A wind farm in West Texas, outside of Roby. (Photo courtesy Rational Middle Media)

Texas hits new wind power milestone on Thursday

At 12:38 a.m. Thursday, the grid that manages nearly 90 percent of Texas’ electricity load hit 12,237.6 megawatts of wind generation — nearly 37 percent of the grid’s load at the time — besting the previous record 11,467 megawatts from wind set on Sept. 13, according to the Electricity Reliability Council of Texas that manages the grid. A megawatt powers about 500 typical Texas residences during periods of normal demand.
(AP Photo/Scanpix, Statoil)

Monster gas field revival sets Norway up for output record

Norway is on track for record gas production this year after Statoil ASA put an end to technical issues that limited the capacity for the country’s biggest field.
(Bureau of Safety and Environmental Enforcement)

Obama administration closes off two avenues for new Arctic drilling

The Interior Department announced it was canceling government auctions of drilling rights in the Chukchi and Beaufort seas, previously scheduled for 2016 and 2017 respectively. At the same time, it formally rejected bids by Statoil and Shell for more time to search for crude under their existing Arctic leases.

Statoil cuts Houston workforce

The oil giant’s job cuts are part of a previously announced cut and the latest among struggling energy companies that have cost an estimated 200,000 jobs across the globe.