Norway to build modern icebreaker for oil, gas exploration in Arctic by 2016, posted on The Voice of Russia
The Kronprins Haakon modern icebreaker for exploration of resources in the Arctic will be ready by 2016, Norway’s Minister of Fishery Elisabeth Aspaker said at the opening of the Arctic Borders international conference in Tromso, Norway. “For Norway it will be its ever biggest investment in a sea research project,” the minister said. “The new icebreaker will be used both for monitoring of the ecology situation in the Arctic and for further exploration of the hydrocarbon resources at high latitudes.” [Read More…]Greenland’s New Frontier: Oil and Gas Licenses Issued, Though Development Likely Years Off by Kevin Casey, posted on The Arctic Institute
While development of oil and gas in Greenland has historically focused on offshore areas west of Greenland, the Bureau of Minerals and Petroleum of the Government of Greenland awarded the first oil and gas exploration and exploitation licenses for eastern Greenland on 20 December, 2013. The initial four licenses were awarded to three consortia of companies that have been involved in seismic exploration in the region since 1989. In addition, a further fifteen leases are under consideration for 2014. [Read More…]Norwegian Arctic oil production down in 2013, but expected to grow posted on Oil & Gas Eurasia
Figures assembled by BarentsObserver show that both oil and gas production in northern Norwegian fields dropped significantly in the course of 2013, Barents Observer reported on January 17. The Snøhvit field, so far the only operating project in the Barents Sea, produced a total of 3,76 million sm3 of gas, a decline of 24 percent compared with 2012. Likewise, practically all of the fields located in the Norwegian Sea off the coast of the Nordland County had falling production figures. [Read More…]The sale of oil and gas has been highly lucrative for Noway – but should it continue? by Ruby Lott-Lavigna, posted on New Statesman’s Current Account
The recent Norwegian elections have taken the country in a conservative direction. While talk of cost cutting, limits to immigration and religious education reform are at the forefront of the political discourse, the national energy debate is proving problematic for the new coalition government. Reconciling Norway’s all-encompassing apprecation of the natural world with the desire to export gas and oil supplies is proving difficult, forcing the parties to ask themselves which matters more: growth or the environment? [Read More…]Norway’s Arctic Dreams are Shattered by Rising Costs and Taxes by James Burgess, posted on OilPrice.com
Constant increases in the costs of oil and gas projects along with a hike in taxes have combined with falling prices to force many oil companies to reconsider their future investments in Norway, delaying Arctic projects and damaging the country’s hopes of reviving its falling oil output volumes, which are at a 25 year low. The Norwegian Petroleum Directorate (NPD) told Reuters that the costs associated with Norway’s oil sector have nearly doubled since 2005, and last year’s tax hike has coincided with a global effort by oil companies to reduce spending in order to create healthier cash flows. [Read More…]‘Arctic territorial zones well defined, but some scramble for resources inevitable’, posted on RT
Disputes over the fate of the natural resources of the Arctic will be resolved peacefully, believes Rear Admiral Christopher J. Parry. However, the retired commander told RT the ice thaw in the North will create a new geopolitical geometry. [Read More…]Gazprom: This Oil And Gas Large-Cap Could Yield 10% By 2016, posted on Seeking Alpha
The cheapest large-cap oil and gas company in the world is trading at a 2014 P/E of 3.2 and EV/EBITDA of 2.4, implying 64% and 46% discounts to emerging markets peers. The company trades at a 2015E P/E and EV/EBITDA of 3.0 and 2.2 respectively; a 34% discount to its three-year historic average EV/EBITDA multiple and 19% discount to the three-year average P/E multiple. [Read More…]Sale of Eni stake in Severenergia to Novatek and GazpromNeft was finalized, posted on OilVoice
The severe cold weather sweeping across the central United States is threatening to curtail some oil production, if only briefly, as it disrupts traffic, strands wells and interrupts drilling and fracking operations. Weather stations recorded some of the coldest temperatures in two decades in the Midwest, threatening lives, closing businesses and schools and causing thousands of flights to be canceled. [Read More…]Live Industry News
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