Norway

Settlements for the advancement of Tanzania's $42 billion melted gas export plant have been postponed by proposed government modifications to a financial agreement reached in 2015, 2 sources from companies associated with the task stated. The federal government and investors revealed last May they had completed negotiations on the long-delayed job to unlock Tanzania's large offshore gas resources. Equinor and Shell are joint operators while Exxon Mobil, Pavilion Energy, Medco Energi and Tanzania's national oil business TPDC are partners. The federal government said at the time that the cabinet would evaluate the contracts the following month. After months without an...

Equinor has actually signed a. longterm handle engineering companies to assist drive down the. cost of establishing two overseas oil discoveries that were. previously held off, the Norwegian energy group stated on. Thursday. The contract with the Subsea Integration Alliance, an. oilfield services group making up Subsea7 and. OneSubsea, could help restore strategies to establish Norway's Wisting. field and Canada's Bay du Nord, potentially opening around one. billion barrels of oil. Selecting the provider at this early stage is a brand-new method of. approaching project advancement for us, Equinor job. advancement head Trond Bokn said in a joint declaration with....

Norwegian oil and gas firm OKEA submitted on Tuesday a 6.3 billion Norwegian crowns ($ 571 million) strategy to establish its Bestla oil and gas discovery in the North Sea, the country's energy ministry informed a. press conference. The discovery, previously called Brasse, is approximated to hold. 24 million barrels of oil equivalent in recoverable reserves,. which will be produced with a subsea setup linked to. the Brage field platform. Production is anticipated to begin in the very first half of 2027. Norway, Western Europe's largest oil and gas manufacturer, desires. oil companies to continue establishing new petroleum resources on...

Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its environment aspirations by stopping working to back numerous investor propositions pressing oil business to cut their greenhouse gas emissions, a nongovernmental organization stated in a report said on Monday. The fund swimming pools the Nordic nation's state profits from oil and gas production. Considering that 2022 its objective is for the 9,000 business it buys internationally to reach net-zero greenhouse gas emissions by 2050, in line with the Paris Contract. As part of its strategy, the fund's management, Norges Bank Financial Investment Management (NBIM), has set...

Norway's $1.6 trillion sovereign wealth fund, the world's largest, falls short on its climate aspirations by failing to back numerous shareholder proposals pushing oil business to cut their greenhouse gas emissions, an NGO report said on Monday. The fund swimming pools the Nordic nation's state earnings from oil and gas production. Given that 2022 its objective is for the 9,000 companies it purchases internationally to reach net no greenhouse gas emissions by 2050, in line with the Paris Agreement. As part of its technique, the fund's management, Norges Bank Financial Investment Management (NBIM), has actually set expectations for corporate boards...

Norwegian independent oil company Aker BP on Wednesday published higherthanexpected net profit for the very first quarter as costs fell, and said its Tyrving field development might begin production sooner than formerly planned. The business, partly owned by BP, reported an internet revenue of $531 million for the January to March duration, up from $ 187 million a year earlier, beating a $470 million projection in a company-compiled poll of analysts. Oslo-listed Aker BP shares were trading around 1% up by 0823 GMT, outperforming the European oil and gas sector, which was 0.5% greater. Analysts said the results beat was...

Investors have submitted a. resolution at Norwegian oil business Equinor, majority. owned by the federal government, to bring its method and capital. investing into line with the Paris Agreement on climate. The relocation is the latest in the present annual basic meeting. season after several oil and gas companies downsized environment. aspirations in the face of an energy crisis and high prices. Amongst those to alter tack consist of Britain's Shell,. while U.S.-based ExxonMobil is suing financiers who asked. it to cut emissions faster, drawing a fresh resolution calling. for the elimination of the president. The Equinor resolution likewise underlines...

Norway's $1.6 trillion sovereign wealth fund, one of the world's biggest investors, said on Saturday it would vote in favour of the reappointment of BP's present chair to the company's board of directors. Ahead of its annual meeting on April 25, BP has proposed the reappointment of Chair Helge Lund to the board, which in 2015 dismissed previous CEO Bernard Looney. The fund said it would also vote in favour of BP's executive remuneration plan. Two major shareholder advisory firms have expressed support for the BP board's handling of previous CEO Bernard Looney's. dismissal last year, ahead of the British...

The Dutch federal government on Thursday said it had actually received numerous quotes in a tender to build an overseas wind farm in the Dutch part of the North Sea with a. overall capability of 4 gigawatts (GW). The government stated it expected to announce the winning bid. in June, while the wind farms were anticipated to be operational by. early 2030. The farms will be developed at 2 areas, with a capability of. 2 GW each, around 60 kilometres (37 miles) off the Dutch coast. Previously on Thursday, Dutch energy firm Eneco stated it had. reversed its decision to...

British finance minister Jeremy Hunt is set to reveal a oneyear extension of a. windfall levy on energy companies' profits in this week's budget,. market sources informed on the relocation said. The Energy Earnings Levy (EPL) was introduced in May 2022. after a jump in energy prices arising from Russia's full-blown. intrusion of Ukraine. Hunt increased the tax in November 2022 from its preliminary 25%. rate to 35%, bringing the total tax burden on North Sea oil. and gas producers to 75%, amongst the highest on the planet. The chancellor likewise extended the tax until 2028 rather than. 2025 and...

EQT will sell 40% interest in its nonoperated natural gas assets in northeast Pennsylvania to Equinor U.S.A. in exchange for Equinor's onshore possession in the Appalachian basin and $500 million in cash, the business said on Monday. Non-operating positions offer holders a cut from the hydrocarbons sold without taking charge of drilling or other operations, although they need to contribute their share of expenses. Natural gas prices have plunged to three-year lows, forcing producers to curb output and spending on drilling activity, specifically in the Marcellus and Utica shale areas. reported last year that EQT was checking out a sale...

It is minus 6 degrees Celsius in Arctic Norway and some 30 Indigenous Sami herders have collected 1,500 reindeer in a confine, arranging who owns which animal after the herds blended while grazing up on the Finnmark plateau. It is also a chance to discuss their big concern: a. prepared 54 km (34 mile) power line to provide Western Europe's. largest melted natural gas plant. The line will be developed on pastures the herders use in. summer, in seaside areas where they say towns, cabins, roads,. existing power lines and other facilities have currently. intruded on the land they use....

Some of the world's biggest solar equipment makers on Wednesday asked President Joe Biden's. administration to impose tariffs on panels and cells from four. Asian countries to secure billions of dollars in financial investments in. U.S. manufacturing. 7 companies - Korea's Hanwha Qcells,. Switzerland's Meyer Burger, Norway's REC Silicon. and U.S. companies First Solar Inc, Convalt. Energy, Objective Solar and Swift Solar - are behind the petitions. filed with the U.S. Department of Commerce and the International. Trade Commission, they stated in a declaration. The American Alliance for Solar Manufacturing Trade. Committee is implicating Chinese companies with factories in. Malaysia,...

The greatest inflation for decades and the impact of the war in Ukraine have actually required business across Europe into layoffs or hiring freezes. Here are some cuts revealed given that the start of 2024: CARS. * BOSCH: the automotive supplier said in January it would cut. 1,200 jobs in its software application development department by end-2026,. after already flagging cuts in Germany. On Feb. 23, it added it. would cut 3,500 tasks in its home device department. * CONTINENTAL: the automobile parts provider announced. on Feb. 14 additional plans to cut staff, by minimizing research and. development staffing in...

The principles consultant to Norway's $1.6. trillion sovereignwealth fund is evaluating whether to recommend. the financier to divest its multibillion dollar stake in mining. huge Rio Tinto for ecological concerns, the Wall. Street Journal reported on Wednesday, citing individuals familiar. with the matter. The council on principles has actually told Rio Tinto in current months. that it is evaluating the business for ecological damage from. its operations in the Brazilian Amazon, the report stated, mentioning. a letter seen by WSJ. The world's largest sovereign wealth fund, which owns 1.5%. of the international listed shares throughout 8,800 business checks out. financial...

LKAB, a state-owned Swedish mining company, announced in a Wednesday statement that it will reduce its iron ore production due to derailments along a railroad linking Sweden and Norway as well as reduced transport capacity. LKAB announced that it would reduce production by 1 million tonnes annually and may take other measures including laying off employees. Stockpiles of iron ore accumulated after two derailments on the Malmbanan Railway, used by LKAB to transport ore from Norway to Narvik. The mining company reported that derailments in the winter caused traffic to be stopped for 76 consecutive days, resulting in a daily...

Companies are responding to disturbances to shipping on the shortest path between Europe and Asia. Attacks in the Red Sea region by Houthi militants in Yemen have actually triggered several shipping business to reroute vessels. Below are details on how companies in numerous sectors are responding: AUTOS ** GEELY: China's second-largest automaker by sales, said on Dec. 22 its electrical car (EV) sales would likely be impacted by a hold-up in shipments. ** MICHELIN: the French tyre maker stated on Feb. 12 logistics issues linked to the Red Sea crisis weighed on its ended up product circulations, mainly natural rubber,...

The Baltic Exchange's dry bulk sea freight hit a more than threeweek high on Thursday, driven by robust demand across all vessel segments. * The overall index, which consider rates for capesize, panamax and supramax shipping vessels, increased by 57 points, or 3.1%, to 1,901 points, its highest level since March 26. * The capesize index gained 85 points, or 3.1%, to 2,845. * Average everyday earnings for capesize vessels, which generally carries 150,000-ton cargoes such as iron ore and coal, increased by $705 to $23,598. * Iron ore futures rose for a 2nd straight session on Thursday, underpinned by...

The Baltic Exchange's dry bulk sea freight index rose to a oneweek high up on Thursday, assisted by greater rates for the capesize and panamax vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, rose by 103 points, or 6.5%, to 1,690 points. * The capesize index gained 273 points, or 12.4%, to 2,475, hitting it greatest level since March 28. * Average daily profits for capesize vessels, which typically transfers 150,000-ton cargoes such as iron ore and coal, increased by $2,257 to $20,523. * We see a moderate level of volumes from...

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk products, snapped a 14session losing streak on Wednesday, assisted by more powerful capesize vessel rates. * The total index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 17 points, or 1.1%, to 1,587 points. * The capesize index got 49 points, or 2.3%, to 2,202. * Average daily earnings for capesize vessels, which normally transfers 150,000-ton cargoes such as iron ore and coal, increased by $412 to $18,266. * On the capesize front, the week started on a slower note...

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, succumbed to a ninth straight session on Tuesday to a. near sixweek low as rates fell across vessel segments. * The overall index, which consider rates for. capesize, panamax and supramax shipping vessels, fell by 107. points, or 5.9%, to 1,714 points. * The capesize index lost 243 points, or 9.2%, at. 2,394, its least expensive level in nearly two months. * Typical everyday earnings for capesize vessels,. which usually transfers 150,000-ton freights such as iron ore. and coal, decreased by $2,014 to $19,852. While...

The Baltic Exchange's main sea freight index decreased on Thursday, as a fall in capesize rates overshadowed gains in the panamax section. * The overall index, which consider rates for supramax, panamax and capesize shipping vessels, lost 20 points, or 0.8%, to 2,350 points. * The capesize index was down by 147 points, or 3.5%, to 4,042, its lowest level in a week. * Typical daily revenues for capesize vessels, which normally carries 150,000-ton freights such as iron ore and coal, reduced by $1,216 to $33,521. * Iron ore futures prices suffered with lingering issues over need in leading consumer...

The Baltic Exchange's main dry bulk sea freight index climbed to its greatest level in nearly three weeks on Tuesday, as rates rose throughout all vessel sections. * The general index, which consider rates for capesize, supramax and panamax shipping vessels, rose by 49 points, or 2.8%, to 1,779 points, its greatest level considering that March 28. * The capesize index firmed 102 points, or about 4%,. to 2,631, a three-week peak. * Typical daily earnings for capesize vessels,. which generally carries 150,000-ton cargoes such as iron ore. and coal, increased by $849 to $21,819. * Iron ore futures fell,...

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk products, declined for a 2nd consecutive session on Wednesday, weighed down by weaker rates for the capesize vessel segment. * The general index, which factors in rates for capesize, supramax and panamax shipping vessels, was down 115 points or about 5% to 2,176 points. * The capesize index, dropped by 379 points, or 9.1%, to 3,769. * Average everyday profits for capesize vessels, which generally transport 150,000-ton freights such as iron ore and coal, decreased by $3,142 to $31,260. * Dalian iron ore futures prices...