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Share Price: 2,772.50
Bid: 2,771.00
Ask: 2,772.00
Change: 12.00 (0.43%)
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Norway boosts oil, gas drilling, including in Arctic

Tue, 16th Jan 2024 15:39

Awards 62 exploration permits, up from year-ago 47

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More interest in Arctic Barents Sea drilling

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Awards are based on applications from oil firms

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Environmental groups protest Norway's drilling

SANDEFJORD, Norway, Jan 16 (Reuters) - Norway on Tuesday awarded stakes in 62 offshore oil and gas exploration licences to 24 energy companies, including state-controlled Equinor , boosting the amount of acreage offered as the country seeks to pump for decades to come.

The annual award was up from 47 licences a year ago when 25 firms received permits. The increase involved drilling permits in the Arctic Barents Sea and the adjacent Norwegian Sea, the country's energy minister told a conference.

The annual predefined areas (APA) rounds of exploration acreage are central to Norway's strategy of extending its oil and gas production, a policy fiercely opposed by environmentalists, dozens of whom picketed the event.

The licence awards in the Barents Sea, a vast ocean off the northern tip of continental Europe, rose to eight in the new round from just two one year ago, as energy companies expressed more interest in the remote and environmentally harsh region.

"Last year I asked companies to look more closely at Barents Sea opportunities... this award shows that more companies have responded positively and are taking responsibility," Minister of Energy Terje Aasland said.

The awards, based on applications from companies, marked the return of Aker BP to the Barents Sea, which the company had abandoned years ago after spudding a number of dry wells.

"We have a new team, we have new ideas, we have new acreage," Aker BP CEO Karl Johnny Hersvik said, adding the plan was to look mainly for natural gas.

EUROPE'S BIGGEST GAS SUPPLIER

While Norway backs the Paris climate accords and the global goal to transition away from fossil fuels, the country also says the world will need access to oil and gas for many years.

"The government's policies continue to be on a head-on collision course with a sustainable climate," Friends of the Earth Norway head Truls Gulowsen said in a post on social media X.

Norway in 2022 overtook Russia as Europe's biggest gas supplier as Moscow's invasion of Ukraine severed decades-long energy ties. The Nordic country also replaced some of the Russian oil barrels banned by the European Union.

The number of new drilling permits awarded in the North Sea was unchanged year-on-year at 29, while 25 were issued for the Norwegian Sea, up from 16 one year ago.

Equinor was awarded stakes in 39 licences, including 14 it will operate, while the second-largest listed oil firm, Aker BP, received stakes in 27 licences, including 17 it will operate.

Vaar Energi came third with stakes in 16 licences, including four it will operate.

Oil majors Shell and TotalEnergies received stakes in one licence each, while ConocoPhillips received stakes in three.

Norway's overall output amounted last year to around 4 million barrels of oil equivalent per day, divided equally between oil and natural gas.

Production is expected to remain at this level in the coming years before dropping sharply in the 2030s unless new resources are found and developed. (Reporting by Nerijus Adomaitis and Nora Buli in Sandefjord, editing by Terje Solsvik and Barbara Lewis)

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2 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

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2 May 2024 08:44

TOP NEWS: Shell launches fresh buyback as lower earnings top forecasts

(Alliance News) - Shell PLC on Thursday announced a new USD3.5 billion share buyback, alongside lower first quarter earnings which nonetheless beat market expectations.

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2 May 2024 08:44

LONDON MARKET OPEN: FTSE 100 up as Powell keeps lid on hawkishness

(Alliance News) - London's FTSE 100 opened in the green on Thursday, with markets breathing a sigh of relief after Federal Reserve Chair Jerome Powell came across less hawkish than some feared.

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2 May 2024 07:48

LONDON BRIEFING: Shell unveils USD3.5 billion buyback; Melrose bullish

(Alliance News) - London's FTSE 100 is called to open higher on Thursday, after the Federal Reserve left rates unmoved and Chair Jerome Powell came across less hawkish than feared.

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2 May 2024 07:04

Shell Q1 beats estimates as profit hits $7.7bn, launches $3.5bn buyback

(Sharecast News) - Oil and gas giant Shell on Thursday reported much better-than-expected first-quarter earnings on the back of higher margins from crude and oil products trading and also unveiled a new $3.5bn share buyback.

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2 May 2024 05:30

Intervene, rinse, repeat

A look at the day ahead in European and global markets from Tom Westbrook

Sudden yen rallies and a 5.5 trillion yen ripple in Japan's money markets seem to put us in the midst of another round of intervention. The latest yen surge came in the thin morning of the Asia day, an hour after daybreak in Wellington.

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1 May 2024 18:30

Sector movers: Oil, Autos drag on FTSE 350

(Sharecast News) - Weakness in the oil patch and among select cyclicals dragged on the FTSE 350 in the middle of the week.

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1 May 2024 18:17

Europe Gasoline/Naphtha-Gasoline cracks rise despite surprise US stock build

LONDON, May 1 (Reuters) - Northwest European gasoline refining margins rose by 80 cents to $23.03 a barrel on Wednesday, even as U.S. gasoline stocks registered a surprise build in the week to April 26 according to the Energy Information Administration (EIA).

Trade    Bid      Offer    Prev.    Buyer    Seller
Ebob $915
Barges
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Platts E5
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Ebob
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Ebob $905.25 $928.50 Litasco Gunvor,
Barges -906 , , Shell Varo,
Argus (8KT) $932.25 ExxonMo
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Ebob $887.75 $917.50 Phillip Varo,
Barges (6KT) , s 66, Mabanaf
E10 Argus $925.50 Musket t
(fob AR)
May swap $875 $914
(fob ARA)
Premium $902-90 $923-$9 Varo Trafigu
Unleaded 5 (5 25 ra,
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Cargoes
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Naphtha May
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Ebob crack (per barrel) $23.03 Prev. $22.23
Brent futures
Rbob
Rbob crack <RBc1-CLc1>
(Reporting by Robert Harvey Editing by Mark Potter)

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1 May 2024 17:50

Canada's long-delayed Trans Mountain oil pipeline starts operations

May 1 (Reuters) - After 12 years and C$34 billion ($25 billion), Canada's Trans Mountain pipeline expansion project (TMX) began commercial operations on Wednesday, a major milestone expected to transform access to global markets for the country's producers.

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1 May 2024 17:31

UK's FTSE 100 slips ahead of Fed outcome, energy stocks weigh

FTSE 100 down 0.3%, FTSE 250 off 0.2%

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1 May 2024 12:01

Shell exits China power market businesses

LONDON, May 1 (Reuters) - Shell has exited China's power markets as part of CEO Wael Sawan's drive to focus on more profitable operations including its natural gas and oil businesses.

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29 Apr 2024 14:21

Norway's wealth fund falls short on climate ambitions, NGO says

OSLO, April 29 (Reuters) - Norway's $1.6 trillion sovereign wealth fund, the world's largest, is falling short on its climate ambitions by failing to back multiple shareholder proposals pushing oil companies to cut their greenhouse gas emissions, a non-governmental organization said in a report said on Monday.

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29 Apr 2024 13:10

Namibia's NAMCOR signs deal with Chevron to develop offshore block

CAPE TOWN, April 29 (Reuters) - Namibia's national oil company (NAMCOR) has signed a development deal with Chevron that will see the U.S. oil major take an 80% operating working interest in an offshore block in the Walvis Basin, NAMCOR said on Monday.

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26 Apr 2024 08:17

Climate groups picket Swiss National Bank's shareholder meeting over its investments

BERN, April 26 (Reuters) - Climate campaigners picketed the Swiss National Bank's shareholders meeting on Friday to protest against the central bank's investments in companies they say damage the environment and carry out fracking.

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25 Apr 2024 15:51

UK earnings, trading statements calendar - next 7 days

Friday 26 April 
Facilities by ADF PLCFull Year Results
Kingspan Group PLCTrading Statement
Loungers PLCTrading Statement
NatWest Group PLC Q1 Results
Pearson PLCTrading Statement
Record PLCTrading Statement
Smurfit Kappa Group PLCTrading Statement
Taylor Maritime Investments LtdTrading Statement
Monday 29 April 
Beazley PLCTrading Statement
Biome Technologies PLCFull Year Results
Christie Group PLCFull Year Results
Gresham House Energy Storage Fund PLCFull Year Results
Gresham Technologies PLCFull Year Results
Jadestone Energy PLCFull Year Results
Oxford BioMedica PLCFull Year Results
SpaceandPeople PLCFull Year Results
Tuesday 30 April 
Avacta Group PLCFull Year Results
Card Factory PLCFull Year Results
Capital & Regional PLCFull Year Results
Close Brothers Group PLCTrading Statement
Coca-Cola HBC AGTrading Statement
Elementis PLCTrading Statement
essensys PLCHalf Year Results
Fadel Partners IncFull Year Results
Glencore PLCTrading Statement
Hargreaves Lansdown PLC Trading Statement
Howden Joinery PLCTrading Statement
HSBC Holdings PLCQ1 Results
Kelso Group PLCFull Year Results
Northcoders Group PLCFull Year Results
Phoenix Spree Deutschland LtdFull Year Results
RBG Holdings PLCFull Year Results
Rotork PLCTrading Statement
Safestore Holdings PLCHalf Year Results
Shield Therapeutics PLCFull Year Results
St James's Place PLCTrading Statement
Strip Tinning Holdings PLCFull Year Results
Whitbread PLCFull Year Results
Wednesday 1 May 
Anexo Group PLCFull Year Results
Computacenter PLCTrading Statement
Georgia Capital PLCQ1 Results
GSK PLCQ1 Results
Haleon PLCTrading Statement
HSS Hire Group PLCFull Year Results
Intelligent Ultrasound Group PLCFull Year Results
Maintel Holdings PLCFull Year Results
Next PLCTrading Statement
Smith & Nephew PLCTrading Statement
Thursday 2 May 
Endeavour Mining PLCQ1 Results
Hiscox LtdTrading Statement
International Personal Finance PLCTrading Statement
Kerry Group PLCTrading Statement
Lancashire Holdings LtdTrading Statement
Melrose Industries PLCTrading Statement
NAHL Group PLCFull Year Results
Reach PLCTrading Statement
Shell PLCQ1 Results
Smiths News PLCHalf Year Results
Smurfit Kappa Group PLCTrading Statement
Spectris PLCTrading Statement
Standard Chartered PLCQ1 Results
TI Fluid Systems PLCQ1 Results
  
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