Statoil testing battery storage for wind energy
Norwegian energy company Statoil said it started a pilot project for battery storage of energy generated from wind at a project off the coast of Scotland. Dubbed Batwind, the company Continue Reading
Eni Starts Pumping Oil From World’s Northernmost Offshore Platform
After long delays and cost overruns, Italian oil company Eni SpA has started to pump oil from the world’s most northern offshore platform, Goliat, which is located in the Arctic Continue Reading
Statoil Ends Rig Deal in Wake of Fatal Accident
“The conditions for terminating the contract signed with COSL Offshore Management AS have, in our opinion, been met,” said Geir Tungesvik, Statoil’s senior vice president for drilling and well, in Continue Reading
Norway Is Gearing Up for More Spending as Economy Sputters
Norway is ready to spend its way through the drop in oil prices. The plunge in crude prices is squeezing the economy of western Europe’s biggest oil producer, driving up Continue Reading
Statoil cancels Maersk rig contract
Norwegian energy company Statoil said Wednesday it decided to cancel a rig contract with Maersk Drilling, transferring the terms to French supermajor Total. The Norwegian company said it decided to Continue Reading
Statoil starts new energy investment fund
Norwegian energy company Statoil announced the launch of a new $200 million investment fund to help drive a strong renewable energy growth strategy. “The transition to a low carbon society Continue Reading
Norway’s Economy Barely Grows in Fourth Quarter Amid Oil Rout
Norway’s economy barely expanded in the fourth quarter as consumer spending held up amid a plunge in oil prices. Mainland gross domestic product, which excludes oil, gas and shipping, grew Continue Reading
Repsol to Shut Unprofitable Norwegian Oil Field
Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse. “Varg Continue Reading
Statoil cuts spending to prepare for rebound
Norwegian energy company Statoil said Thursday it was cutting spending for the year in an effort to position its portfolio for growth once the market recovers. The company outlined a Continue Reading
Statoil Deepens Cuts to Maintain Dividends Amid Crude Slump
Statoil ASA, Norway’s biggest oil company, deepened investment cuts and offered to pay dividends in stock as a collapse in crude prices eroded earnings. The company said it plans to Continue Reading