Norwegian Petroleum Directorate News
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Shipments of North Sea Ekofisk crude for June are set to drop to the lowest monthly tally in at least six years because of oilfield maintenance.
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Statoil ASA, Norway’s biggest energy company, said profits fell by 29 percent in the first quarter on lower oil and gas output in Norway, Brazil and as a terrorist attack shut a facility in Algeria.
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An oil and gas leak at BP Plc’s Ula field could have caused a deadly explosion, Norwegian regulators said. They ordered the company to review maintenance procedures after discovering “serious breaches.”
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In the wake of plummeting oil output, Norway, western Europe’s biggest petroleum producer, may have found its new money spigot: an ice-free expanse of the Arctic Ocean known as the Barents Sea.
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Norway, western Europe’s biggest oil and gas exporter, will postpone its efforts to open up the area around the Arctic Jan Mayen island to exploration by at least a year until it has more precise resource estimates.
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The Norwegian Petroleum Directorate said there’s no reason to curb or halt deepwater drilling after the Gulf of Mexico oil spill, clashing with the country’s oil minister.
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Norway, western Europe’s biggest oil and gas producer, raised its estimate for undiscovered resources in the Barents Sea by 31 percent to 8 billion barrels of oil equivalent as it seeks to open new areas to exploration.
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Statoil ASA, Norway’s biggest energy company, said an exploration well showed its Johan Sverdrup oil discovery, possibly the biggest in almost 40 years, extends into a third license, adding to resource estimates.
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The U.K. has never been so reliant on natural gas from Norway, raising the possibility of higher prices when supplies to Europe’s biggest market for the fuel are disrupted.
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Norway is concerned capacity limitations will further boost costs, delay field development and risk leaving oil in the ground as western Europe’s biggest producer struggles to extract more from aging deposits.
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