Statoil ASA and Eni SpA are among companies with plans to drill a record number of wells in Norway’s far north this year to help the world’s second-largest gas exporter to sustain output. So far, they’ve struck out.
Norway’s new government, formed yesterday after two weeks of talks, plans to offer tax breaks to encourage consumers to set aside savings in an effort to help the nation deal with its record household debt burden.
Gassco AS, Norway’s natural-gas pipeline operator, said the concept for a link from the Luva field in the Norwegian Sea to existing processing facilities at Nyhamna will be selected in the autumn of this year.
Europe may face a shortfall of Norwegian natural gas as soon as 2015 after the country slashed its estimate for undiscovered resources because of a dearth of discoveries from companies such as Royal Dutch Shell Plc .
North Energy ASA, an explorer based in northern Norway, fell the most in almost two months in Oslo trading after saying a Talisman Energy Inc. well at the Frode prospect in the Norwegian Sea failed to find hydrocarbons.
Statoil ASA, which operates about 80 percent of Norway’s oil and gas production, will invest 57 billion kroner ($10.2 billion) with its partners to develop the Aasta Hansteen gas field and build a Norwegian Sea pipeline.