Word: statoil
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...guess what Rainwater did a few weeks ago, right after oil prices topped $129 per bbl. for the first time? "I sold my Chevron," he says. "I sold my ConocoPhillips. I sold my Statoil. I sold my ENSCO. I sold my Pioneer Natural Resources. I sold everything...
...business in nations like Iran, which badly needs outside help for its oil industry. If the terror-free trend should spread, those companies could face significant divestment by U.S. shareholders. Other big-name international companies that have done business with outlaw states include Siemens, Hyundai, Alcatel, BNP Paribas and Statoil. The roster of some 400 global companies excluded by the FTSE/CSAG index includes many that trade on U.S. stock exchanges...
...week Eivind Reiten is unlikely to forget. On Oct. 1, the oil and gas arm of Hydro, an Oslo-based energy-and-metals company he was running, completed a $36 billion merger with Statoil, its beefier Norwegian rival, creating the world's largest offshore energy operator. Five days later, Reiten hosted his country's King and Queen in Nyhamna, a third of the way up Norway's west coast, at the official launch of a record-breaking gas-production and -processing project forged by Hydro to harness gas from 75 miles (120 km) away under the Norwegian...
...decades, Statoil and Hydro relied on the plentiful reserves on the Norwegian continental shelf for almost all their output; last year that area off the country's north and west shores accounted for more than four-fifths of the two firms' production. That bounty has made this nation of just 4.6 million people rich. Government taxes on the country's oil business--Norway is the world's fifth largest exporter by volume--have helped bloat Norway's national pension fund to around $350 billion. But those good times couldn't last forever. With fields beginning to dry up, oil production...
Such skills will come in handy elsewhere too. The group plans to build on its presence in key deepwater areas, from the Gulf of Mexico to Angola, Statoil's largest production site outside Norway. The expected result: while just 14% of the combined firms' output would have been outside Norway in 2006, that figure will rise to 25% in 2009, forecasts Carnegie's Olaisen...