Word: statoil
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Dates: during 2000-2009
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...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 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...
...Snohvit (Snow White in Norwegian) gas field, some 90 miles (145 km) offshore, was a beacon of promise: After 25 years of false starts, planning and construction, the first Arctic industrial oil-and-gas operation outside of Alaska was up and running. Norway's state-owned petroleum firm Statoil could finally exploit once unreachable reserves, expected to deliver an estimated $1.4 billion worth of liquefied natural gas each year for the next 25 years...
...National Iranian Oil Company Director Gholam Hossein Nozari told a recent industry conference in Vienna. Iran's state-owned oil company, which controls the world's second-largest oil and natural-gas reserves, is auctioning 17 oil blocks that could attract nearly $600 million in foreign investment. Norway's Statoil ASA, Russia's OAO Lukoil Austria's OMV AG, and Spain's Repsol SA were involved in the two-day conference in Vienna, where the tenders are being presented. According to Nozari, Iran needs about $94 billion of foreign investment by 2014 to bolster oil and gas production, especially because...