Word: statoil
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...there was a hitch: oil companies weren't terribly interested. With prices and demand still growing and U.S.-Russia relations improved, Cambridge Energy Research analyst Laurent Ruseckas says, commercial factors are now driving the $3 billion project. (It began construction last week, sponsored by British Petroleum, Norway's Statoil and others.) While there is still some Russian annoyance at the plan - and heightened tensions with Georgia over Chechen separatists - Ruseckas notes that "the Russians now understand that this is just a pipeline." In fact, the biggest impact today won't be on a superpower, but on Azerbaijan, which hopes...
...could not help feeling a twinge of pity as Lithuanian Prime Minister Kazimiera Prunskiene and her entourage trudged through Oslo looking for help last week. The Norwegians offered their guests sympathy and goodwill, but oil and gas were another matter. Statoil, Norway's state-owned oil company, said sure, it would sell to Lithuania -- but for U.S. dollars, of which Lithuania has very...
Norway's policy has been to tap its oil wealth slowly, so as not to bring in gushers of money all at once and disrupt the economy. Unlike Britain, though, Norway has firmly made up its mind as to what role the government should play. Through Statoil, the state oil company, Norway controls most of its oil industry. It buys up to 75% interests in production ventures; Statoil and Mobil along with other oil companies are partners in Statfjord, Norway's biggest oilfield yet (3 billion bbl. in reserves). Headed by Arve Johnsen, a 41-year-old economist...
...imposed stiff fees for concession rights and royalty fees of 8% to 16% on every barrel of oil produced. It has also proposed an income tax of up to 91% on all revenues earned from oil pumped in Norwegian fields. Moreover, it has created a state-owned oil company, Statoil, that must be included as a partner in nearly all private drilling ventures. The government flatly forbids drilling north of the 62nd parallel, where most of the nation's 30,000 fishermen live and work. The fishermen fear that oil spills and giant rigs will destroy their fishing banks...