Norway plans to maintain existing high production levels in natural gas until the end of the decade as Europe gradually ends Russian imports following the invasion of Ukraine, Norway’s energy minister said. “I expect we will be able to maintain current levels until 2030,” Terje Aasland told Reuters. “We see that there are projects and […]
Tag: Norway
Norway’s mammoth sovereign wealth fund lost $174 billion in the first half
LAST UPDATE: 10.37 Norway’s colossal sovereign wealth fund, which is mainly financed by the Scandinavian country’s energy exports, recorded losses of 1.68 trillion. Norwegian kroner ($174 billion) in the first half of 2022, as his management announced on Wednesday, Reuters reports. The investment performance of the fund, whose size reaches 1.3 trillion. dollar, moved in […]
Norway to Germany: ‘We have no more gas to give you’
Solz returns to Berlin with a polite Norwegian “no” to more natural gas. Accelerating Sweden’s accession to NATO – message from Stockholm to Ankara. The two-day visit of Chancellor Olaf Solz to Sweden and Norway ended with a heavy agenda, albeit in the middle of August, and the main issues being energy security in Europe, […]
Soltz seeks expansion of natural gas production from Norway
Norway has been described as a “safe, democratic and reliable partner” in supplying Germany and Europe with energy by Chancellor Olaf Solz, who called on the government in Oslo to expand natural gas production to reduce dependence from Russia. Norway is “offering the maximum of its potential”, countered the country’s prime minister, Jonas Gar Stere. […]
Inflation in Norway at highest point since 1988 in July
Inflation in Norway in July beat expectations for a fourth straight month, hitting a new 34-year high and intensifying pressure on the country’s central bank (Norges Bank) to hike interest rates this month more than expected. The consumer price index rose 6.8% in July on an annual basis, the highest since July 1988, according to […]
Gas Rally Halts – Down 7.9%
European gas prices halted their rally on Wednesday as Norway’s oil and gas unions agreed to end strike action while Germany took steps to ease its supply shortage, Bloomberg reported. Against this backdrop, the Dutch contract – the European benchmark – fell as much as 7.9% to 152 euros per megawatt hour, after five days […]
Gas Rally Halts – Down 6.4%
LAST UPDATE: 11.01 European gas prices halted their rally on Wednesday as Norway’s oil and gas unions agreed to end strike action while Germany took steps to ease its supply shortage, Bloomberg reported. In this climate, the Dutch contract – the European benchmark – fell by as much as 6.4% to 154.50 euros per megawatt […]
Natural gas continues to rise
LAST UPDATE: 16.15 European natural gas prices quickly erased losses brought by the agreement to end the strike in the Norwegian energy sector and returned to positive territory, continuing their recent uptrend. In particular, the European reference point, the Dutch contract (TTF) after losses that reached 8% is now strengthened by 2% and is trading […]
Norway: Government steps in and stops strike that threatened gas exports
Norway’s government announced on Tuesday that it had referred the dispute between oil and gas workers and their employer to an independent arbitration institution, forcing the country’s legislation to end the strike. The government decided to intervene after the strike shut down three small oil and gas fields in the North Sea yesterday and as […]
Norway: Oil and gas drilling strike ends
The strike in Norway’s energy sector has ended after the country’s government intervened, a union leader and the labor ministry said. Offshore drilling workers in Norway went on strike today, which would cut oil and gas production, especially the latter, by nearly 60%, worsening the strained situation with flows in Europe due to the war […]