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☆ Equinor, partners delay development of northernmost Arctic oilfield
▼ + stars: | 2022-11-10 | by ( Nerijus Adomaitis | ) www.reuters.com time to read: +2 min

OSLO, Nov 10 (Reuters) - Norway's Equinor (EQNR.OL) and partners are delaying the development of what could have been the world's northernmost Arctic oilfield in production, citing rising costs and supply industry capacity constraints, the oil major said on Thursday. Equinor was now aiming for an investment decision on the Wisting oilfield in the offshore Arctic by the end of 2026 instead of December this year, it said. Wisting would have been the fourth hydrocarbon field in production in the Norwegian Arctic. The Norwegian Environment Agency said this year Equinor had failed to show it was safe to produce oil from Wisting, all year-around in harsh Arctic conditions. Equinor and partners say they could have developed Wisting in an environmentally safe way.

☆ Italy to scrutinise sale of Lukoil-owned refinery, minister says
▼ + stars: | 2022-11-06 | by ( ) www.reuters.com time to read: +2 min

The ISAB refinery accounts for around 20% of Italy's refinery capacity and directly employs 1,000 workers in one of Italy's poorer regions. Rome has special anti-takeover regulations or so-called "golden powers" to shield companies deemed of strategic importance from foreign interest. Marking a break with previous administrations, Prime Minister Mario Draghi's government has used golden powers to set conditions on scores of deals. Urso has recently said that Prime Minister Giorgia Meloni's administration would continue to use such a rules to preserve the country's national interest. Last month Italian authorities provided Lukoil with a "comfort letter" to help ISAB refinery get bank financing to buy non-Russian oil but lenders have not yet unlocked the much-needed funds.

Equinor's previous earnings record amounted to a profit before tax of $18 billion and was set in the first quarter. Equinor has said it sells most of its gas output on a day-ahead or month-ahead price basis. "Of course, the (gas) prices in Europe are very high. The European Union has said it plans to coordinate some of its gas purchases in the hope of bringing down prices. "We will cooperate with those buying institutions planned in the EU and negotiate gas prices in the future," Opedal said.

☆ European gas prices to remain high for years, says Equinor CEO
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

OSLO, Oct 28 (Reuters) - The price of gas in Europe will remain high for years to come following the cuts in deliveries from Russia, the chief executive of Norway's Equinor (EQNR.OL) said on Friday. The company, which has this year overtaken Russia's Gazprom (GAZP.MM) as the biggest supplier of gas to Europe, early on Friday posted record third-quarter profits thanks to the spike in energy costs. "The fundamental problem in Europe is a shortage of gas and there will be a shortage over time, and if Europe is to attract that gas it should expect to pay a high price in the coming years," Chief Executive Anders Opedal told a news conference. "Our contribution will be to produce as much as possible and our gas will remain valuable in the years ahead," he said. Reporting by Nerijus Adomaitis, editing by Terje SolsvikOur Standards: The Thomson Reuters Trust Principles.

☆ Global oil giants rake in massive profits in third quarter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +3 min

Oil companies booked billions of dollars in profits as prices for crude, natural gas and fuels like gasoline hovered near record levels during the quarter. The soaring profits are feeding criticism from consumer groups in the United States and Europe as inflation climbs. Exxon Mobil, the largest U.S. major, reported nearly $20 billion in revenue, exceeding expectations and surpassing its previous record set in the second quarter. Chevron earned $11.2 billion, nearly doubling the $6.1 billion from the same period last year. The strong results out of Europe followed Shell's $9.5 billion profit reported Thursday, putting it on track to surpass its record set in 2008.

OSLO, Oct 25 (Reuters) - Norwegian police on Monday arrested a suspected Russian spy in the Arctic town of Tromsoe, the PST security service said on Tuesday, describing him as a rare illegal agent. The man represents a "threat to fundamental national interests" and should be expelled from Norway, deputy PST chief Hedvig Moe told Reuters, describing him as an "illegal agent". An illegal agent is an intelligence operative without official government links who assumes a covert persona, often using a real, dead person's identity. The suspect was involved in a research group that worked with Norwegian government agencies on "hybrid threats" linked to "Arctic Norway", Moe said. NATO-member Norway borders Russia in the Arctic and has ramped up security in the wake of Moscow's February invasion of Ukraine.

☆ Norway to deploy military to protect its oil and gas installations
▼ + stars: | 2022-09-28 | by ( Nora Buli | ) www.reuters.com time to read: +3 min

OSLO, Sept 28 (Reuters) - Norway will deploy its military to protect its oil and gas installations against possible sabotage after several countries said two Russian pipelines to Europe spewing gas into the Baltic had been attacked, the prime minister said on Wednesday. Norway is now Europe's largest gas supplier and a leading global oil supplier. It has over 90 offshore oil and gas fields, most of which are connected to a network of gas pipelines stretching some 9,000 km (5,590 miles). Register now for FREE unlimited access to Reuters.com Register"The military will be more visible at Norwegian oil and gas installations," Prime Minister Jonas Gahr Stoere told a news conference. At sea, the Navy would be deployed to protect offshore installations, while on land, police could increase presence at facilities, he said.

☆ German oil imports up 13.5% in January-July period; bill more than doubles
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterOil depots are pictured in the harbour in Hamburg, Germany, March 8, 2022. Russia remained the top supplier, holding a 30.5% share of Germany's oil imports in the period, monthly statistics from the BAFA foreign trade office showed. Oil imports in January through July from all origins increased to 51.0 million tonnes, from 44.9 million in the same months of 2021, BAFA said. Germany spent 35.9 billion euros ($35.07 billion) on crude oil imports in the first seven months of 2022, 100.6% more than the comparable year-earlier period. ($1 = 1.0235 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Vera Eckert and Nerijus Adomaitis; editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: How much crude oil does the EU still import from Russia?
▼ + stars: | 2022-06-01 | by ( ) www.reuters.com time to read: +3 min

Outside the EU, Russia's top crude oil export markets are China, India and Turkey. Some Russian oil will continue to flow into the EU via pipelines as the ban excludes some landlocked refineries. read moreHOW MUCH DOES THE EU DEPEND ON RUSSIAN CRUDE IMPORTS? Russian oil exports by destinationGermany, the Netherlands and Poland were the top importers of Russian oil in Europe last year, but all three have capacity to bring in seaborne crude. Russian crude oil flows, based on loading data in August, rose month-on-month to Italy and the Netherlands, where Russian oil major Lukoil owns refineries, according to the IEA.

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