• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 3 hours Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 1 hour Peak Oil is Now!
  • 14 mins Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 2 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 9 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 3 hours Corporations Are Buying More Renewables Than Ever
  • 16 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 21 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 23 hours The EU Loses The Principles On Which It Was Built
  • 24 hours Film on Venezuela's staggering collapse
  • 20 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 13 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 23 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Big Changes in Store for Statoil

Bottom Line: Big changes are in store for Norway’s state-run oil giant, Statoil: After winning parliamentary elections last week, Norway’s new Conservative-led government may move to divest 16% of its stake in Statoil to raise $11 billion, while the Norwegian oil giant prepares to sell some of its North Sea assets to Austria’s OMV, and the head of the country’s energy union calls for the resignation of the Statoil CEO after a report reveals significant security gaps ahead of the terrorist attack and hostage incident at the Amenas facility in Algeria early this year.   

Analysis: The Conservative Party of Norway may cut its stake in Statoil from 67% to 51% after winning parliamentary elections last week. The coalition won 96 seats out the total 169 seats to defeat Prime Minister Jens Stoltenberg’s Labor-led coalition. The Conservatives took the majority position within the new coalition, with 48 seats.  It ran on a platform of reducing its economic footprint in Norway by divesting some of its stakes in a range of companies. At the same time, Statoil is also planning to sell some of its stakes in the Gudrun and Gullfaks oil fields offshore Norway, reducing both to a 51% stake—from 75% for Gudrun and 70% for Gullfaks. The assets will go to Austria’s OMV for $2.65 billion. OMV will also buy Statoil’s 30% stake in the Chevron-led Rosebank discovery offshore UK (off the Shetland Islands).  In total, Statoil…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News