• 4 minutes Nord Stream 2 Halt Possible Over Navalny Poisoning
  • 8 minutes America Could Go Fully Electric Right Now
  • 11 minutes JP Morgan says investors should prepare for rising odds of Trump win
  • 22 hours Daniel Yergin Book is a Reality Check on Energy
  • 2 days Permian in for Prosperous and Bright Future
  • 1 day Famine, Economic Collapse of China on the Horizon?
  • 1 day Oil giants partner with environmental group to track Permian Basin's methane emissions
  • 2 days Gepthermal fracking: how to confuse a greenie
  • 2 mins US after 4 more years of Trump?
  • 2 days YPF to redeploy rigs in Vaca Muerta on export potential
  • 2 days Top HHS official takes leave of absence after Facebook rant about CDC conspiracies
  • 1 hour Something wicked this way comes
  • 56 mins Why NG falling n crude up?
  • 3 days The Perfect Solution To Remove Conflict Problems In The South China East Asia Sea
  • 22 hours Open letter from Politico about US-russian relations
  • 3 days Surviving without coal is a challenge!!

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…




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