Norway Agency OKs Statoil Production Plan
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The Norwegian Petroleum Safety Authority on Monday approved Statoil ASA's plan to resume full production from its Snorre A field, which was shut down by a Nov. 28 natural gas leak.
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Norway's center-right government presented a draft 2005 budget that contained a comfortable surplus thanks to the country's massive energy resources.
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Norway's oil production faces a crisis in mid-November with a threat by oil sector groups to stage a lock-out to end industrial action which has weighed on the industry since July.
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Norway has turned income from its 3.3 million barrels per day offshore oil production into a government-owned investment fund worth about $165 billion.
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EU antitrust regulators gave their approval on Wednesday to Russian energy group Lukoil's plans to buy the filling stations of US oil giant ConocoPhillips in seven European countries.
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Statoil ASA said Monday that high oil prices boosted its revenues to a new record for 2005, with net profits more than doubling in the fourth quarter.
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OSLO - Norwayâs oil production faces a crisis in mid-November with a threat by oil sector groups on Monday to stage a lock-out to end industrial action which has weighed on the industry since July.
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Statoil said today that it had agreed to buy Norsk Hydro for about $28 billion in stock.
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The Russian government has approved a plan for the merger of natural gas giant Gazprom and the state-owned Rosneft oil company, a news agency reported Thursday.
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Government ministers have granted planning approval for the UK's first desalination plant in east London.
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Statoil ASA on Wednesday sought government permission to resume its full 205,000 barrel a day production from two offshore oil fields that were shut down in November after a natural gas leak.
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The Swedish government on Thursday approved plans to build a natural gas pipeline from Germany to Sweden, government officials said.
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Russian natural gas monopoly OAO Gazprom said it has chosen France's Total SA as a partner to develop the giant Shtokman gas field in the Barents Sea.
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Statoil, NorwayÂs largest oil company, will pay $700 million for stakes in two oil and gas finds and one exploration prospect in deep waters of the Gulf of Mexico to offset an expected drop in domestic output. The company will buy 17.5 percent of the Caesar discovery and 12.5 percent each of the Big Foot find and the Big Foot North prospect from the Plains Exploration and Production Company of Houston, Statoil said. The discoveries are expected to increase production ÂsignificantlyÂ after 2010, Statoil said. It did not estimate the size of the reserves in the stakes.
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Norwegian oil companies Statoil ASA and Norsk Hydro ASA announced plans Monday to merge their offshore oil and natural gas units in a deal they said would create the world's largest offshore oil operator.
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The creation of a single European gas market took a step forward yesterday with the Dutch government taking control of its country&#39;s gas transport network from Royal Dutch/Shell and ExxonMobil.
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NEW YORK  - Aluminum producer Alcoa Inc. on Tuesday said it will invest about &#36;284 million US to build a new plant in Mosjoen, Norway, to supply anodes to two aluminum smelters in the region.