|Bid||205.20 x 0|
|Ask||205.40 x 0|
|Day's range||201.40 - 205.80|
|52-week range||150.72 - 216.10|
|PE ratio (TTM)||N/A|
|Earnings date||1 Feb 2018|
|Forward dividend & yield||N/A (N/A)|
|1y target est||22.87|
Norway's trillion-dollar (£758 billion) sovereign wealth fund is proposing to drop oil and gas companies from its benchmark index, which would mean cutting its investments in those companies, the deputy central bank chief supervising the fund told Reuters, sending energy stocks lower. If adopted by parliament, the fund would over time divest billions of dollars from oil and gas stocks, which now represent 6 percent - or around $37 billion - of the fund's benchmark equity index. The aim is to make the Norwegian government's wealth less vulnerable to a permanent drop in oil prices.
The Norwegian sovereign wealth fund's proposal to remove oil and gas stocks from its benchmark index is a good idea, two centrist opposition parties said on Thursday. The Christian Democratic Party said in a statement it gave "full support" to the proposal, while the Liberal Party told Reuters it was "good advice". Liberal spokesman Terje Breivik added that the party had not formally decided its position on the proposal.
Europe's oil and gas index hit its lowest level since mid-October on Thursday after Reuters reported that Norway's trillion-dollar sovereign wealth fund had proposed to drop oil and gas companies from ...
The Norwegian government plans to decide in the autumn of 2018 on whether to back a proposal from the country's wealth fund to cut oil and gas companies from its benchmark index, the Finance Ministry said in a statement on Thursday. "The issues raised by Norges Bank are complex and multifaceted. The advice from the Bank requires a thorough assessment, in line with established practice for key decisions on the management of the Fund," Finance Minister Siv Jensen said.
European stocks hit a two-year peak on Wednesday, lifted by resilient company earnings and record highs in world stocks, though a slump in Standard Chartered shares kept the banking sector under a cloud. The pan-European STOXX 600 ended up 0.4 percent after rising earlier in the session by as much as 0.7 percent to 398.05 points, a level last seen in August 2015. Some of that was down to Germany's DAX index which, playing catch-up after Tuesday's holiday, jumped 1.8 percent to a fresh record high, scoring its biggest one-day gain in more than six months.
Despite failures in the Barents Sea, oil and gas companies are refusing to give up on exploring what is projected to be a hugely profitable area
It’s been a bad year for oil explorers in Norway’s Arctic: a record campaign in the Barents Sea yielded little; the most exciting well in years proved to be a flop; and Norwegians grew increasingly skeptical ...
Canada's Cenovus Energy Inc has reached an agreement to sell its Suffield oil and gas assets for C$512 million ($416 million) to International Petroleum Corp, striking its second deal this month as it pushes ahead with its debt reduction plan. The Calgary, Alberta-based Cenovus said on Monday proceeds from the sale will be used to cut the C$3.6 billion in debt it took on to buy oil sands assets from ConocoPhillips (NYSE: COP - news) this year. Cenovus is targeting C$5 billion from asset sales to pay down the debt and so far it has announced C$1.5 billion in divestitures, including the latest sale.
Aker BP (LSE: 0M5J.L - news) plans to drill between six and eight exploration wells off Norway next year, including four in the Barents Sea, the Norwegian oil firm's chief executive told Reuters. One of these will target a prospect in the southeast Barents on the maritime border with Russia and could contain significant new resources. "Yes, it can, but it also (has) quite a bit of risk," Chief (Taiwan OTC: 3345.TWO - news) Executive Karl Johnny Hersvik said in an interview at Aker BP's office near Oslo.
Norway's licensing round to explore for oil and gas in mature offshore areas attracted bids from 39 companies, up from 33 firms last year, the Oil and Energy Ministry said on Wednesday. The announcement comes five days before a parliamentary election in Norway, where some opposition parties have called for scaling back exploration to reduce carbon emissions from Western Europe's top oil and gas producer.
A total of 39 oil companies asked for exploration acreage offshore Norway in the so-called predefined areas licensing round by the Sept. 1 deadline, the country's energy minister told TV2 News on Wednesday. ...
Political tensions and a surging euro sent European shares to their lowest in six months on Tuesday after a missile launch by North Korea sapped global risk appetite. The pan-European STOXX 600 ended the ...
Sweden's Lundin Petroleum (LSE: 0NNR.L - news) lifted its full year production guidance on Wednesday and said it still expected to find more oil in the Barents Sea despite a recent setback. Lundin said it was able to increase production capacity at its Edvard Grieg platform to 145,000 barrels of oil equivalents per day (boepd) from its designed capacity of 126,000. "This outstanding performance has led us to revise Lundin Petroleum's full year production guidance to between 75,000 and 85,000 boepd, and to reduce our cash operating cost guidance for the full year to $4.90 per barrel," it said in a statement.
European shares edged up on Monday helped by stronger oil stocks, while the loss of major customer Apple hammered shares in British firm Imagination Tech, also weighing on other tech stocks in the region. ...
Statoil confirmed on Tuesday its cost estimate for developing Norway's Johan Sverdrup oilfield, the largest North Sea discovery in decades, and announced contract awards for the second and final construction ...
Norway awarded 56 offshore exploration licences on Tuesday, matching last year's record number, as it seeks to boost output from acreage located near existing oil and gas fields. The biggest winner was Statoil (LSE: 0M2Z.L - news) with 29 licences, including 16 operatorships, while Aker BP came in second with 21 licences, of which 13 were operatorships. "This shows that there still is a lot of interest for the Norwegian Continental Shelf and that new players are coming in," Statoil's Chief Executive Eldar Saetre told Reuters on the sidelines of an industry conference.
Oil and gas output from Western Europe's top producer Norway will be higher than previously expected in 2017 and 2018 following above-forecast output last year, the Norwegian Petroleum Directorate (NPD) predicted on Thursday. Oil production for 2017 is now expected to hit 93.9 million cubic metres, corresponding to 1.62 million barrels per day and in line with 2016, against a year-ago forecast that output would fall to 87.3 million cubic metres in the current year. NPD said forecasts were revised up because the fields, through efficiency measures, particularly within drilling of wells and regularity on the facilities, produced more than previously presumed.
Lundin Petroleum has found additional oil and gas in the Norwegian Arctic, the Swedish company and the Norwegian Petroleum Directorate said on Tuesday, lifting the company's shares. The find is located ...