The economy of Norway is a highly developed mixed economy with state-ownership in strategic areas. Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. The country has a very high standard of living compared with other European countries, and a strongly integrated welfare system. Norway's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources, particularly North Sea oil.
Norsk Hydro ASA is a Norwegian aluminium and renewable energy company, headquartered in Oslo. It is one of the largest aluminium companies worldwide. It has operations in some 50 countries around the world and is active on all continents. The Norwegian state owns 34.3% of the company through the Ministry of Trade, Industry and Fisheries. A further 6.5% is owned by Folketrygdfond, which administers the Government Pension Fund of Norway. Norsk Hydro employs approximately 35,000 people. Hilde Merete Aasheim has been the CEO since May, 2019.
The Shtokman field, one of the world's largest natural gas fields, lies in the northwestern part of the South Barents Basin in the Russian sector of the Barents Sea, 600 kilometres (370 mi) north of Kola Peninsula. Its reserves are estimated at 3.8 trillion cubic metres of natural gas and more than 37 million tons of gas condensate.
Eivind Kristofer Reiten is a Norwegian economist, corporate officer and politician for the Centre Party. He served as Minister of Fisheries from 1985-1986 and Minister of Petroleum and Energy from 1989-1990, before entering a career in business. Reiten served as the Director General (CEO) of Norsk Hydro between 2001 and 2009, after which he took up the chairmanship of Norske Skog. Eivind Reiten was also Chairman of StatoilHydro for four days until he resigned from his position after Norsk Hydro had been accused of corruption.
Lufttransport is a Norwegian helicopter and fixed-wing airline that operates primarily air ambulance helicopters and planes for the Norwegian and Swedish governments. In addition the airline offers services including surveillance for the Norwegian Coast Guard, transport of ship pilots and scheduled air transport in the Norwegian territory of Svalbard.
This is an overview of Equinor's operations in various countries. Equinor is a Norwegian petroleum company.
Saga Petroleum ASA was a Norwegian upstream petroleum company established in 1972 that was acquired by Norsk Hydro in 1999. In October 2007 it was made part of Statoil. The company was the only fully private oil company in Norway. It had partial ownership of 60 oil field licenses and was operator of 18. Saga had an international profile, including major operations on the British continental shelf as well as minor operations in Angola, Indonesia, Libya and Namibia.
State's Direct Financial Interest (SDFI) is a portfolio of the Norwegian government's directly owned exploration and production licenses for petroleum and natural gas on the Norwegian continental shelf. The Norwegian government-owned company Petoro has managed the SDFI portfolio since 2001.
Vetco was established in July 2004 and operated through its subsidiaries Vetco Gray and Vetco Aibel AS. Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and JP Morgan Partners taking over ABB's oil and gas division; ABB Offshore Systems. Vetco was made out of companies that have serviced the upstream oil and gas industry since 1903. These companies are suppliers of products, systems and services for onshore and offshore drilling and production, project management, engineering, procurement and construction services, process systems and equipment, maintenance, modification and operations. Vetco was headquartered in London UK, and employed over 10000 people in more than 30 countries worldwide.
Exploration for petroleum in the Arctic is expensive and challenging both technically and logistically. In the offshore, sea ice can be a major factor. There have been many discoveries of oil and gas in the several Arctic basins that have seen extensive exploration over past decades but distance from existing infrastructure has often deterred development. Development and production operations in the Arctic offshore as a result of exploration have been limited, with the exception of the Barents and Norwegian seas. In Alaska, exploration subsequent to the discovery of the Prudhoe Bay oilfield has focussed on the onshore and shallow coastal waters.
The Statoil corruption case, also known as the Statoil-Horton case refers to Norwegian oil company Statoil’s misconduct and extensive use of bribery in Iran between 2002 and 2003, in an attempt to secure lucrative oil contracts for the company in that country. This was mainly achieved by hiring the services of Horton Investments, an Iranian consultancy firm owned by Mehdi Hashemi Rafsanjani, son of former Iranian President Hashemi Rafsanjani. Horton Investments was paid US$15.2 million by Statoil to influence important political figures in Iran to grant oil contracts to Statoil. The corruption scandal was uncovered by Norwegian paper Dagens Næringsliv on September 3, 2003. Although this case became infamous in the western media and Statoil was found guilty by the Norwegian courts, no verdict was reported by the Iranian media regarding Mehdi Hashemi Rafsanjani's bribery case.
Norway is a large energy producer, and one of the world's largest exporters of oil. Most of the electricity in the country is produced by hydroelectricity. Norway is one of the leading countries in the electrification of its transport sector, with the largest fleet of electric vehicles per capita in the world.
Mongstad is an industrial site in Vestland county, Norway. The site sits on the border of the municipalities of Alver and Austrheim, with most of the site in Alver. The site features an oil refinery for Equinor and other oil companies, including Shell. At Mongstad, Equinor has a crude oil terminal with a capacity of 9.5 million barrels (1,510,000 m3). The port at Mongstad is the largest in Norway, measured in tonnage. The refinery at Mongstad is modern, and has been extensively upgraded, with a capacity of 12 million tonnes of crude oil per year. The refinery is the largest in Norway, though medium-sized by European standards. It is owned by a company called Mongstad Refining, in which Equinor has whole ownership.
Equinor ASA is a Norwegian state-owned multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. As of 2021, the company has 21,126 employees.
Hydro Oil & Gas is a defunct division of Norsk Hydro that operated within the oil and gas industry. On October 1, 2007 it merged with Statoil to form the new corporation StatoilHydro.
Hydro was a chain of fuel stations throughout Sweden owned by Statoil. The chain had more than 500 stations, as well as some unmanned Uno-X stations. The company also operated in retailing natural gas, electricity and heating oil.
Sture Terminal is an oil terminal at Stura in Øygarden municipality, 50 km (31 mi) northwest of Bergen, Norway. It receives oil and condensate from Oseberg, Veslefrikk, Brage, Oseberg Sør, Oseberg Øst, Tune and Huldra fields through 115 km (71 mi) Oseberg Transport System (OTS) and oil from Grane oil field through 212 km (132 mi) Grane oil pipeline.
Grane is an offshore oil field in the North Sea located 185 km (115 mi) west of the city of Haugesund on the western coast of Norway. It is Norway's first heavy crude oil production field and Statoil's largest heavy oil field in the Norwegian continental shelf. The oil from the field, located in Block 25/11 is transported to Sture terminal via Grane oil pipeline. The injection gas is imported to Grane oil field from the Heimdal, located just north the field.
Oseberg Øst is an offshore oil field in the North Sea, located east of Oseberg Oil Field. The field was developed with a fixed production, drilling and quarters (PDQ) facility and is operated by Statoil. The first stage phase processing is done at the Oseberg Øst platform. The second and third phase processing of oil is done at the Oseberg Field Center and it is then transported to Sture terminal in Norway through the Oseberg Transport System.
Vale is an offshore gas field in the North Sea located 16 kilometres (9.9 mi) north of the Heimdal gas field. The depth of the water in the field area is 115 metres (377 ft). Vale is considered a satellite to Heimdal field and is connected to it by a pipeline. Estimated reserves at Vale stand at 2.5 billion cubic metres of natural gas and 21 million barrels (3,300,000 m3) of gas condensate. Vale gas field is expected to produce 1.6 million cubic metres per day of natural gas and 2,600 barrels per day (410 m3/d) of condensate.
