Norway's offshore sector boosted by wave of mergers
Strategic tie-ups are providing some badly needed lifeblood for the Norwegian offshore sector
Gazprom may have given up on its plans to get a toehold in Norway's upstream via an alliance with Austria's OMV; but the current wave of mergers and asset consolidations are beefing up investment prospects for an offshore sector eager to stem future production declines. In October, Gazprom abandoned plans to swap assets with Austria's OMV, a move under discussion for two years. The deal would have given the Russian state-backed company a 38.5% stake in OMV's Norwegian subsidiary, OMV Norge, in return for a share in its Achimov development in Russia. Instead, OMV has agreed to buy a 24.98% stake in the 4A and 5A phases at Achimov for an undisclosed cash sum. The firms say the deal's terms wil
Also in this section
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources