Oil and Gas News from OilGasDaily.Com  
OIL AND GAS
Norway expects steep drop in rig activity
by Daniel J. Graeber
Oslo, Norway (UPI) Nov 24, 2015


disclaimer: image is for illustration purposes only

There should be a steep drop in the number of rigs deployed for exploration of oil and gas reserves offshore Norway, national statistics show.

Lower crude oil prices are influencing exporting and importing nations alike. For Norway's citizens, the number of jobs in the energy sector decreased by half from third quarter 2014 to third quarter 2015.

Data gathered by Statistics Norway find total investments in oil, gas, manufacturing, mining and electricity for 2015 so far are $27.4 billion, down 9.4 percent year-on-year. For oil and gas alone, the year-on-year decline was 11.8 percent.

Brent crude oil, the global benchmark price, is about 45 percent lower than this time last year. The decline acts as a form of economic stimulus for national economies that import most of their sources of energy, but depresses economies like Norway that depend on revenue from oil and natural gas sales.

Economic growth has been slow for most of the year for Norway, with gross domestic product increasing by slightly less than 1 percent for the past four quarters combined.

For October, oil field services company Baker Hughes finds the number of rigs deployed internationally are down 2.5 percent year-on-year. Rig counts serve as a barometer for the health of the upstream energy sector, the part of the industry focused on exploration and production.

Statistics Norway said rigs serve as the "most important input factor" when considering upstream strength.

"Due to low oil prices and operators' processes to cut rig costs, the number of active rigs on the Norwegian Shelf is expected to decrease in 2016," it said. For next year, the government body said there should be a "sharp decline" in the upstream sector.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Saudis Planning For A War Of Attrition In Europe With Russia's Oil Industry
London, UK (SPX) Nov 24, 2015
Russia's central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil price downturn. The result is a heavier discount for Russia's crude oil, the so-called Urals b ... read more


OIL AND GAS
China to deepen energy reform in the next five years

Climate change adaptation in high income countries

EPA boss insists climate reforms will outlast Obama

Africa needs energy for growth, leaders say ahead of climate talks

OIL AND GAS
Accelerating fusion research through the cutting edge supercomputer

Perpetual youth for batteries

Valley current control shows way to ultra-low-power devices

Britain signals closure of dirty coal power plants

OIL AND GAS
Increasing production of seed oils

Energy-efficient reaction drives ORNL biofuel conversion technology

Vast energy value in human waste

Chesapeake Bay Seed Capital Fund invests $150,000 in Manta Biofuel

OIL AND GAS
Cracks found in Scottish nuclear reactor

Russia signs deal to build Egypt's first nuclear plant

S.Africa and China sign nuclear energy cooperation pact

China inks $15 billion nuclear deal with Argentina

OIL AND GAS
Urban heat island study shows surprising variation across Twin Cities

India seeks 'climate justice' for poor nations at Paris talks

Climate: And what if 2 C isn't good enough?

'Resurrection plants' offer hope as climate turns hostile

OIL AND GAS
Tesla recalls all Model S cars worldwide for seatbelt fix

VW puts off China investment amid costly emissions scandal

US regulator deepens crisis at VW in emissions probe

GM to make fuel cell pickup truck for US military

OIL AND GAS
Iran says arrests IS-linked cell near Iraq border

US says strike in Iraq 'likely' killed four civilians

Iraq's Nujaifi files court case to keep vice presidency

Iraq Kurd chief announces 'liberation' of Sinjar from IS

OIL AND GAS








The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.