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Norway's biggest lender DNB on Tuesday reported quarterly earnings above forecasts, supported by interest rate hikes and strong business activity across Norway which the bank said it expected to continue. Net profit rose to 7.79 billion crowns ($761.4 million) for the April to June quarter from 6.43 billion a year earlier, beating the 6.76 billion crowns expected by analysts in a poll compiled by the bank. "The Norwegian business community is maintaining its momentum," Chief Executive Kjerstin Braathen said in a statement. "We are also expecting that Norwegian companies' investments will continue to grow, well above what we are seeing in other countries." DNB's shares traded up 0.9% at 0702 GMT, beating a 0.1% rise in the Oslo benchmark index.
Three Norwegian labor unions agreed on a wage deal with the owners of floating offshore oil drilling rigs, preventing the outbreak of a strike that would have disrupted exploration, unions and employers said on Wednesday. The deal between the Norwegian Shipowners' Association and the Industry Energy, Safe and DSO labor unions covers 8,250 workers. Unions had said that 1,600 workers on 12 rigs would go on strike initially if the talks failed, but would not disrupt the current production of oil and gas.
Oil supermajor, Chevron has become the first major oil and gas firm to leave the Norwegian continental shelf (NCS). Chevron is transferring its 20% interests in an exploration license in the Arctic to DNO. The Norwegian oil and energy ministry wrote that decision indicates “Chevron Norway shuts down its activities in Norway and leaves the NCS permanently”. A number of oil majors have edged down their presence in Norway.
The Norwegian Petroleum Directorate informed that E&P major, Aker BP has concluded drilling operations in the central North Sea. Aker had deployed Maersk Interpid to drill two appraisal wells within the Hanz filed, and a wildcat well southeast of Hanz. The wildcat well came out to be dry, and hence was permanently plugged and abandoned.
The energy giant of Norway, Equinor AS has been given a drilling permit by the Norwegian Petroleum Directorate. This permit is for the well 7324/3-1, cf. Section 15 of the Resource Management Regulations. The energy major will be having 55% ownership interest and will work as the operator in the field. The drilling will be from the West Hercules, position 73°57'2,39" North og 24°41'04,86" East.
In order to recover remaining resources in the Oseberg Øst field, the Norwegian Petroleum Directorate has granted consent to Equinor for continued use of the facility until March 2031.The remaining oil reserves are estimated at 4.9 MMcm (31 MMbbl) at this field that is located in the northern part of the North Sea.