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ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

ENI hails 'big success' in Statoil gas deal

ENI chief executive Paolo Scaroni on Friday hailed an initial deal with Norway's Statoil to revise gas supply contracts as "a big success", as the Italian energy major seeks to lower purchasing costs. "I feel calmer over the chances of keeping the promise made to the market of bringing all gas supply contracts to market prices by 2016," Scaroni was quoted by the Il Sole 24 Ore business daily as saying. Arbitration proceedings initiated by ENI last year against Statoil over the gas contracts will now be suspended to allow the two sides to formulate a definitive agreement.

Statoil says exploration drilling to begin off Newfoundland in summer

ST. JOHN'S, N.L. - Norwegian energy firm Statoil says it will begin exploration drilling off Newfoundland later this year in an effort to determine whether to develop an offshore oilfield believed to hold up to 600 million barrels of recoverable crude. The company said Friday that the drilling will likely take place between July and September and span 18 months in the Flemish Pass Basin.

Statoil reports profit fall, delays 2020 production target

State-backed Norwegian oil giant Statoil reported an annual profit plunge on Friday, postponed its long-term production target and cut investment. Dragged back by declining production and lower prices, annual net profit fell by 42 percent to 39.9 billion kroner (4.7 billion euros, $6.4 billion). That compared with 68.9 billion kroner in 2012,. And revenue dropped by 12 percent to 619.4 billion kroner. Energy is a mainstay of the Norwegian economy, of high living standards and of a huge sovereign wealth fund.

Former Yara executives indicted in corruption scandal

Norwegian police said Friday that four former executives of Yara, the world's biggest mineral fertiliser producer, had been indicted for "aggravated corruption" in Libya and India. The management team is accused of bribing "a Libyan minister and a senior Indian official" with $8 million (5.9 million euros), the police said in a statement. Yara said two days earlier that it had been hit by a fine of 295 million kroner (35.4 million euros, $48.3 million) for these and other payments to Russia, made via a Swiss subsidiary.

Norwegian fertilizer supplier Yara fined $48 million for paying bribes in Libya, India, Russia

STAVANGER, Norway - Norway's economic crimes authority has found fertilizer supplier Yara guilty of corruption involving deals in Libya, India and Russia and ordered it to pay 295 million kroner ($48 million) in fines. The world's biggest supplier of nitrogen fertilizers acknowledged Wednesday that it had paid out bribes in the three countries totalling more than 70 million kroner ($12 million) during 2004 to 2009. The agency has started an investigation into whether it can prosecute individual company members for the crimes.

Norwegian Yara fined in corruption scandal

Norway's Yara, the world's biggest mineral fertiliser producer, said Wednesday it had been hit with a hefty fine by Norwegian authorities following an international corruption investigation. The firm said it would not contest the 295-million-kroner (35.4-million-euro, $48.3-million) fine. "The company acknowledges guilt and accepts a corporate fine," Yara said in a statement.

Norway's Statoil announces gas and oil find in North Sea

Norwegian oil major Statoil on Thursday said it had discovered oil and gas at two prospects in the North Sea estimated to contain a total of 19 to 44 million barrels of recoverable oil equivalent. Statoil said it had found gas in the Askja West prospect and oil in the nearby Askja East prospect, located between the Oseberg and Frigg fields. "We are pleased to start 2014 with a gas and oil find in the Askja West and East prospects, in the very heart of the North Sea," said May-Liss Hauknes, vice president for North Sea exploration in Statoil.

Statoil Canada president: projects must compete for investment amid rising costs

CALGARY - The president of Statoil Canada says doing business with US$100-a-barrel crude nowadays is just as difficult as $30 oil was several years back. "Today, $100 a barrel is the same as $30," Stale Tungesvik told reporters during a briefing Monday, adding that rising costs are making companies picky about the projects they take on. Tungesvik says producers are chasing after increasingly "demanding" barrels — in the oilsands, deep offshore and in complex shale reservoirs.

Statoil announces another major gas discovery off Tanzania

The Norwegian oil company Statoil announced on Friday the discovery of a major gas deposit with its US partner ExxonMobil off the coast of Tanzania. With an estimated 360 million to 540 million barrels of oil equivalent (boe), the find -- the fifth on the same bloc -- brings the size of the discovery to between 3.08 and 3.6 billion boe, the company said in a statement. Tanzania is one of the biggest growth regions for Statoil which faces falling reserves in the North Sea. The company has a 65-percent stake in the bloc, along with ExxonMobil which has 35 percent.
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