Norway

Type: Country

Name: Norway

population: 4,600,644

Quotes

Commenting on the results, CEO Christophe de Margerie said, "In the third quarter, the average Brent price increased to 68 $/b. However, spot gas prices and refining margins reached very low levels, reflecting the sharp decline in demand and the resulting oversupply. The Chemicals segment benefited from a small improvement in margins. 'In this mixed environment, Totals adjusted net income was 2.7 billion dollars, an increase of 14% compared to the second quarter 2009. Compared to the third quarter 2008, when oil prices hit record highs, the Groups results are down 56%, but, once again, they show resilience that is among the best of the peer group. In the third quarter 2009, the Group generated net cash flow of 3 billion dollars and reduced its gearing to 21%. 'In the Upstream, Total's production is back on track with growth of 3% from the second quarter to 2,243 kboe/d, thanks in particular to the ramp up of Akpo in Nigeria and Tahiti in the Gulf of Mexico as well as the start-up of Tyrihans in Norway, Tombua Landana in Angola and Qatargas 2 Train B The mid-October start-up of Yemen LNG completes the Groups objective to start up its 2009 major projects. 'Total is also pursuing the development of new fields and took decisive steps during the quarter on projects in Bolivia, Algeria and Thailand. The recent agreement with KazMunaïGas in the Caspian Sea, like the one signed with Novatek in Russia in the previous quarter, also illustrates the Groups ability to create partnerships and to participate in the development of new resources by leveraging its technical expertise and its capacity for investment. At the same time, the Upstream segment is continuing to actively implement cost reduction programs targeting its fixed costs and the projected cost of its investments. 'Total is determined to pursue its strategy of profitable and responsible growth, while reaffirming the priority of safety and the environment. Combining the key elements of reliability and safety in our operations and production growth with cost reduction will allow us to successfully implement our strategy.'Third quarter 2009 results"

Total's adjusted net income was 1,869 million euros, a decrease of 54% [Mbendi - 11/05/2009]

...$5-6 a million BTUs -- they are still way down from their peaks during the middle of last year, potentially threatening exporters' profitability. "Profitability will be at risk if buyers seek to renegotiate contracts. Thus the large national oil and gas companies such as Gazprom in Russia, Statoil in Norway, Sonatrach in Algeria and QP in Qatar, should assess the implications of reducing production, and align their project portfolios with the new market realities" Booz & Co. said...

In Qatar, New LNG Plant Opens Amid World Eco... [Rigzone - 10/27/2009]

...the member states have very often not done a very good job at doing so, I think there is a good case to have this as a regulation,' Blotz argued, "given the urgency and the natural delay that a directive would result in" . In the longer term, volatile demand for gas has demonstrated that industry will have to rethink the long-term contracts it has struck with supplier...

Renewed gas crisis 'likely', says regulator [EurActiv.com - 10/21/2009]

The U S already gets LNG from countries like Algeria, Nigeria, Egypt, Trinidad and Norway. Russian gas wont be any different, says Hattenberger. "Its another good source of natural gas for the U S We will sell it at exactly the same price as everybody else does." Expect that price to stay low for a while

Natural Gas: The Russians Are Coming! [Oil & Gas Eurasia - 10/15/2009]

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