While oil prices reached a new trading high of $129 per barrel in electronic pre-opening trading on the Nymex today, additional price pressure may be coming from an unexpected source. A wage strike in Norway closed more than six airports, limiting transportation of personnel to and from oil platforms on the Norwegian continental shelf. The dispute shut down Bergen, Sola and Kristiansund airports, among others. StatoilHydro, which produced an average 1.89 million barrels of oil equivalent per day in first quarter 2008, is “working to establish alternative routes to platforms, including operating additional flights from Stord airport,” according to news reports. While reports from ExxonMobil Corp. and BP Plc say the strike has not affected their operations in the area, ConocoPhillips spokesman Ingvar Solberg said Monday the company might be forced to shutdown production at its 400,000-barrel-per-day Ekofisk field if the strike continues.
Recommended Reading
China Not Continuing Mega Oil-backed Loans to Latin America
2024-06-18 - China, which lent around US$120 billion to Latin America and the Caribbean between 2005-2023, isn’t expected to resume the mega oil-backing loans of yesteryear as the focus turns to debt negotiations.
Cibolo Energy Closes Fund Aimed at Upstream, Midstream Growth
2024-09-10 - Cibolo Energy Management LLC closed its second fund, Cibolo Energy Partners II LP, meant to boost middle market upstream and midstream companies’ growth with development capital.
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
Dividends Declared in the Week of Aug. 2
2024-08-02 - Here is a selection of dividends declared for the week of Aug. 2 for a selection of upstream, midstream and service & supply companies.