U.S. Approves First Oil Production Facility from Manmade Island Offshore Alaska

By Jennifer A. Dlouhy (Bloomberg) -- The Trump administration has authorized Hilcorp Energy Co.’s plan to build an artificial gravel island in the Beaufort Sea north of Alaska and use it to extract crude -- marking the first approval of an oil production facility in federal Arctic waters. The Interior Department’s conditional approval -- subject to seasonal restrictions and … [Read more...]

Greenpeace Appeals After Losing Norwegian Arctic Drilling Lawsuit

By Alister Doyle and Terje Solsvik OSLO, Feb 5 (Reuters) - Environmental groups launched an appeal on Monday after an Oslo court rejected their arguments that Norway's oil and gas exploration in the Arctic violates citizens' right to a clean environment. Greenpeace and Nature and Youth disputed the Oslo District Court's verdict last month, particularly that Norway could … [Read more...]

Hope Wanes for `Elephant’ Oil Finds in Norway’s Arctic Waters

By Mikael Holter (Bloomberg) -- After a disappointing year for drillers, Norwegian authorities are reviewing their hopes for the Nordic country’s hottest exploration area. “In the part of the Barents Sea that’s currently open, you’ve sort of tried the elephants -- the big opportunities,” Bente Nyland, the head of the Norwegian Petroleum Directorate, said in an interview … [Read more...]

Norway Beats Back Lawsuit Seeking to Curb Arctic Oil Drilling

By Mikael Holter (Bloomberg) -- Norway beat back an unprecedented lawsuit by environmental groups that sought to curb oil drilling in the country’s Arctic waters. The government acted lawfully in awarding exploration licenses in the Arctic Barents Sea to companies such as Statoil ASA and Chevron Corp. in 2016, Oslo District Court said in a ruling on Thursday. The risk of … [Read more...]

Statoil Greenlights Key $6 Billion Norway Arctic Oil Project

  By Mikael Holter (Bloomberg) -- Statoil ASA gave the final go-ahead to a flagship Arctic oil project after slashing costs by half. While expected, the move by Norway’s biggest oil company is a boost to a region seen as key to arresting a decline in the country’s production. In a striking illustration of how oil companies have adapted to lower prices, … [Read more...]