Word: reiten
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...week Eivind Reiten is unlikely to forget. On Oct. 1, the oil and gas arm of Hydro, an Oslo-based energy-and-metals company he was running, completed a $36 billion merger with Statoil, its beefier Norwegian rival, creating the world's largest offshore energy operator. Five days later, Reiten hosted his country's King and Queen in Nyhamna, a third of the way up Norway's west coast, at the official launch of a record-breaking gas-production and -processing project forged by Hydro to harness gas from 75 miles (120 km) away under the Norwegian...
...week wasn't all sweet. Between the creation of StatoilHydro, as the company is known for now (the firm is still mulling over a permanent name change), and the royal ceremony, Reiten was generating headlines of his own. On the day of the merger, StatoilHydro announced it had launched a probe into the legality of approximately $7 million in consultancy fees and expenses Hydro paid as part of its oil operations in Libya. Although it has not disclosed the name of the consultancy or what laws Hydro might have broken, StatoilHydro said the payments came to light during the merger...
Quite an understatement. But for all the embarrassment of Reiten's early exit, StatoilHydro faces challenges that will linger long after that hubbub is over. StatoilHydro is operating in a market that has changed drastically since oil was first struck off the coast of Norway in the late 1960s. After waves of mergers in the U.S. and Europe, and with the growing dominance of nationally owned energy companies worldwide, the oil and gas industry is increasingly ruled by a handful of giants. Though StatoilHydro leads the world in offshore extraction, it's dwarfed by diversified behemoths like BP, ExxonMobil...
...Many onshore reserves, which are relatively easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrain and climate off Norway's coast, the company could become the industry specialist at tackling the world's most difficult jobs...
...Many onshore reserves, which are relatively easy to exploit, are being depleted. So Big Oil is being forced offshore into increasingly complex projects, often at great depths and in harsh conditions. "Each barrel of oil produced tomorrow contains a higher degree of R&D than a barrel produced yesterday," Reiten, a former Norwegian Minister for Petroleum and Energy, told TIME a couple of days before his resignation. With StatoilHydro's decades of experience operating in the tricky terrrain and climate off Norway's coast, the company could become the industry specialist at tackling the world's most difficult jobs...