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Norway

Scatec cuts debt by 27% and reaches record 3,392 MW in projects

Scatec strengthened growth in the third quarter of 2025 with a significant debt reduction, a rising backlog and continued expansion in emerging markets.

Norwegian fund generates €88 billion in gains through financial markets

Norway's sovereign wealth fund generated a €88 billion profit in the third quarter, largely driven by equity market performances in commodities, telecommunications, and finance.

Equinor posts adjusted operating income of USD 6.21bn in Q3 2025

Equinor reported 7% production growth and strong cash flow, despite lower hydrocarbon prices weighing on net results in the third quarter of 2025.
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Iberdrola installs its first offshore HVDC station in the United Kingdom

Iberdrola has installed the high-voltage direct current converter station for its East Anglia THREE wind farm, marking a key milestone in a €5 billion project.

Norway prevails at ECHR over offshore oil licensing dispute

The European Court of Human Rights ruled that Norway’s deferral of a climate impact assessment did not breach procedural safeguards under the Convention, upholding the country’s 2016 oil licensing decisions.

Noble posts $21mn loss but secures $740mn in new contracts

Noble Corporation reported a net loss in the third quarter of 2025 while strengthening its order backlog to $7.0bn through several major contracts, amid a transitioning offshore market.
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Carbon removal investments hit $1 billion despite high operating costs

The carbon removal technology sector is expanding rapidly, backed by venture capital and industrial projects, yet high costs remain a significant barrier to scaling.

Finland leads race to host first Nordic fusion reactor, report finds

A technical study commissioned by Novatron Fusion Group identifies Finland as the most prepared country to host a fusion reactor, despite favourable conditions across the Nordic region.

Aker BP and Halliburton complete first umbilical-less subsea tubing hanger installation

Halliburton and Aker BP have completed the first umbilical-less tubing hanger installation on the Norwegian continental shelf, paving the way for digitised offshore operations with reduced infrastructure.
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SLB net income drops to $739mn despite revenue boost from ChampionX integration

Energy services provider SLB saw its net income fall by 38% year on year in Q3 2025, even as the integration of ChampionX helped lift revenue by 4% sequentially.

United States secures postponement of carbon tax vote at the IMO

Under intense diplomatic pressure from Washington, member states of the International Maritime Organization agreed to postpone by one year the adoption of a carbon pricing mechanism for global maritime transport.

United Kingdom: gas volatility demands greater supply flexibility

Daily winter demand spikes are pushing Britain’s gas system to rely more on liquefied natural gas and fast-cycle storage, as domestic production and Norwegian imports reach seasonal plateaus with no room for short-term increases.
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Metacon acquires assets from Hynion Sweden to boost hydrogen projects

Metacon acquired components from the bankruptcy estate of Hynion Sverige AB for SEK3.5mn ($320,000), aiming to support its hydrogen refuelling station projects in Sweden.

Empower New Energy signs major industrial solar deal in Tunisia

Norwegian developer Empower New Energy expands in North Africa with a strategic partnership involving ten industrial solar sites for self-consumption in Tunisia.

Kyoto Group commissions world’s largest industrial thermal storage unit in Hungary

Norwegian-based Kyoto has launched a 56 MWh thermal storage system at KALL Ingredients in Hungary, designed to replace natural gas with renewable-based industrial heat.
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Denmark strengthens maritime controls at Skagen Strait amid Russian shadow fleet activity

Denmark is intensifying inspections of ships passing through Skagen, a strategic point linking the North Sea and the Baltic Sea, to counter the risks posed by the Russian shadow fleet transporting sanctioned oil.

TotalEnergies appoints Nicola Mavilla as global head of exploration

Nicola Mavilla succeeds Kevin McLachlan as TotalEnergies' Director of Exploration, bringing over two decades of international experience in the oil and gas industry.

Nel ASA secures new 2.5 MW PEM electrolyser order in Switzerland

Nel Hydrogen US will supply a containerised electrolyser to H2 Energy for a hydrogen production facility commissioned by the Association for Waste Disposal in Buchs, Switzerland.
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TotalEnergies exits three mature fields in Norway’s Ekofisk area

TotalEnergies EP Norge signed two agreements to divest its non-operated interests in three inactive Norwegian fields, pending an investment decision expected in 2025.

TotalEnergies sells Norwegian oil assets to Vår Energi to reduce debt

TotalEnergies has reached a deal to sell mature offshore oil fields in the North Sea to Vår Energi as part of a $3.5bn divestment plan aimed at easing its rising debt.
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UMOE receives US approval for 350-bar hydrogen storage trailers

UMOE Advanced Composites and its exclusive agent Celly H2 have received approval from the United States Department of Transportation to deploy their Type IV storage trailers in the American hydrogen distribution network.

Norway to award up to 500 MW of floating wind with direct subsidies

Norway has launched a floating wind tender at Utsira Nord, including a subsidy cap of NOK35bn ($3.37bn) despite economic pressures hampering the sector.

World Bank grants $350mn for $1.5bn hydropower project in Malawi

The World Bank is funding the largest foreign investment ever recorded in Malawi, aiming to double the country’s hydropower capacity through a public-private partnership initiative.
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SBM Offshore reports 27% revenue growth in the first quarter of 2025

SBM Offshore posted quarterly revenue of $1,103mn, driven by the Turnkey segment, while maintaining full-year targets and advancing the deployment of its floating units scheduled for 2025.

Shell reports over $28bn in payments to governments in 2024

Shell paid $28.1bn to governments in 2024 for its extractive activities, with major flows reported in Nigeria, Malaysia and Oman, according to its regulatory disclosure in the United Kingdom.

Hystar signs second contract in South Korea with Sunbo Unitech

Hystar has signed a new agreement with Sunbo Unitech to supply PEM electrolyser stacks for a green hydrogen project in Boryeong, South Korea, marking its second contract in this strategic market.
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Konexa, Norfund and CFM invest $3.6mn in solar energy in Nigeria

Konexa, Norfund and Climate Fund Managers will invest $3.6mn to develop a 50MW solar plant and expand industrial power grids in Nigeria.

Aker ASA restructures its assets with two mergers and a $57.9mn acquisition

Aker ASA merges Aker Horizons and acquires a stake in SLB Capturi, consolidating its portfolio while preparing for a significant dividend distribution.

Aker acquires 20% stake in SLB Capturi and initiates liquidation of Aker Carbon Capture

Aker takes over Aker Carbon Capture’s stake in SLB Capturi for NOK635mn, ahead of a NOK1.7bn distribution and company dissolution.
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Statkraft ends new green hydrogen projects in Europe

Statkraft halts the development of new green hydrogen projects due to increased market uncertainty, while continuing to structure certain existing assets to attract investors.

Aker BP reaches $3.2bn in Q1 2025 revenue and confirms growth strategy

Oil company Aker BP maintained stable production and strengthened its cash position in Q1 2025 while advancing key projects and new discoveries in the Norwegian Sea.

Equinor sells its 60% stake in the Peregrino field for $3.5 billion

Norway’s Equinor sells its majority stake in Brazil’s offshore Peregrino field to PRIO for $3.5 billion, shifting focus to Bacalhau and the Raia gas project.
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Naftogaz receives €270 million from EBRD to bolster gas reserves in Ukraine

Ukraine will receive a €270 million loan from the European Bank for Reconstruction and Development, backed by a Norwegian grant, to secure gas imports over two winters.

Nel ASA secures $6 million deal with Collins Aerospace for US Navy supply

Norwegian group Nel ASA will supply PEM electrolysers to Collins Aerospace under a contract supporting oxygen systems onboard US Navy submarines.

Statkraft cancels 40 MW contract with Nel ASA amid commercial uncertainty

Nel ASA announced that Statkraft has cancelled a 40 MW order for alkaline electrolysers, resulting in a NOK120mn ($11mn) reduction in the Norwegian manufacturer’s order backlog.
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Equinor challenges the halt of its Empire Wind project in the United States

Equinor condemned the mid-April suspension of its offshore wind farm Empire Wind 1 near New York, a $2.5bn project halted by U.S. authorities, labelling the move illegal.

Oil majors intensify CCS investments amid new regulations

In response to increasingly stringent environmental regulations, the world's leading oil companies are significantly boosting their investments in carbon capture and storage (CCS) technologies, reshaping their industrial and financial strategies.

Norway: company created to develop a 1500 MWe SMR plant

Trondheimsleia Kjernekraft AS was founded to lead a nuclear plant project based on several small modular reactors in the Trøndelag region, targeting up to 1500 MWe of installed capacity.
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Norwegian sovereign wealth fund posts €35 billion loss in Q1 2025

Norway's sovereign wealth fund lost 415 billion Norwegian kroner (€35 billion) in Q1 2025, primarily due to a decline in tech stocks and currency fluctuations.

Oxford Institute: CCU Emerges as an Economic Lever in Hard-to-Decarbonize Sectors

Carbon Capture, Utilization, and Storage (CCU) technologies are gaining traction in hard-to-decarbonize industrial sectors, offering innovative and economically viable solutions. The Oxford Institute for Energy Studies report explores these new pathways.
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