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2018-06-27 10:35:00

U.S. WANT NORWAY'S MONEY

U.S. WANT NORWAY'S MONEY

REUTERS - Norway, which shares an Arctic border with Russia, lacks a "credible plan" how to meet NATO's spending target, U.S. President Donald Trump said in a letter to the country's prime minister, the Norwegian daily VG reported on Tuesday.

Oil-rich Norway has committed to buy more than 50 F-35 fighter jets from Lockheed Martin as part of efforts to beef up its air forces, and contributed troops to NATO's mission in the Baltics, but Norway should do more, Trump was quoted as saying.

"Norway ... remains the only NATO ally sharing a border with Russia that lacks a credible plan to spend 2 percent of its gross domestic product on defense," Trump said in the June 19 letter, a copy of which was published on VG's website.

He said he expected to see "a strong commitment" from Norway, what he called the Alliance's "eyes and ears" on the northern flank, at the NATO summit in July.

This year, Norway plans to spend 1.56 percent of gross domestic product, down from 1.62 percent in 2017.

Norwegian Prime Minister Erna Solberg told a regular new conference on Tuesday the country aimed to strive toward the 2 percent target, reiterating the government's position and without providing any deadlines.

"We will stop the decline ... and we will move towards 2 percent by 2024," Solberg later told Norwegian broadcaster NRK, referring to Trump's letter.

Norway, like Germany, maintains that it is important to move toward the 2 percent target, but it has never pledged to reach it by 2024. Other countries, such as Spain and Hungary, have previously said that they would miss the deadline.

Norway says it is the second biggest spender per capita on defense after the United States in NATO.

The U.S. Embassy in Oslo was not immediately available to comment on the letter.

Trump said last month that NATO members that do not contribute fully to the group would be "dealt with".

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Earlier: 

 NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD
2018, June, 20, 12:45:00

NORWAY'S OIL PRODUCTION 1.629 MBD DOWN 236 TBD

NPD - Preliminary production figures for May 2018 show an average daily production of 1 629 000 barrels of oil, NGL and condensate, which is a decrease of 236 000 barrels per day compared to April.

 NORWAY'S OIL EXIT
2018, May, 23, 10:00:00

NORWAY'S OIL EXIT

BLOOMBERG - The fund shocked markets around the world in November when it asked for permission to divest oil and gas companies to reduce financial risk, arguing Norway as a whole is already heavily exposed to oil as western Europe’s biggest petroleum producer. At the time of the proposal, the fund held about $40 billion of shares in oil giants such as Exxon Mobil Corp. and Royal Dutch Shell Plc.

 NORWAY'S OIL THREAT
2018, March, 28, 10:50:00

NORWAY'S OIL THREAT

BLOOMBERG - The government has paid out 109 billion kroner ($14 billion) since 2005 to explorers such as Lundin Petroleum AB and Repsol SA. It helped attract more companies to Norway, nearly doubling the pace of exploration and leading to key discoveries such as the multi-billion-barrel Johan Sverdrup field.

 NORWAY'S PETROLEUM RESOURCES: 15.6 BLN M3
2018, March, 4, 11:10:00

NORWAY'S PETROLEUM RESOURCES: 15.6 BLN M3

NPD - The Norwegian Petroleum Directorate’s (NPD’s) estimate for total proven and unproven petroleum resources on the Norwegian continental shelf is about 15.6 billion standard cubic metres of oil equivalents.

 

 NORWAY'S OIL & GAS WILL UP
2018, January, 12, 12:45:00

NORWAY'S OIL & GAS WILL UP

NPD - The Norwegian Petroleum Directorate’s production forecast up to 2022 shows an increase from 2020, when Johan Sverdrup has come on stream. Total production of oil and gas in 2022 is estimated to be close to the record‐breaking year 2004. Gas will then account for about one‐half of the production.

 NORWAY'S OIL PROBLEMS
2018, January, 3, 15:35:00

NORWAY'S OIL PROBLEMS

BLOOMBERG - Norway’s oil production has been halved since a 2000 peak. While natural-gas output has surged, total production is forecast to fall again in the middle of the next decade. A flurry of investment decisions at the end of last year hides a painful truth: after Statoil’s $6 billion Johan Castberg oil field starts production in the Barents in 2022, the project pipeline is scant.

 NORWAY SELLS OIL & GAS
2017, November, 20, 09:00:00

NORWAY SELLS OIL & GAS

Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.

Tags: USA, NORWAY