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Statoil did not discover oil in the controversial Apollo well near Bear Island.

Billions are invested in the Zvezda yard outside Vladivostok to make it capable of meeting Russia’s growing demand for ice-protected ships and platforms.

(Foto: StatoilHydro)

StatoilHydro had a net profit of 2 billion EUR in the first three months of 2008, which is the best result ever for a Norwegian company.

Tidal power station (sevmash.ru)

A 800 megawatt tidal power plant will be built in the Dolgaya Bay in the Kola Peninsula. According to regional media, the new power generator will supply the necessary energy to the whole northern part of the peninsula.

Energy merger

A merger between Ishavskraft AS and Troms Kraft Marked, creates the largest energy company in northern Norway. The company, which will be called Ishavskraft, has Finnish energy major Fortum Markets as one of it’s co-owners.

StatoilHydro has made a finding of gas in a field located 200 km off the coast in the Barents Sea.

Illustration: Lukoil-Komi

A representative of a local fishing and hunting organisation in the Komi Republic has gone to court against regional oil major Lukoil-Komi because of the company’s sealing off of major areas nature around its production facilities.

The Nord Stream pipeline

The Nord Stream company might extend its unprecedented Baltic pipeline project with the construction of a major gas reservoir in one of the Baltic countries.

EU in the High North

“The Arctic will not provide the magical solution we are looking for, but guaranteeing Europe’s energy security justifies the exploration of even the most hostile environments in the search for more oil and gas stocks, EU’s Energy Commissioner Andris Piebalgs said in a seminar last week.

The Melkoya LNG plant (StatoilHydro.com)

The difficulties at StatoilHydro’s Snøhvit LNG-plant keep piling up. The latest estimates show that StatoilHydro must spend another 2 billion EUR to solve the problems in its Arctic prestige project.

Russian gas

The export of Russian gas in October dropped 8,3 percent year on year. Russian export monopolist Gazprom still expects 2008 profits to be record-high.

Norwegian energy major StatoilHydro has found gas in the Asterix prospect, located 1,360 metres depths 345 kilometres off the coast in the Norwegian Sea.

The Bovanenkovo project

The difficult financial situation will not result in delays in Gazprom’s Bovanenkovo field in Yamal, a company representative underlines. The huge 4,9 trillion cubic meter gas field will be in production in the first half of 2011, he says.

The village Teriberka on the Kola coast will get a totally new skyline. The construction work can start next year.

Russian gas

The Russian government will increase gas tariffs with 20 percent for private consumers next year, Nezavisimaya Gazeta reports.