NEWS Luxembourg Times
What's ahead for Western Europe's biggest oil nation Bloomberg—16.01.2018
After suffering through the worst crisis in a generation, Norway's oil industry is now back on its feet Oil rig in Norway (AFP) Here are five charts that tell the story of how Norway’s biggest industry tackled the crisis, from the surprising windfalls to the challenges ahead. Most are based on new data from the Norwegian Petroleum Directorate.
1. Recovering Investments
Oil companies in Norway are increasing spending for the first time this year since crude prices collapsed in 2014, the directorate predicted in annual forecasts published last week. Optimism has returned with crude prices hitting €57 a barrel at the same time as drastic cost cuts have made projects even more profitable.
2. Costs Slashed
Forced to react as crude prices hit a low of €22 a barrel in January 2016, oil companies not only cut back on activity levels but also implemented sweeping efficiency programs to lower expenses across their operations. Drilling an exploration well offshore Norway cost about 240 million kroner on average in 2017, half the price from 2013 and 2014, according to the NPD. Operating costs have been reduced by 30% in the same period.A Norwegian oil rig in the North Sea (AFP)
3. Production Revival
Arguably the most surprising result of the oil crisis is a spectacular rise in production. Companies have been able to pump more oil and gas thanks to cheaper and faster drilling, smoother platform operations and simpler and quicker development work. After reducing long-term output forecasts in January 2015 and 2016, the NPD raised expectations for the second year in a row last week. Total production is now seen close to 2004’s record in 2023.4.
But looking ahead, there’s concern. The number of wells drilled offshore Norway was the lowest in almost a decade in 2016 and activity hasn’t picked up since. As discoveries also get smaller, Norway isn’t close to replacing production with new reserves. Explorers must get moving if the country can hope to limit a new drop in output from the middle of the next decade, the NPD’s head Bente Nyland said on Thursday.
5. Big Oil Flees
During the oil slump, BP and Exxon Mobil gave up on their role as active operators on the Norwegian continental shelf, with Total all but following suit. After disappointing results in a record exploration campaign in the Barents Sea in 2017, all the majors except for Royal Dutch Shell snubbed a new, Arctic-focused licensing round. That’s created concerns in Norway’s oil industry, as the Barents holds more than half of the country’s undiscovered resources.
Fund managers seek tax deal to repatriate cash from Luxembourg
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Has Been Your Most Effective Monetization Technique, And Why?
I have been able to create a one-to-one relationship with another brand and
push forward with a marketing and monetization plan, that’s been the most
this is beyond just being an affiliate. I’ve spent incredible amounts of time
creating articles designed to promote great products and services that I’ve
enjoyed and want to share with my audience - and those have done OK.
they pale in comparison to the times I’ve been able to work directly with a
brand’s CEO or Marketing Manager and partner with them in the form of sponsored
content, webinars, or even brand evangelism.
are the kinds of deals that certainly require a history of proven site traffic
and social engagement, but once you build up your brand to that level, it’s a
lot of fun and very profitable.
That’s why I’m looking forward to using Trafeze to generate more relationships along those lines.
Has Been Your Least Effective Monetization Technique?
deliberately experimented with a lot of monetization techniques,
particularly passive ones, so there have been quite a few that have resulted in
has never been fantastic for me, but there have been far worse techniques.
a category, for me, the least effective monetization techniques have been
“Related Content” — widgets that usually appear below existing articles on my
site and recommend other (external) stories my readers might be interested in.
a great concept, and I know it works well on larger, mainstream sites like
CNN.com, but on my site the recommendations have always been too
off-topic. Instead of showing 8 business- and marketing-related articles, the
widgets include stories about celebrities, weight-loss, and other uninteresting
so, not surprisingly, my readers don’t click on the articles. One service I
tried, Nster, ran for about 3 months and resulted in approximately $0.06 in
earnings. Six cents! That’s on a site that gets about 50k readers a month.
silver lining here was that it underscored for me the importance of matching
your monetization techniques with your target audience and content topics. The more inline they are, the more effective they will be.
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Most Effective Monetization Techniques
as we mentioned earlier, these experts represent a wide array of bloggers and
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techniques” therefore had different meaning to each.
how the answers for “Most Effective” played out:
of the experts cited Products, Email Marketing or Courses
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Least Effective Monetization Techniques
for least effective, well, that wasn’t even close.
likes banner ads.
did find the recurring theme of Lack of Focus particularly interesting.
It’s something we talk about a lot within the SBI! Action Guide, and I’ve
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