Dialed down by people who want to work in Borten Moe oil company – Aftenposten

– Several dozen people have been on the wire today and said that they are interested in participating, says Ola Borten Moe cofounder Erik Haugane.

Dagens Næringsliv writes Friday that the former minister will launch a new oil company with oil founder and former head of the Norwegian oil company Erik Haugane.

Borten Moe was popular in the industry as he was Petroleum and Energy, and correspondingly unpopular in the environmental movement. When Q-vice chairman announced that he would not seek re-election in Parliament, it was speculated that he would go to the oil industry. Instead, he ended the state investment company Siva.

About 30 employees

Haugane is a familiar figure in the oil industry after he and six medgründere started Pertra in Trondheim in 2001. Later Pertra to The Norwegian, who currently have barely 500 employees. He was head of the Norwegian oil company until he retired in 2013.

Haugane estimates that the new company, to be named Okea – after the first letter of the first name of the four founders Ola Borten Moe, Knut Evensen, Erik Haugane and Anton Tronstad – will need to have about 30 employees.

– We do not know how relevant the caller is at all, first we have to see what kind of skills we need to cover. We are not quite there yet, says Haugane.

He says they chose to inform early startup plans to avoid issues when Borten Moe leave their jobs in Siva.

– Working philosophical

The plan is to find “affordable, practical and modern solutions” to earn money to develop fields on the Norwegian continental shelf and the other companies do not see as profitable.

– How will you do that the rest of the industry will not have to?

– It is primarily a philosophical question, but several reports show that the oil industry manages to get things to be extremely much more expensive than For example, shipping companies and other maritime industries. I know from experience that the oil industry has systems that encourage a vast bureaucracy, he said.

He said the company will adopt lesser degree of customization than the major oil companies often do, and work to eliminate redundant and costly specifications.

– I am absolutely sure that there is much to gain by working philosophically in a much easier way than a big oil company can, he said.

Will put money on Haugane & amp; Moe

Analysts are divided in their views on how likely it is that the four founders will monetize Okea.

Equity Analyst Morten LINDBAK Fondsfinans says he would bet his own money at Haugane and Borten Moes company.

– Erik Haugane is a creative person – one intensifies, as he calls himself – and he has the best prospects of success. This he has done before, more than once. It is never negative to combine this with a former oil minister, who in my estimation actually wanted to be minister for oil and gas, and nothing else, says Lindbäck Adresseavisa.

Also analyst John Olaisen in ABG Sundal Collier says to Aftenposten that he has faith in such supplements on the Norwegian shelf.

– Haugane have a very good track record and is adept at business and development – at all, really, says Olaisen.

He thinks the timing is good for the company, since several of the major oil companies want to get rid of the findings they do not see as profitable, while new solutions and lower prices with suppliers will force themselves.

Taking risks

Colleague Christian Yggeseth in Arctic Securities is a little more in doubt. He believes the company is taking a big risk, and that it will be very sensitive to delays and cost overruns on the projects it invests in.

– But the entrepreneurs believe they will produce smarter and cheaper than the big companies?

– I do not know if I can say me agree. It has relatively good overview of the solutions that are possible there, he said.

Haugane even taking the analyst’s skepticism with great serenity.

– I find that I have more experience than they Most analysts on what is needed to bring down costs, he says

Petroleum and Energy Tord Lien wants the new company welcomed the Norwegian continental shelf.

– We are positive to all who is interested in using its resources to developing value creation in the Norwegian oil and gas industry, says minister Adressa.no.

Published: May 29th. 2015 2:38 p.m.