Monday, January 19, 2015

Ulltveit- Moe: – Gigantic wrong investment – HegnarOnline

Ulltveit- Moe: – Gigantic wrong investment – HegnarOnline

Investor Jens Ullteit Moe warns government violently against announcing petroleum blocks in 23 round, writes Dagens Næringsliv.

The oil companies have shown great interest in the blocks, and according to the newspaper’s sources, oil and Energy Tord Lien probably make public announcement under Sandefjord conference Tuesday. Ulltveit- Moe thinks that one should drop it all.

– There will be no recovery in the Barents Sea. Fields comes earliest in production about 20 years around 2035-2040, and will not be profitable at an oil price below $ 100 a barrel, he says, and points out that a license in the Barents Sea is a license to lose money.

– There will be a giant mistake investment for the kingdom of Norway. Some companies may make money, but for Norway it is wrong to build a massive infrastructure there that is not profitable for society in 2050, says Ulltveit- Moe to DN.

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