World Bank energy chief Bond looks to tighten purse strings

Article Abstract:

James Bond, the World Bank's director of energy, mining, and telecommunications stated that he believed that the bank would return to more traditional lending levels of about $3 billion during 1999. During the 1998 fiscal year lending levels rose to $4 billion in energy loans. Bond commented that the major borrowers have been in those regions with the most significant growth rates, especially China and Indonesia; movement is now swinging towards South Asia. Bond believes that low oil prices help developing countries as they are encouraged to correct those problems that prevent them from taking advantage of their resources.

World, Use of Funds, Economic policy, World Bank, Bond, James (Fictional character)

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Statoil, 4Q results off 94%, starts cutting: to lay off 9% of staff, reduce exploration budget 27%

Article Abstract:

Norway's state owned oil company, Statoil, reported that net profits declined 94% in 1998 to $35 million from a high of $555 million in 1997. By the year 2000, Statoil plans to downsize its workforce by 9% resulting in the loss of 1,500 jobs. As a result of lower oil prices, the Norwegian oil company plans to concentrate on overseas exploration. Statoil plans a new corporate structure which would organize the company into five business units each under the direction of a senior vice-president.

Crude Petroleum and Natural Gas Extraction, Crude petroleum and natural gas, Crude Petroleum & Natural Gas, Norway, Natural gas, Petroleum, Statoil ASA

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At the wellhead

Article Abstract:

Europe's exploration companies are having to write down assets due to low oil prices. In some situtations this may result in restructuring charges which will have a negative effect on the bottom line. In addition to asset writedowns, other companies may choose to have a dividend cut during the second half of 1998.

Europe

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