natgillin/translations-raw huggingface dataset:
Exploration activity is reduced and projects are being postponed.
Exploration activity is reduced and projects are being postponed.
In Norway, many experience downsizing.
In Norway, many experience downsizing.
Workforce reductions.
Workforce reductions.
Cut in wages.
Cut in wages.
This means uneasiness and unsecurity – not only for the workers, but also for their families and whole communities.
This means uneasiness and unsecurity – not only for the workers, but also for their families and whole communities.
Nevertheless, I am confident about the long-term future of this industry.
Nevertheless, I am confident about the long-term future of this industry.
Even if the investment level on the NCS will be lower in 2015 than in 2014, it is still on a historically high level.
Even if the investment level on the NCS will be lower in 2015 than in 2014, it is still on a historically high level.
After more than forty years of production, the NCS is still a vibrant petroleum province.
After more than forty years of production, the NCS is still a vibrant petroleum province.
Take Sverdrup.
Take Sverdrup.
This is by far Norway's largest industrial project and represents decades of value creation, jobs and huge revenues to the welfare state.
This is by far Norway's largest industrial project and represents decades of value creation, jobs and huge revenues to the welfare state.
To illustrate the long-term perspective: Sverdrup will offer work for two generations!
To illustrate the long-term perspective: Sverdrup will offer work for two generations!
We have been through tough times before in this cyclical industry.
We have been through tough times before in this cyclical industry.
History shows that the industry has increased its competitiveness as a result of cost cutting measures.
History shows that the industry has increased its competitiveness as a result of cost cutting measures.
It is particularly important to retain and develop competence within the industry, and continue our efforts in research and development.
It is particularly important to retain and develop competence within the industry, and continue our efforts in research and development.
This is one of the few sectors where Norway has world leading technology.
This is one of the few sectors where Norway has world leading technology.
We will do our utmost to retain this position.
We will do our utmost to retain this position.
Norway has been blessed with abundance in natural recourses such as oil, gas and fish.
Norway has been blessed with abundance in natural recourses such as oil, gas and fish.
It is, however, the know-how, the development of leading technology and highly innovative human capital that has made Norway's modern economy what it is.
It is, however, the know-how, the development of leading technology and highly innovative human capital that has made Norway's modern economy what it is.
Today's petroleum and fish industries are based on knowledge, research and development.
Today's petroleum and fish industries are based on knowledge, research and development.
And our trade and industry sector has many times proved their ability to adjust and adapt to changing needs.
And our trade and industry sector has many times proved their ability to adjust and adapt to changing needs.
Let me be clear.
Let me be clear.
The oil and gas industry will continue to be important for Norway for years to come.
The oil and gas industry will continue to be important for Norway for years to come.
In addition, this industry will contribute to the solution for the development of other industries as well.
In addition, this industry will contribute to the solution for the development of other industries as well.
The maritime and marine sectors are only at a starting point.
The maritime and marine sectors are only at a starting point.
The possibility for offshore aquaculture is only one example.
The possibility for offshore aquaculture is only one example.
Offshore wind is another.
Offshore wind is another.
You all have the ability to bring about change.
You all have the ability to bring about change.
The topic today is the North Sea.
The topic today is the North Sea.
However, we cannot ignore the wider global picture.
However, we cannot ignore the wider global picture.
Geopolitical risks have increased and are now a significant obstacle to global economic development and energy security.
Geopolitical risks have increased and are now a significant obstacle to global economic development and energy security.
Another serious global challenge we face in the years to come is that of ensuring security of energy supply for as many people as possible in a climate-friendly and sustainable way.
Another serious global challenge we face in the years to come is that of ensuring security of energy supply for as many people as possible in a climate-friendly and sustainable way.
The sustainable management and use of marine renewable energy resources is at the top of our climate change agenda.
The sustainable management and use of marine renewable energy resources is at the top of our climate change agenda.
The UK is the leading hub for offshore wind, and both Norwegian and British companies are working together to expand this industry.
The UK is the leading hub for offshore wind, and both Norwegian and British companies are working together to expand this industry.
Competing and joining forces
Competing and joining forces
In 2012, Norway's then Prime Minister Jens Stoltenberg and his British counterpart David Cameron signed a joint declaration on sustainable energy cooperation in Oslo.
In 2012, Norway's then Prime Minister Jens Stoltenberg and his British counterpart David Cameron signed a joint declaration on sustainable energy cooperation in Oslo.
The declaration was renewed in March this year, signed by Prime Ministers Erna Solberg and David Cameron.
The declaration was renewed in March this year, signed by Prime Ministers Erna Solberg and David Cameron.
British and Norwegian industries have a long history of competing and joining forces in extracting value from the North Sea.
British and Norwegian industries have a long history of competing and joining forces in extracting value from the North Sea.
First, an example from the early days: the Frigg field.
First, an example from the early days: the Frigg field.
The Frigg field was one of the largest offshore gas fields in the world, and it spanned the boundary of the Norwegian and British sectors of the North Sea.
The Frigg field was one of the largest offshore gas fields in the world, and it spanned the boundary of the Norwegian and British sectors of the North Sea.
The field was jointly owned by both countries.
The field was jointly owned by both countries.
In 1976, the Frigg Treaty was signed between the governments of Norway and the UK.
In 1976, the Frigg Treaty was signed between the governments of Norway and the UK.
This agreement was the first international treaty of its kind for the production of offshore hydrocarbons.
This agreement was the first international treaty of its kind for the production of offshore hydrocarbons.
The Frigg project brought 30 years of innovation and activity, and companies from both countries shared responsibility until the field ceased production in 2004.
The Frigg project brought 30 years of innovation and activity, and companies from both countries shared responsibility until the field ceased production in 2004.
We have extensive experience of extracting oil and gas under difficult conditions.
We have extensive experience of extracting oil and gas under difficult conditions.
Our advanced technology, expertise, cost-effectiveness and environment -friendly solutions have proven successful in the development of major offshore oil fields all over the world.
Our advanced technology, expertise, cost-effectiveness and environment -friendly solutions have proven successful in the development of major offshore oil fields all over the world.
My second example is the opening of the Sheringham Shoal Offshore Wind Farm in 2012, which Crown Prince Haakon was attending.
My second example is the opening of the Sheringham Shoal Offshore Wind Farm in 2012, which Crown Prince Haakon was attending.
This is one of the biggest offshore wind power installations in the world and provides clean energy for more than 200 000 British homes.
This is one of the biggest offshore wind power installations in the world and provides clean energy for more than 200 000 British homes.
Sheringham Shoal is an example of how offshore wind production is providing both renewable energy and a basis for closer technological and business cooperation between the UK and Norway.
Sheringham Shoal is an example of how offshore wind production is providing both renewable energy and a basis for closer technological and business cooperation between the UK and Norway.
My third example is from March this year.
My third example is from March this year.
Prime Ministers Erna Solberg and David Cameron announced a new link in our energy cooperation: the North Sea Network (NSN Link) interconnector, a subsea electricity cable between Norway and the UK.
Prime Ministers Erna Solberg and David Cameron announced a new link in our energy cooperation: the North Sea Network (NSN Link) interconnector, a subsea electricity cable between Norway and the UK.
Lastly, in the field of carbon capture and storage (CCS), Norway and the UK are leading the way in Europe.
Lastly, in the field of carbon capture and storage (CCS), Norway and the UK are leading the way in Europe.
We cannot deny that Norway has been in a privileged position.
We cannot deny that Norway has been in a privileged position.
The oil we have discovered has created growth, employment and welfare.
The oil we have discovered has created growth, employment and welfare.
However, I am confident that technology and human capital from the oil industry will be well suited for other sectors as well.
However, I am confident that technology and human capital from the oil industry will be well suited for other sectors as well.
As the oil industry is facing reduced investments in the coming years we must go from unique position to transition and also develop other industries.
As the oil industry is facing reduced investments in the coming years we must go from unique position to transition and also develop other industries.
We are already seeing some great examples of this.
We are already seeing some great examples of this.
Oil and gas technology is being used in offshore wind projects [Automasjon og Data i Stavanger].
Oil and gas technology is being used in offshore wind projects [Automasjon og Data i Stavanger].
Equipment, knowledge and experience from the oil and gas industry is being transferred to the aquaculture industry [f.eks.
Equipment, knowledge and experience from the oil and gas industry is being transferred to the aquaculture industry [f.eks.
AQS i Namsos].
AQS i Namsos].
We have even seen that NASA wants to use high-voltage transformers, developed for use in oil wells, for a plasma-based drilling system to be used on the moon, on asteroids and on Mars [Zaptec, Stavanger].
We have even seen that NASA wants to use high-voltage transformers, developed for use in oil wells, for a plasma-based drilling system to be used on the moon, on asteroids and on Mars [Zaptec, Stavanger].
This sends an important message to me as a politician.
This sends an important message to me as a politician.
We cannot decide which industries will thrive at any given time, but we have a responsibility to create an enabling environment for new businesses in general.
We cannot decide which industries will thrive at any given time, but we have a responsibility to create an enabling environment for new businesses in general.
Before I round off, let me assure you that Norway is stepping up our economic diplomacy efforts.
Before I round off, let me assure you that Norway is stepping up our economic diplomacy efforts.
That means active promotion and service to Norwegian companies and taking an active part in reducing trade barriers through our trade policy.
That means active promotion and service to Norwegian companies and taking an active part in reducing trade barriers through our trade policy.
As a small, open economy, we have proved that we are attractive to investors and human capital.
As a small, open economy, we have proved that we are attractive to investors and human capital.
We will let researchers, students and highly skilled talents know that Norway is a good career option, and a good place to live as well.
We will let researchers, students and highly skilled talents know that Norway is a good career option, and a good place to live as well.
Earlier today, I met representatives of Norwegian companies located here in Aberdeen.
Earlier today, I met representatives of Norwegian companies located here in Aberdeen.
I have also met representatives of several companies at Offshore Europe.
I have also met representatives of several companies at Offshore Europe.
In order for us to be able to serve you as well as possible, we need this first-hand knowledge.
In order for us to be able to serve you as well as possible, we need this first-hand knowledge.
In short time, I will also visit Angola and Brazil.
In short time, I will also visit Angola and Brazil.
These are, like Aberdeen, important hubs for our energy sector.
These are, like Aberdeen, important hubs for our energy sector.
At the local level, our business promotion activities abroad are coordinated by what we call a 'Team Norway'.
At the local level, our business promotion activities abroad are coordinated by what we call a 'Team Norway'.
A Team Norway is an informal network of relevant Norwegian actors with a presence in the host country, led by the Norwegian ambassador in the country concerned.
A Team Norway is an informal network of relevant Norwegian actors with a presence in the host country, led by the Norwegian ambassador in the country concerned.
Several of the actors that participate in Team Norway UK are present here today.
Several of the actors that participate in Team Norway UK are present here today.
I encourage you to continue to use and develop these networks.
I encourage you to continue to use and develop these networks.
Regardless of the changes, challenges and competition we will have to face in the time ahead, I look forward to continuing our close cooperation.
Regardless of the changes, challenges and competition we will have to face in the time ahead, I look forward to continuing our close cooperation.
At government level, between businesses and between knowledge institutions.
At government level, between businesses and between knowledge institutions.
I hope this evening's seminar will encourage to this.
I hope this evening's seminar will encourage to this.
I am sure that it will be a stimulating and rewarding event.
I am sure that it will be a stimulating and rewarding event.
Are you changing with it?"
Are you changing with it?"
Regrettable that Russia is withdrawing from the Treaty on Conventional Forces in Europe
Beklagelig at Russland trekker seg fra Avtalen om konvensjonelle styrker i Europa
“It is regrettable that President Putin has now announced that Russia is withdrawing from the Treaty on Conventional Forces in Europe (CFE Treaty),” said Foreign Minister Jonas Gahr Støre.
- Det er beklagelig at president Putin nå har erklært at Russland vil trekke seg fra Avtalen om konvensjonelle styrker i Europa (CFE-avtalen), sier utenriksminister Jonas Gahr Støre.
“The CFE Treaty is an important instrument that has demonstrated its value and contributed significantly to security and stability in Europe since it entered into force in 1992.
- CFE-avtalen er et viktig instrument som har vist sin verdi og bidratt vesentlig til sikkerhet og stabilitet i Europa siden avtalen trådte i kraft i 1992.
This was why an extraordinary CFE Conference was held in Vienna in mid-June.
Dette var bakgrunnen for den ekstraordinære CFE-konferansen som fant sted i Wien i midten av juni.
We regret that no headway was made at the conference,” said the Foreign Minister.
Vi beklager at denne konferansen ikke førte frem, sier utenriksministeren.
It would be extremely unfortunate if this openness were now to be destroyed,” said Mr Støre.
Det vil være meget negativt om denne åpenheten nå opphører, sier Støre.
He underscored that the NATO countries have stressed the importance of Russia fulfilling the commitments it has undertaken.
Han fremholder at Nato-landene har understreket betydningen av at Russland lever opp til de forpliktelser landet har påtatt seg.
This applies first of all to the withdrawal of Russian military forces and materiel from Georgia and Moldova.
Det gjelder i første rekke uttrekningen av russiske militære styrker og materiell fra Georgia og Moldova.
He continues to hope that it will be possible to arrive at a solution that will maintain the clear flank limitations in our flank areas.
Han håper fortsatt at det er mulig å komme frem til en løsning som vil videreføre de klare styrkebegrensningene i våre nærområder.
This will be a key consideration for Norway in the further consultations in NATO and the negotiations with Russia on this issue,” said Mr Støre.
Dette vil være et sentralt punkt for Norge i de videre drøftinger i Nato og forhandlingene med Russland om dette spørsmålet, avslutter utenriksministeren.
This is a follow-up of the capital requirements legislation adopted by the Storting (the Norwegian Parliament) last year.
Dette er en oppfølging av nye kapitalkrav som ble vedtatt av Stortinget i fjor.
The Norwegian Ministry of Finance has today adopted a regulation on the identification of systemically important financial institutions in Norway.
Finansdepartementet har i dag fastsatt forskrift om identifisering av systemviktige finansinstitusjoner.
The regulation stipulates that the Ministry of Finance as a general rule shall designate financial institutions with total assets corresponding to at least 10 per cent of Mainland Norway’s GDP, or a share of the Norwegian lending market of at least 5 per cent, as systemically important.
Forskriften fastsetter at departementet som hovedregel skal utpeke finansinstitusjoner som har en forvaltningskapital som utgjør minst 10 prosent av Fastlands-Norges BNP, eller en andel av utlånsmarkedet på minst 5 prosent, som systemviktige.
The Ministry has today notified DNB ASA, Nordea Bank Norge ASA and Kommunalbanken AS of the Ministry’s decision to designate these institutions as systemically important in Norway.
Departementet har i dag varslet DNB ASA, Nordea Bank Norge ASA og Kommunalbanken AS at de vil bli ansett som systemviktige finansinstitusjoner.
These three institutions meet the objective criteria specified in the aforementioned regulation, and will therefore be subject to a separate capital buffer requirement for systemically important institutions from 1 July 2015.
Disse institusjonene oppfyller de objektive kriteriene i forskriften og vil dermed pålegges et særskilt kapitalbufferkrav fra 1. juli 2015.
– Certain financial institutions are particularly important for the financial system and the economy.
– Enkelte finansinstitusjoner er systemviktige, og har særlig stor betydning for finanssystemet og økonomien.
Such systemically important institutions shall fulfil a higher capital buffer requirement in order to reduce the probability of financial difficulties that may have serious negative consequences for the financial system and the real economy, says Minister of Finance Siv Jensen.
Slike institusjoner skal ha et høyere krav til ren kjernekapital for å redusere sannsynligheten for at de får økonomiske problemer som kan ha alvorlige negative konsekvenser for det finansielle systemet og realøkonomien, sier finansminister Siv Jensen.
Pursuant to the capital requirements legislation adopted by the Storting in June last year, systemically important financial institutions shall fulfil a separate capital buffer requirement of 1 per cent CET1 capital from 1 July 2015 and 2 per cent from 1 July 2016.
Systemviktige institusjoner skal etter finansieringsvirksomhetsloven § 2-9 e oppfylle et særskilt kapitalbufferkrav på 1 prosent fra 1. juli 2015 og 2 prosent fra 1. juli 2016.
From 1 July 2016, when the new capital and buffer requirements for banks and other financial institutions have been fully phased-in, systemically important institutions shall fulfil a combined CET1 capital and buffer requirement of 12 per cent, while the combined requirement for other institutions will be 10 percent.
Fra 1. juli 2016, når de nye kapitalkravene for banker og andre finansinstitusjoner har fått full virkning, skal systemviktige institusjoner oppfylle et samlet minstekrav til ren kjernekapitaldekning på 12 prosent, mens det samlede minstekravet for øvrige institusjoner blir 10 prosent.
In addition, all institutions shall fulfil a counter-cyclical capital buffer requirement of 1 per cent from 1 July 2015.
Det motsykliske kapitalbufferkravet på 1 prosent fra 1. juli 2015 kommer i tillegg for alle institusjoner.
As a general rule, an institution shall be designated as systemically important if it has total assets corresponding to at least 10 per cent of Mainland Norway’s GDP, or a share of the Norwegian lending market of at least 5 per cent.
Hovedregelen er at en institusjon skal anses som systemviktig dersom den har en forvaltningskapital som utgjør minst 10 prosent av Fastlands-Norges BNP eller en andel av utlånsmarkedet på minst 5 prosent.
The Ministry of Finance shall designate systemically important financial institutions every year, based on advice from the Financial Supervisory Authority of Norway (Finanstilsynet).
Finansdepartementet skal hvert år, basert på råd fra Finanstilsynet, bestemme hvilke institusjoner som skal anses som systemviktige.
The Ministry’s decision shall normally enter into force no earlier than 12 months after the decision has been made.
Departementets beslutning skal normalt tidligst tre i kraft 12 måneder etter at beslutningen er fattet.
The Ministry may, however, in special cases decide earlier implementation.
I særlige tilfeller kan tidligere ikrafttredelse besluttes.
The regulation on the identification of systemically important institutions is drawn up in line with the EU CRR/CRD IV framework and the Basel Committee on Banking Supervision’s framework for dealing with domestic systemically important banks, and it has clear similarities with solutions adopted in Denmark, Sweden and elsewhere.
Forskriftsreglene om identifisering av systemviktige finansinstitusjoner er utformet i tråd med EUs regler og Baselkomiteens anbefalinger, og har klare likhetstrekk med løsninger som er valgt i blant annet Danmark og Sverige.
In addition to the separate capital buffer requirement, Finanstilsynet has proposed that systemically important institutions should be subject to requirements on liquidity coverage, stable funding and recovery plans earlier than other institutions.
I tillegg til det særskilte kapitalbufferkravet har Finanstilsynet gått inn for at systemviktige institusjoner skal oppfylle krav til likviditetsdekning, stabil finansiering og gjenopprettingsplaner tidligere enn øvrige institusjoner.
Rules on such requirements are still under development – both in the EU and Norway – and the Ministry will therefore have to return to these issues later.
Regler om slike krav er fortsatt under arbeid, både i EU og i Norge, og departementet vil derfor måtte komme tilbake til disse spørsmålene senere.
The purpose is to increase the loss-absorbing ability of the institutions that are designated as systemically important.
Formålet er å øke evnen til å bære tap i de institusjonene som er utpekt som systemviktige.
DNB ASA, Nordea Bank Norge ASA and Kommunalbanken AS are the three largest financial institutions in Norway, both compared to Mainland GDP and in terms of market shares in the lending market; see charts below.
DNB ASA, Nordea Bank Norge og Kommunalbanken er de tre største finansinstitusjonene i Norge, både sammenlignet med Fastlands-Norges BNP og målt etter andeler i utlånsmarkedet, se figuren nedenfor.
Most of Kommunalbanken AS’s funding is raised in international capital markets.
Kommunalbanken finansierer seg i hovedsak gjennom lån i internasjonale kapitalmarkeder.