SAGA Oil Wins Court Case for Right to Use SAGA Name
SAGA Oil ASA has won a clear victory over StatoilHydro for the right to use the name SAGA. This is stated by Borgarting Lagmannsrett (Norwegian Court of Appeal) in their ruling. In 2006 SAGA Oil instituted legal proceedings against Norsk Hydro to make them remove the SAGA trade marks from the Trade mark Registry. This was a response to Hydro's indictment against SAGA Oil for the use of the name SAGA. After this ruling, StatoilHydro has lost in two judicial authorities.
"We have always believed we had the right to use the name SAGA, and we are of course very happy that the ruling in the Court of Appeal was unanimously concluded in our favor," says SAGA Oil's CEO Malvin Hoeydal. "This is an important principal judicial decision, as it states that a brand name must be actively in use for the brand owner to keep his exclusive right to a brand name. As a brand owner, he cannot passively block others to develop their markets. We hope this judgment will be final and hopefully it will be of help also for other companies.
SAGA Oil was established in 2005 to focus on the large oil and gas industry in Russia. As the SAGA name had not been in use in the oil industry for many years, the company founders have chosen this name with its roots back to the Viking age, to illustrate the strong Norwegian tradition in doing business with Russia.
SAGA Oil owns and operates an oil field in Orenburg region in Russia, and has just bought an additional oil and gas license in the same area. The company develops fast and by now owns oil and gas reserves of more than 100 million barrels of oil equivalents. The company's production is in the initial stage and SAGA Oil expects to produce some 3,500 barrels of oil at the end of 2008.
- Saga Increases Production Through Workover Ops (Mar 13)
- Saga Names Grinod as New CEO (Jul 16)
- SAGA Seeks to Improve Production Rates with Ongoing Well Stimulation (Jul 15)
Company: StatoilHydro more info
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