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Month: October 2018

Oil tumbles below $70, hits lowest level in nearly a month

October 18, 2018
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  Oil prices tumbled Wednesday to their lowest level since September after government data showed US inventories rose more than expected and as stocks paused an earlier rebound. West Texas Intermediate, the US benchmark, fell more than 3% to below $70 a barrel. Brent was trading at around $80 per barrel, down about 2% for the session and more than 6% this

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Axess Petrorig Ghana lands contract for integrity management for two drillships

October 18, 2018
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Axess Petrorig Ghana reaches another important milestone by signing a long-term Total Rig Integrity Management (TRIM) contract with an international drilling Operator. The contract covers all TRIM scopes onboard two of the client’s drillships offshore Ghana. The work scope includes lifting gear inspection and certification, non-destructive testing, dropped object management, rigging & access solutions, etc. Axess Petrorig Ghana will

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Permian drillers are said to sell new lighter crude oil grade

October 18, 2018
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NEW YORK (Bloomberg) — There’s a new kind of oil coming out of West Texas. Oil producers in the Permian Basin have started selling a new stream of light crude, said people familiar with the matter, securing a market for the increasingly less dense oil being pumped from the largest U.S. shale play. Sales of West Texas Intermediate Light,

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U.S. Shale’s Glory Days Are Numbered

October 17, 2018
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    “U.S. Shale’s Glory Days Are Numbered†Click To Tweet   There are some early signs that the U.S. shale industry is starting to show its age, with depletion rates on the rise. A study from Wood Mackenzie found that some wells in the Permian Wolfcamp were suffering from decline rates at or above 15 percent after five years, much higher than

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Oil Drillers’ Rocky Mountain High Threatened by Colorado Vote

October 17, 2018
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“Oil Drillers’ Rocky Mountain High Threatened by Colorado Vote†Click To Tweet (Bloomberg) — BP Plc’s new U.S. onshore oil headquarters in Denver serves as a testament to Colorado’s regal mountains, its expansive forests, its nature-loving culture. Aspen trees line the BP club room, newly installed beer taps await local craft brews, multiple stone fireplaces invite cozy discussions about ski

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Egypt seen planning new oil, gas contracts to attract investors

October 17, 2018
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“Egypt seen planning new oil, gas contracts to attract investors†Click To Tweet CAIRO (Bloomberg) — Egypt is working on a new model for future oil and natural gas production contracts in undeveloped areas to spur exploration and help become self-sufficient in energy, oil ministry and company officials said. The most populous Arab nation is seeking to transform itself into

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Carbon Pricing and Big Oil

October 16, 2018
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“Carbon Pricing and Big Oil†Click To Tweet Investors in Big Oil are becoming more and more vocal about the negative effects of the industry on the planet. No longer is it just about profits. Investors are demanding that some of the biggest companies in the oil industry reduce emissions to help mitigate climate change. As a result, Big

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Aker BP acquires 77% of King Lear find

October 16, 2018
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“Aker BP acquires 77% of King Lear find†Click To Tweet TRONDHEIM Aker BP has entered into an agreement with Equinor Energy to acquire its 77.8 percent interest in the King Lear gas/condensate discovery in the Norwegian North Sea for a cash consideration of USD 250 million. Karl Johnny Hersvik, CEO of Aker BP comments: “The King Lear discovery is one of

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Ghana kicks off maiden licensing round

October 16, 2018
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“Ghana kicks off maiden licensing round†Click To Tweet President Nana Addo Dankwa Akufo-Addo Monday, unveiled Ghana’s first ever Oil and Gas Competitive Licensing Round Bid Evaluation and Negotiation (LRBEN) in Accra. Ghana’s Oil Exploration and Production Act, (Act 919 –2016) stipulates that, the allocation of a new exploration rights to perspective investors, should be done through an open, fair,

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