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Global Oil Demand to Hit Pre-Virus Level Next Year, IEA Says

June 11, 2021
| Archives

Global oil demand will recover to pre-pandemic levels late next year, the International Energy Agency predicted, urging OPEC and its allies to keep markets balanced by tapping their plentiful spare production capacity. World consumption will once again reach 100 million barrels a day in the second half of 2022 as developed economies bring the virus under control, the

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McDermott wins $2 billion EPCC contract for Tilenga project, Uganda

June 11, 2021
| Archives

A consortium of a subsidiary of McDermott International, and Sinopec International Petroleum Service Corporation has received a conditional Letter of Award for the Tilenga project valued at approximately US$2bn. The consortium will provide EPCC services for the development of an onshore oil field. The Tilenga project is located in the Lake Albert Basin, Uganda and is the center piece

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India offers 32 areas in its latest oil, gas field auction

June 11, 2021
| Archives

India launched its third auction of small, discovered fields offering 32 contract areas with 75 oil and gas discoveries, said Anand Gupta, additional director general of the Directorate General of Hydrocarbons. Of the 75 discoveries 54 are in shallow water, 2 in deepwater and 19 are on land, Gupta said. India, the world's third biggest oil importer and consumer,

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More than 1,000 Norway oil workers threaten strike

June 11, 2021
| Archives

Some 1,076 members of three Norwegian labour unions could go on strike on June 17 if wage talks fail, hitting oil exploration and other drilling services, the unions said on Friday. A strike would not affect oil and gas output in the initial round, union officials said. The largest of the three, Industri Energi, said it planned to take

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Seadrill sells West Vigilant to PT Duta Marine

June 10, 2021
| Archives

The John Fredriksen-dominated rig company Seadrill is getting rid of another drilling rig. The jack-up rig West Vigilant (2008) is now being sold to PT Duta Marine in Indonesia. The sale price is $7.3 million, according to Texas bankruptcy court documents. Fearnleys receives a brokerage fee of 3.5 percent after the sale. A year ago, Seadrill announced that it could scrap up

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Exxon commits to Baton Rouge refinery expansion

June 10, 2021
| Archives

Exxon Mobil Corp plans to invest $240 million to expand the crude slate and improve pollution control at its 502,500 barrel-per-day refinery in Baton Rouge, Louisiana, said the state’s governor on Wednesday. “We are delighted with Exxon Mobil’s decision to move forward with this important suite of projects,” Edwards said in a statement issued by his office. Edwards announced

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Oxy selling off some Permian assets for $508 million

June 10, 2021
| Archives

Occidental Petroleum Corp said on Thursday it would sell some of its acreage in Texas' Permian basin to an affiliate of private equity-backed Colgate Energy Partners III LLC for $508 million. The oil producer has cut jobs, production and the value of its assets after the pandemic hammered fuel demand, piling pressure on a company that had taken on

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Stena Drilling buys into digital lifting tech Intebloc

June 9, 2021
| Archives

The deal marks another milestone on Stena Drilling’s digital evolution, as it positions itself as one of the most digitally efficient and sustainable drilling contractors globally. With backing from Stena Drilling, Intebloc will accelerate its product development strategy. In addition, the investment will enable Intebloc’s diversification into construction, renewables and the marine sector globally. Ross McLeod, CEO at Intebloc

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