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Hess grabs 3 tankers to store North Dakota production

May 7, 2020
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Hess is chartering a trio of supertankers to hold its North Dakota crude production as rapidly filling storage forces some drillers to curtail output. The U.S. oil explorer said it has enlisted three very-large crude carriers that will each store about 2 million barrels of oil produced in May, June and July from the Bakken shale field in

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TechnipFMC to slash 700 jobs in Norway

May 6, 2020
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TechnipFMC plans to cut up to 700 jobs across its sites in Norway due to the turbulent oil market situation, a spokesman for the company said on Tuesday. TechnipFMC, whose customers include major oil companies, said it employs 3,100 staff in Norway, and both permanent and temporary staff will be affected. “TechnipFMC confirms that, due to the unprecedented market

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Petrobras raising prices at gas refineries by 12% starting Thursday

May 6, 2020
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Brazil’s state-owned oil giant Petrobras will raise the average price of gasoline at refineries by 12% as of Thursday, but is keeping diesel prices unchanged, the firm’s press office said on Wednesday. The pass through to final consumers at gas stations will not be immediate, and will depend on a series of factors such as distribution and resale

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ENI and Cairn drill duster in Mexico

May 6, 2020
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Cairn Energy PLC - Mexico Drilling Update Operations have been completed on the ENI operated Ehecatl-1 exploration well on block 7, exploration target of the well was to prove hydrocarbons in the lower Miocene Well did not find any hydrocarbons and has been permanently plugged and abandoned  Source: Reuters

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Canadian Heavy Crude Is in High Demand With Output Cuts

May 6, 2020
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Canadian heavy crude surged to its strongest price versus futures since at least 2008 as producers curtailed output and Enbridge Inc. agreed to open part of its pipeline system for storage. Enbridge on Monday said it would use a section of an old oil pipeline running between Saskatchewan and Manitoba to temporarily store more than 900,000 barrels of

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Can shale survive at $30 a barrel?

May 6, 2020
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A pair of prominent shale producers said all they need is oil around $30 a barrel to consider bringing back curtailed crude output and fracing new wells. Diamondback Energy Inc. is curbing production this month by 10% to 15% and sending home most of its fracking crews for the whole quarter. The Midland, Texas-based company expects to end

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Total told it cannot acquire Anadarko Algeria assets

May 5, 2020
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Energy major Total has been told by Occidental that it cannot acquire oil and gas assets in Algeria that were part of an $8.8 billion deal reached by the companies on Anadarko’s assets in Africa. “Occidental officially told us that we cannot acquire the Algeria assets,” the French company’s CEO Patrick Pouyanne told analysts during a conference call

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Maersk Drilling secures 11-month extension with Equinor

May 5, 2020
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In direct continuation of the rig’s current workscope at the Martin Linge field, Maersk Intrepid will be assigned to drill and complete three additional gas wells at Martin Linge, followed by the plugging and abandonment of one well. The contract extension is expected to commence in September 2020, with an estimated duration of 339 days, which will keep the

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Dolphin Drilling grabs two firm wells and two optional wells

May 5, 2020
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Global contractor Dolphin Drilling has announced that it has secured a two firm well contract plus two optional well with Wellesley Petroleum AS for a programme of drilling work on the Norwegian Continental Shelf (NCS).   The first firm well is scheduled to commence August/September 2020, firm well number two will be drilled in 2021. The two optional wells

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