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15 Rescued from the Ram XVIII near Grand Isle

November 18, 2018
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The Coast Guard and good Samaritan vessels have helped rescue 15 people from a lift boat near Grand Isle today. The Coast Guard was called at about 3:16 a.m. Sunday from a lift boat, Ram XVIII, which was taking on water about 23 nautical miles west of Southwest Pass. There were 15 souls on board. Sector watchstanders issued an

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Frustration sets in with Canada’s Energy Sector

November 16, 2018
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  Bloomberg: The Canadian oil patch is losing patience with the country’s lack of support for the industry. The plunge in global crude prices is being exacerbated in Canada by a lack of pipeline capacity, sending the country’s oil prices to a near record discount to the U.S. and energy stocks reeling. Gas producers can’t even catch a break:

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Why Are Oil Prices Dropping Sharply?

November 15, 2018
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Forbes: Oil prices jumped in September and early October of this year (2018), but have dropped $20 a barrel in the last few weeks. The sharp turnaround is attributed to OPEC’s inability to cut supply, but this is old-fashioned thinking. OPEC’s power is a small fraction of what it was in the 1970s. What’s happening now is

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Oil majors spending ‘sweet spot’ to last to 2020: BlackRock

November 14, 2018
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  LONDON (Reuters) – Big Oil is today in a spending sweet spot as years of cost cuts and rising oil prices converge but investments will need to rise after 2020 to boost output, BlackRock, the world’s largest asset manager, said on Tuesday. Oil and gas giants such as Royal Dutch Shell (RDSa.AS), Chevron (CVX.N) and BP (BP.L) are

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Ocean Rig Poseidon Kicks Off Contract With ENI In Angola

November 14, 2018
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Ocean Rig Poseidon commenced its contract with ENI Angola S.p.A. (“ENIâ€) for drilling offshore Angola. This contract has been entered into following the previously announced LOI. ENI has exercised its two optional wells making it a firm four-well program that is expected to be completed in the second quarter of 2019. Information in Earnings Statement Here Previously we reported

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More Permian Pipelines Are Coming. Will There Be Enough Workers?

November 14, 2018
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Bloomberg: Ryan Byrd worked five years in oilfields from China to West Texas. But after the worst price rout in a generation left him jobless, he’s not ready to jump back into the mix. Now working at a jail in Huntsville, Texas, the 33-year-old Byrd is happy to have a job that won’t disappear under him. His advice

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Permian Drillers Prepare To Go Into Overdrive In 2019

November 13, 2018
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In recent months, pipeline capacity shortage in the Permian has been the center of shale drillers and oil analysts’ attention as much as the surging production from this fastest-growing U.S. oil region that has helped total American crude oil production to exceed 11 million bpd for the first time ever. Many of the big U.S. companies – including supermajors

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Drillship on mission in conflict zone offshore Cyprus

November 13, 2018
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ANKARA The Stena Icemax, a drillship leased by ExxonMobil, has arrived in the offshore Block 10 of the Cyprus Island to conduct upstream activities, Athens News Agency, ANA reported on Monday. According to ANA, the ship began preparatory works for drilling as of Nov. 15 despite Turkey’s warnings to avoid Greek Cypriot administration’s unilateral upstream activities around the island. ExxonMobil

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Maersk “Giant†sold to Australian independent

November 13, 2018
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Maersk Drilling has entered into an agreement to sell the jack-up rig “Maersk Giant†to an Australasian-based independent O&G operator. The transaction is expected to close before end of 2018. Maersk Giant was delivered in 1986, and the rig is currently stacked in Esbjerg, Denmark. The new owners expect to use the rig for their Australasian operations. “The sale

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