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New wave of energy independents may change oil landscape

October 29, 2018
| Archives

  For a decade or so, the giant international oil companies have had it easy. Of course, they have had to contend with volatile oil and gas prices, soaring costs on mega projects, unimpressed equity investors, rapacious governments, capricious geology, hostile environmentalists and all the usual paraphernalia of the business. But they faced at least relatively little competition from

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Algeria’s Sonatrach teams up with ENI and Total

October 29, 2018
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ALGIERS, (Reuters) – Algeria’s state-owned oil and gas company Sonatrach will launch offshore drilling with France’s Total and Italy’s ENI on two sites in the east and west of Algeria at the start of 2019, its chief executive said on Sunday. “We should start drilling at the beginning of next year,†Abdelmoumene Ould Kaddour told reporters on the

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“12-25 million bbls of recoverable oil†says Equinor about their new Johan Castberg find

October 29, 2018
| Archives

Equinor and partners ENI and Petoro have completed the Skruis exploration well in the Johan Castberg licence. The well confirms a volume of 12-25 million recoverable barrels of oil. “This is an important discovery. It helps to determine the size of the Johan Castberg resource base which is currently being developed. Securing resources near existing infrastructure is an

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Total E & P GM in Republic of Congo says “Production is far more than what we had anticipatedâ€

October 27, 2018
| Archives

  Bloomberg- Oil production at Total SA’s subsidiary in the Republic of Congo has exceeded expectations, a company official said. The company is pumping 200,000 bpd in the Central African nation, Martin Deffontaines, general manager of Total E&P Congo, said by phone Friday from Pointe Noire, Congo’s commercial capital. “Its production is far more than what we had anticipated,†Deffontaines

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Gabon to Offer New Offshore Blocks

October 26, 2018
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The Republic of Gabon has announced that it plans to open its highly-anticipated 12th Shallow and Deep Water Licensing Round of open blocks at the 25th Africa Oil Week, Cape Town in November 2018. H.E. Pascal HOUANGNI AMBOUROUE, Minister of Oil and Hydrocarbons, will make the announcement during a special session within the main auditorium of the Africa

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Long-Awaited First Oil Production Facility Offshore Alaska- Approved

October 26, 2018
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WASHINGTON –  U.S. Secretary of the Interior Ryan Zinke today announced a long-awaited development for oil and gas energy production offshore the state of Alaska. Interior’s Bureau of Ocean Energy Management (BOEM) issued conditional approval to Hilcorp Alaska LLC for its Liberty Project oil and gas development and production plan. If developed, the facility would be the first

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Oil Executives Guilty of Scheme to Replace Lost Salary, Bonuses

October 25, 2018
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Bloomberg- The top two executives at collapsed oil and gas producer Afren Plc were found guilty of what prosecutors called an elaborate scheme to boost their annual compensation after shareholders forced them to slash their bonuses. Ex-Chief Executive Officer Osman Shahenshah and former head of operations Shahid Ullah were found guilty of fraud and money laundering by a London jury

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Blackstone Energy Acquires Ulterra Drilling Technologies (Founded in 1927)

October 25, 2018
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NEW YORK — Blackstone Energy Partners announced today that it has entered into binding agreements to acquire a controlling, majority interest in Ulterra Drilling Technologies from affiliates of American Securities, LLC. American Securities and certain members of management will retain a minority equity interest in the Company going forward. Financial terms were not disclosed. The transaction is

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Wood Mac: “Companies will need to start investing again to sustain their business†, Looming O & G Crunch Coming

October 25, 2018
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  Wood Mackenzie forecasts that global oil and gas development spend needs to increase by around 20% to meet future demand growth and ensure companies sustain production next decade. Malcolm Dickson, director, upstream oil and gas, said: “Companies will need to start investing again to sustain their business. But decision-making will be fraught with uncertainties, the oil price and

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