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Citgo trying to dodge a $2 billion bullet from Conoco | OutPut by Rig Lynx

July 8, 2018
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ConocoPhillips has won a court ruling allowing it to depose Citgo, the U.S. unit of troubled Venezuelan state oil company PDVSA, Reuters reports. The move is part of Conoco’s offensive against PDVSA in a bid to enforce a court ruling that awarded it US$2 billion in compensation for the forced nationalization of company assets in Venezuela. So far, as

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How fast can you loose $5 billion? OutPut by Rig Lynx

July 7, 2018
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John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After more than two years of negotiations with banks, new

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Energy independence, is it worth it? | OutPut by Rig Lynx

July 7, 2018
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In January 1977, the awful day arrived: U.S. petroleum imports rose above the magical 50% mark. Yet somehow the world failed to end. Now, with U.S. net imports comprising only 20% of our usage (including natural gas liquids), the supposed energy dominance of the United States finds us still turning to Saudi Arabia rather like Dicken’s Oliver Twist asking, “Please,

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Mid 2020 before new Nigerian refinery comes online | OutPut by Rig Lynx

July 7, 2018
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Africa’s richest man Aliko Dangote, who is financing the construction of one of the world’s largest oil refineries, believes that the 650,000-bpd facility could be near its full capacity by the middle of 2020, which would be some one and a half years later than the originally planned startup date. Back in 2016, Dangote, a construction and concrete magnate

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Oil primed for a super spike? | OutPut by Rig Lynx

July 6, 2018
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Oil investors may regret urging companies to cough up cash now instead of investing in growth for later as the dearth of exploration is setting the stage for an unprecedented crude price spike, according to Sanford C. Bernstein & Co. Companies have been compelled to focus on boosting returns and shareholder distributions at the expense of capital expenditures

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Aramco is changing the formula | OutPut by Rig Lynx

July 6, 2018
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Saudi Arabia has turned its oil market fortunes around over the past 1 ½ years. From facing potential financial collapse due to a historic supply overhang of crude on the back of U.S. shale oil production and Riyadh’s late 2014 decision to turn on the oil production spigot to flood markets, retain market share and drive prices

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Rolls Royce marine division in the hands of Kongsberg for $661 million | OutPut by Rig Lynx

July 6, 2018
| Archives

Two of the greatest advocates for autonomous shipping are set to join forces with news breaking that Norway’s Kongsberg has entered into agreement with Rolls-Royce to acquire Rolls-Royce Commercial Marine. “Kongsberg and Rolls-Royce Commercial Marine are by and large complementary in terms of products, solutions and competencies and the acquisition is in line with Kongsberg’s ambitions of profitable

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Seadrill’s West Capella picked up by Shell for a 5 well deal

July 6, 2018
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Seadrill Partners has secured a contract with Shell for one of its drillships. The West Capella drillship will work for Shell’s subsidiary Sabah Shell Petroleum Limited, drilling five wells offshore Malaysia. Shell will also have several options to extend the contract. Backlog for the firm portion of the contract is expected to be approximately $32 million and start is expected in October

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