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Norway Economic Activity Shrank 14% in March
Norway's economic activity excluding the offshore oil and gas industry fell 14% as of the end of March compared with the end of February, preliminary data from Statistics Norway showed on Wednesday in a new snapshot look at how the economy is doing.Economic activity has contracted…
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Pertamina Buys NWS Condensate at 'Deep Discount'
Indonesia's state oil and gas company PT Pertamina has bought a cargo of Australian North West Shelf (NWS) condensate at a deep discount of $8 a barrel to dated Brent on a cost-and-freight (CFR) basis, three trade sources told Reuters on Wednesday. That was equivalent to a spot discount of $10 a barrel on a free-on-board (FOB) basis…
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Upland Relinquishes Moray Firth License
London-listed oil company Upland Resources has, with partners, relinquished an offshore license in the UK sector of the North Sea.Upland said Wednesday that it had relinquished Licence P2470 in the Inner Moray Firth. The license included blocks 11/23, 11/24c and 11/25b, surrounding the Wick Prospect in the Inner Moray Firth…
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What Do You Do When You Drop a BOP?
A blowout preventer stack, also known as BOP Stack, is a crucial piece of equipment when it comes to offshore oil and gas drilling safety. It is a bundle of more BOPs placed above the well on the seabed. Weighing a couple of hundred tons, the valve stack is designed to act according to its name…
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Equinor's $466M Floating Wind Farm Plan Approved
Norway approved on Wednesday Equinor's 4.8 billion Norwegian crowns ($466 million) plan to build floating offshore wind turbines that will provide electricity to North Sea oil and gas platforms, the energy ministry said.The long-planned project is going ahead despite Equinor's decision…
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Key Offshore Wildcat Wells At Risk of Being Suspended
At least nine of the world’s top planned exploration wells for 2020 are at risk of being suspended as a result of the blended…
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CNOOC to Trim 2020 Spending by Up To 15%
China National Offshore Oil Corp (CNOOC) will trim annual investment by 10% to 15% in 2020, while maintaining its goal of…
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As Oil Crisis Deepens, Hedge Funds Sense a Turnaround
Hedge fund managers sensed oil prices were nearing a turning point last week, and for the first time in more than two months…
Latest news
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Exxon Cuts Spending by $10B
Exxon Mobil Corp on Tuesday throttled back a multi-year investment spree in shale, LNG and deep water oil production and…
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Global Petroleum in Offshore Namibia 'Data for Equity' Deal
Oil company Global Petroleum has exchanged part of its stake in offshore Namibia Block, 2011A (PEL0094), with NAMCOR, for…
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Opinion: Renewable Energy Wins Over Oil and Gas in Post-Coronavirus World
Imagine waking up one morning with a deadly tiger snake in your bed. To make matters worse out of the window you notice an…
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Norway May Join OPEC Meeting
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output…
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Equinor Finds Oil at Monument Prospect in U.S. Gulf of Mexico
Norwegian oil firm Equinor, with partners Progress Resources and Repsol, has made an oil discovery in the Monument exploration…
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RWE Sanctions 342 MW Offshore Wind Farm Project
RWE, Europe's third-largest renewables group, has taken a final investment decision for a 342 megawatt wind project off the German coast…
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Subsea 7 Scores 'Sizeable' Offshore Wind Deal in Germany
Offshore installation and construction company Subsea 7 has said it has won a sizeable contract - meaning worth between $50 million and $150 million…
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OPEC+ Debates Biggest Ever Oil Output Cut as Virus Destroys Demand
OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10% of global supply, an OPEC source said after U.S.
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EU Funds Floating Wind Turbine Project in Norway
The European Union has granted funds to an international consortium led by Spain's Iberdrola, to install and test a floating…
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Update: Brent Oil Rises above $32 on Hopes of Output Deal
Benchmark Brent crude oil futures rose as high as $33.05 a barrel on Friday on rising hopes of a new global deal to cut global…
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Energean Power FPSO Hull Leaves China
Mediterranean Sea-focused oil and gas company Energean Oil and Gas has informed that its Energean Power FPSO Hull sailed…
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Centrica Pauses Spirit Energy Sale, Scraps Dividend. Shares Hit Record Low
Britain's largest energy supplier Centrica canceled its 2019 dividend and cut costs in anticipation of an increase in nonpayments…
Exploration
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Tankers Carrying U.S. LNG Heading to China After Tax Waivers Granted
Tankers carrying U.S. liquefied natural gas (LNG) are on their way to China after Beijing started granting tax waivers to some importers…
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Ramboll to Design Foundations for Japan Offshore Wind Farm
Danish engineering company Ramboll has signed a contract with Japanese construction company Obayashi Corporation for the…
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Belgium: Offshore Wind Farms Break Record
Offshore wind farms in the Belgium North Sea had a record winter when it comes to electricity production.According to the Belgian Offshore Platform…
Drilling
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Borssele Beta Topside Sails Away
Dutch state-owned grid operator Tennet has informed that the Borssele Beta offshore substation has sailed away to the Borssele…
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Huisman Crane for Penta-Ocean's Wind Turbine Installation Rig
Dutch offshore equipment manufacturer Huisman has signed a contract with PaxOcean Engineering for the delivery of a 1,600mt Leg Encircling Crane.
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Abu Dhabi's Gulf Marine Services Reaches Debt Restructuring Deal
Abu Dhabi-based Gulf Marine Services (GMS) said on Tuesday it had reached an agreement with its syndicate of banks to restructure…
Production
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Oil Posts Biggest One-day Gain After Trump Touts Saudi-Russia Deal
Crude prices posted their biggest-one day gains on record on Thursday after President Donald Trump said he expects Russia…
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Italian Marine Cable Laying Firm to Cut Dividend
Italian marine cable installation company Prysmian plans to cut the dividend by 50 percent, citing the effect of the coronavirus…
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Oil Rises from 18-Year Lows after U.S., Russia Agree to Talks
Oil recovered ground on Tuesday after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilize energy markets…
