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Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system, however, at around $2B apiece – some up to $5B – final investment decisions will depend on the market situation and the outlook for oil and gas doesn’t seem too bright.
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Fire at Rosneft's Far East Refinery Contained
A fire at a secondary unit at an oil refinery owned by Rosneft in Russia's far eastern city of Komsomolsk-on-Amur has been contained, a spokesman for the refinery said on Tuesday.The blaze has not caused any injuries and the incident would not have an impact on production plans, he…
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Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S.
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Biden to Target Drilling, Fossil Fuel Subsidies in New Climate Orders
President Joe Biden was set on Wednesday to sign executive actions to combat climate change, including pausing new oil and gas leases on federal land and cutting fossil fuel subsidies as he pursues green policies in stark contrast to those of his predecessor Donald Trump.The orders…
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OPEC+ to Weigh Modest Output Boost, Sources Say
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.The Organization of the Petroleum Exporting Countries and allies…
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US Oil Industry Group Pledges to Fight Possible Biden Fracking Limits
If U.S. President-elect Joe Biden tries to restrict development of oil and gas drilling on federal lands, the American Petroleum…
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Total Keeps Dividend But Cuts Investment Target
Total trimmed its 2020 investment target on Friday after a sharp drop in third-quarter net profit, though the French oil…
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Lundin Energy Chief Schneiter: Output Trending Upward at Sverdrup
Norway's Johan Sverdrup oilfield, the largest in western Europe, is ramping up production in the fourth quarter after the government increased its pro
Latest news
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Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry
As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in…
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Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S.
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Saudi Aramco's Profit Plunges, Sees Signs of Recovery
State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices…
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Equinor's Incoming CEO Wants to Be Best in Offshore Oil, Gas
Anders Opedal, who on Monday was named Equinor's new chief executive, said he wanted the Norwegian oil company to be both…
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ConocoPhillips to Reverse Most Output Cuts by End of Q3
ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last…
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US Oil Rig Count Rises for First Week Since March
U.S. energy firms cut the number of oil and natural gas rigs operating to a record low for a 12th week in a row, although…
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Webinar: Floating Production Forecasts & Analysis
A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering…
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Webinar: Floating Production Forecasts & Analysis
A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering…
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Coronavirus Outbreaks Hit Petrobras' Quarterly Output
Coronavirus outbreaks at a number of platforms operated by Brazil's Petrobras hit production in the second quarter, the company said on Tuesday…
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Chevron CEO Sees Continued 'Choppy Economic and Price Activity'
The chief executive of U.S. oil giant Chevron Corp on Monday said the uncertainty of the COVID-19 pandemic has it planning…
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OPEC+ Meets to Decide on Oil Output Cuts Easing
OPEC and allies such as Russia meet on Wednesday to decide oil output policy from August amid broad market expectations the…
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Indonesia's Pertamina Expects up to 180,000 bpd from Rokan Block when It Takes Over from Chevron
Indonesian state oil company PT Pertamina expects to produce 170,000-180,000 barrels per day (bpd) at the Rokan block when…
Exploration
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Nigeria Launches Licensing Round for Marginal Oilfields
Nigeria has launched its first licensing round for marginal oilfields in nearly 20 years, the Department of Petroleum Resources (DPR) said on Monday…
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Petronas Farms Out Part of Suriname Offshore Block to Exxon
Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary…
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Equinor Exploration Manager Steps Down to Take New Role
Norwegian oil and gas company Equinor has informed that its executive vice president Exploration Tim Dodson will step down…
Drilling
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US Proposal Would Allow Oil and Gas Drillers to Delay Royalty Payments
The U.S.
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Norway: OMV Gets NPD Nod for Hades Drilling
Austrian oil and gas firm OMV has been granted a permit for the drilling of the offshore well 6506/11-12 S in the Norwegian…
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Petrofac Starts Rubie and Renee P&A Work
UK oilfield services firm Petrofac has kicked off the plugging and abandonment work on the Rubie and Renee fields in the…
Production
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Angola Resisting Pressure to Taper Oil Output
Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs…
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DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both…
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Shell to Write Down $22B in Wake of Coronavirus
Royal Dutch Shell said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked…
