Category Archives: News


Canada Imposes Sanctions On Russian Oil Firm Rosneft, Rostec CEO

February 21, 2015

Canada is imposing sanctions against top Russian oil firm NK Rosneft OAO and the head of conglomerate Rostec, among others, in response to the actions of Russian-backed militants in Ukraine, Ottawa said on Tuesday. In all, Canada – which said it was acting in coordination with the European Union and the United States – imposed… Continue Reading »


U.S. Govt Pays Compensation for Tubbataha Reef Damage

February 19, 2015

The Philippines Government has received the full requested amount of USD 1.9 million (Php 87 million), from the U.S. Government, as compensation for the damage caused to Tubbataha Reef by the grounding of the USS Guardian. USS Guardian grounded in the Sulu Sea in Philippines on January 17, 2013. According to the Navy report, the Avenger-class… Continue Reading »


Balfour Beatty Sells Thanet OFTO Interest for USD 61.7 Mln

February 18, 2015

Balfour Beatty, the international infrastructure group, announced the disposal of an 80% interest in the Thanet offshore transmission project (“Thanet OFTO”) for £40 million ($61.7 million).  Thanet OFTO is the high-voltage electricity transmission system connecting the 300MW Thanet Wind Farm, off the coast of Kent, to the onshore transmission grid. Assets include one offshore and… Continue Reading »


Southeast Asian NOCs Adapt to Lower Oil Prices

February 15, 2015

Southeast Asian national oil companies (NOCs) are adjusting their business operations to deal with the current slump in oil market after years of sustained high price of more than $100 a barrel. The oil price decline – down around 50 percent since last September – has cast a shadow over business growth prospect for these… Continue Reading »


Congress Passes Keystone XL Bill, Obama Expected To Veto

February 14, 2015

The Republican-led Congress gave final passage on Wednesday to a bill to approve the long-pending Keystone XL pipeline, a measure that next goes to President Barack Obama, who has vowed to veto it. The bill passed by 270-152 in the House of Representatives, with only one Republican voting against it and 29 Democrats for it…. Continue Reading »


Kvaerner Posts Loss

February 13, 2015

Kvaerner, an engineering, procurement and construction (EPC) contractor, has reported operating revenues in fourth quarter 2014 amounted to NOK 3591 million, compared with NOK 3 939 million for the fourth quarter 2013. The decrease from last year is mainly due to reduced activity with in the jackets business. Kvaerner reported operating revenues of NOK 13… Continue Reading »


UAE’s ADNOC Sign $500M Technical Agreement with Oxy

February 12, 2015

State-run Abu Dhabi National Oil Company (ADNOC) has signed a technical agreement with U.S.-based Occidental Petroleum to develop the al-Hail and Ghasha oilfields, ADNOC said in a statement on Tuesday. “Under the terms of the new agreement, ADNOC and Oxy will cooperate in carrying out a number of activities that reach up to $500 million… Continue Reading »

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