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Category Archives: Outlook

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Reef Subsea Goes Under

February 9, 2015

Norwegian offshore wind and oil & gas services player, Reef Subsea, has filed a bankruptcy petition to Bergen District Court despite company’s efforts to restructure and cut costs in order to stay afloat in today’s challenging market. The company, established in February 2010 and 100% owned by Stavanger-based company HitecVision, is likely to be Norway’s first… Continue Reading »

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MARIN Invests in Bosch Rexroth Wave Generators

February 8, 2015

Bas Buchner, MARIN president, and Ron van den Oetelaar, General Manager Bosch Rexroth Benelux, signed a contract for a new wave generator for MARIN’s new Concept Basin. Part of this contract is a complete new wave generation control system for the wave generators in the Offshore Basin and Seakeeping and Manoeuvring Basin, commissioned in 2000. These wave generators… Continue Reading »

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Midland: Weathering the Downturn in Crude Oil Prices

February 6, 2015

With crude oil prices at their lowest levels in years, municipalities that depend primarily on the oil and gas industry for their economic vitality are suddenly at risk of seeing drastic slowdowns in the local economy, and possibly some red ink. One such city is Midland, Texas, an oil and gas town like few others…. Continue Reading »

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WERPO, ACEP Cooperate on Wave Energy Development in Ghana

February 5, 2015

Blackbird International Corporation has signed a partnership agreement with ACEP, The Africa Center for Energy Policy, with the goal of erecting a sea wave energy power plant to supplement the region’s energy needs.   WERPO signed a JV agreement with ACEP, The Africa Center for Energy Policy in Ghana. Shmuel Ovadia, director at WERPO and inventor… Continue Reading »

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Shell Prepares for Brent Delta Decommissioning

February 5, 2015

A thirty day public consultation on plans to begin decommissioning of the Brent oil and gas field in the North Sea will start mid-February. The field has produced around 10% of all UK North Sea oil and gas and generated more than £20bn of tax revenue for the UK since production began in 1976. The decommissioning programme,… Continue Reading »

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Bakken Boom Slows on Crude Pride Slump

February 4, 2015

The drop in crude oil prices in recent months has likely gone uncelebrated in the North Dakota town of Williston, or in the state as a whole, as exploration and production companies reduce or halt their drilling activity in the Bakken, that vast shale formation underlying North Dakota and neighboring Montana. But how much has… Continue Reading »

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Exxon Quarterly Profit Lower, Share Buyback Cut

February 3, 2015

Exxon Mobil Corp said on Monday its quarterly profit fell 21 percent as weak oil prices took a toll, but results topped Wall Street expectations due to tax benefits and a favorable arbitration ruling. Global oil markets are oversupplied at a time when demand is waning, a situation that has caused crude prices to tumble… Continue Reading »

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Chevron Scraps 2015 Share Repurchase Program On Low Oil Prices

February 2, 2015

Chevron Corp halted its 2015 share repurchase program on Friday, a move designed to conserve cash amid tumbling oil prices and its latest cost-cutting step after slashing capital spending. Shares of the No. 2 U.S. oil producer extended losses after comments by executives on a conference call, falling nearly 4 percent to $99 after being… Continue Reading »

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Irish Renewable Energy Sector at €9 Bln by 2030, Minister Says

February 2, 2015

Ireland’s marine renewable energy sector could ultimately be worth as much as €9 billion by 2030, and be supporting thousands of jobs on the island, according to Energy Minister Alex White. Speaking at the Marine Renewable Energy Ireland (MaREI) Industry Day, in Ringaskiddy, Co. Cork, Minister White also said his department’s support for research and… Continue Reading »

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Cameron Sees Profits Rise

February 1, 2015

Cameron has delivered a record-level of fully diluted quarterly earnings per share from continuing operations, excluding other costs, of  $1.34 for the fourth quarter of 2014, compared to $0.90 for the same period of 2013.  Cash generated by operations was $938 million in the fourth quarter of 2014, a 49% increase from the same period of 2013…. Continue Reading »

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