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Russia and Norway Use Saudi Oil Strategy in Europe’s Gas Market

April 26, 2016

(Bloomberg) — Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share. Utilities from EON SE to Centrica Plc are beneficiaries as Europe’s two biggest gas suppliers provided a record amount of the fuel in the first quarter, according to Societe Generale SA. The glut… Continue Reading »

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European Energy Firms Post Billion Dollar Losses in 2015

February 11, 2016

Tullow Oil plc and Maersk Oil both registered billion dollar losses in 2015, amid an ever-declining low oil price. London-headquartered Tullow, which was founded in Ireland, revealed an operating loss of $1.09 billion in 2015 (2014 operating loss: $1.96 billion). Gross profit was 46 percent lower than last year, coming in at $591 million (2014… Continue Reading »

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Teaming-Up in 2015: Collaboration Agreements by European Oil, Gas Firms

January 26, 2016

In the face of the current low oil price environment, which has seen the price of Brent slip from over $100 per barrel in 2014 to under $40 per barrel at the end of 2015, several companies in the oil and gas industry have banded together in an effort to combine resources, reduce costs and… Continue Reading »

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Russia’s Oil Rivalry With Saudis Masks the Bigger Iranian Threat

November 15, 2015

Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the biggest threat comes from another part of the Middle East — Iran. The world’s largest oil exporter has started shipping crude to traditional Russian markets like Poland and Sweden, but Saudi supplies to Europe won’t… Continue Reading »

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Nord Stream 2 to Secure Russian Gas Supplies to Europe

November 3, 2015

The Gazprom headquarters hosted a working meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Sigmar Gabriel, German Vice-Chancellor and Federal Minister of Economics and Energy. The parties addressed the issues of Russian natural gas exports to Germany and other European countries as well as the prospects for the European gas infrastructure development, Gazprom wrote. The participants… Continue Reading »

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Oil Companies in Europe Seek Creative Funding as Lenders Retreat

September 27, 2015

Oil services companies in Europe are finding alternative ways to raise cash and repay debt after falling crude prices made it difficult for them to get funding from traditional sources. Dolphin Group AS has sought to persuade private-equity and hedge funds to finance projects exploring and mapping seabeds in return for interest tied to sales, according… Continue Reading »

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European Majors Reap Benefits of Cost-Cutting Measures

July 29, 2015

Statoil ASA and BP plc revealed Tuesday, through their separate second-quarter results, that they are reaping the benefits of cost cutting programs across their respective operations. In its 2Q statement, Statoil claimed that it has maintained a “strong capital structure” and stated that net debt was reduced in the quarter. The company’s adjusted net income… Continue Reading »

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Iran Eyes $185B Oil, Gas Projects after Sanctions

July 26, 2015

Iran outlined plans on Thursday for the rebuilding of its core industries and trade links in the wake of a nuclear agreement with world powers, saying it was targeting oil and gas projects worth $185 billion by 2020. Iran’s Minister of Industry, Mines and Trade Mohammad Reza Nematzadeh said the Islamic Republic would focus on… Continue Reading »

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EU Offshore Safety Regulations: Guidance on New Rules

July 1, 2015

After the Deepwater Horizon incident occurred in the Gulf of Mexico in April 2010, the European Commission (EC) reviewed the existing regulatory framework around Europe. It concluded that the divergent and fragmentary nature of the requirements in place applying to the safety of offshore oil and gas operations did not provide adequate assurance that risks… Continue Reading »

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