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Ezra and Chiyoda Launch Subsea Joint Venture

April 4, 2016

Japan’s ECS player Chiyoda and Ezra’s subsea service business EMAS AMC have launched a joint venture EMAS CHIYODA Subsea, following the completion of the announced transaction. The 50:50 joint venture will start operations effective from April 01, 2016. The companies signed a binding memorandum of understanding (MoU) in August 2015 when it was agreed that… Continue Reading »

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Angola Cables Secures Loan for Angola-Brazil Subsea Link

April 4, 2016

An Angolan telecom operator, Angola Cables, has secured a loan from Japan Bank for International Cooperation (JBIC) of approximately USD 65.8 million for the construction of a complete submarine cable system connecting Angola and Brazil. The loan was secured through the agreement between JBIC and Banco de Desenvolvimento de Angola (BDA), the state-owned development bank… Continue Reading »

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Caithness-Moray Subsea Link Gets $720 Million EIB Loan

April 3, 2016

The European Investment Bank has agreed to provide GBP 500 million (approx. $720 million) to support a major reinforcement of the electricity transmission network in the north of Scotland to improve connections between wind, wave and tidal renewable energy schemes and the national power network. The new power link will help secure the supply of… Continue Reading »

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ONGC Board Approves $5B Investment In East Coast Oil And Gas Asset

March 30, 2016

India’s Oil and Natural Gas Corporation has approved an investment of 340 billion rupees (about $5 billion) over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. Earlier this month, a top company official said ONGC would unveil… Continue Reading »

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Shell, Total Mull LNG Terminal Projects in the Philippines

March 28, 2016

A longstanding plan by the Philippines to build liquefied natural gas (LNG) terminals to help the country diversify its energy mix and to address a more pressing issue posed by depleting resources at its only major gas field were given a nudge forward recently by two European majors. Royal Dutch Shell plc and France’s Total… Continue Reading »

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OneSubsea R&D Project Creates New Jobs

March 23, 2016

OneSubsea is to invest £1.8 million in a new project for the development of its Standardised Modular Injection System (SMIS). The project, which will create five new jobs and safeguard a further 35, is being supported with a £434,126 R&D grant from Scottish Enterprise. It will be delivered from the company’s Aberdeen site. Energy Minister, Fergus Ewing, welcomed the news saying: “While… Continue Reading »

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Ride To The Bottom: US Energy Workers Hit Hard By Company Stock Bets

March 23, 2016

Nearly 15 years since Enron’s collapse decimated the retirement accounts of its employees, hundreds of thousands of U.S. energy workers remain precariously exposed to big, concentrated bets on company stock in their 401(k) retirement plans. The slide in oil prices to their lowest levels in over a decade wiped out several billion dollars of retirement… Continue Reading »

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UK Budget Preview: Tax Cuts Needed to Boost North Sea Industry

March 16, 2016

The Aberdeen & Grampian Chamber of Commerce has become the latest organization to call on UK Chancellor of the Exchequer George Osborne to make further tax cuts to lengthen the lifespan of the North Sea oil industry. In a statement released Monday, the AGCC said that this Wednesday’s Budget should include “definitive action in order to… Continue Reading »

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Mexico’s Pemex Sets Up Credit Lines to Pay Suppliers

March 13, 2016

State-run oil company Pemex said on Tuesday it had set up lines of credit with Mexico’s development banks to improve liquidity and start paying back billions of dollars in debt to suppliers, as the firm seeks to repair finances hit by a rout in crude prices. Pemex has deferred payments to dozens of suppliers and… Continue Reading »

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Shell Says to Start New Exploration Phase in BC-10 Brazil Field

March 11, 2016

Royal Dutch Shell will start in coming days a new exploration phase in the BC-10 project off the coast of Brazil, where it has already invested more than $1 billion, the company’s chief executive in the country said in a presentation. Shell wants to keep investing in Brazil as the country has viable oil reserves… Continue Reading »

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