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Iran Oil Chief Shakes Up Oil Firm in Bid to Strike Pre-election Deals

June 28, 2016

Oil minister Bijan Zanganeh has handed the running of Iran’s national oil company to a trusted ally in a push to agree long-awaited deals with global oil majors, which could be derailed by next year’s presidential polls. Iran has pledged to open up its lucrative oil reserves, the world’s fourth largest, although hardline rivals of… Continue Reading »

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Modi’s $27B Oil Quest Gives Services Firms A Lifeline

June 28, 2016

India is offering global oilfield service providers starved of new contracts a $27 billion lifeline as the government’s ambition to cut fuel imports drives fresh investment. Spending plans are ratcheting up and stalled projects restarting after the government in March announced pricing freedom for natural gas from deepsea fields that begin production this year. Coming at… Continue Reading »

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Greater Enfield oil development approved

June 27, 2016

Woodside advises that with Joint Venture participant Mitsui E&P Australia, the Greater Enfield Project has been approved for development. Located 60 km off Exmouth in Western Australia within Commonwealth waters the project will develop the Laverda Canyon, Norton over Laverda (WA-59-L) and Cimatti (WA-28-L) oil accumulations. These reserves will be produced via a 31 km… Continue Reading »

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Brexit: Adverse Impact for UK’s Oil, Gas Industry Unlikely

June 27, 2016

The people of the United Kingdom’s decision to leave the European Union is unlikely to have a major adverse impact on the country’s oil and gas industry, companies and organizations involved in the sector said. But they also called for clear leadership from the UK government on the way forward for the industry in order… Continue Reading »

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Oil Glut Is Fading Where You Would Least Expect: Saudi Arabia

June 27, 2016

Saudi Arabia, a country nearly synonymous with plentiful crude supplies, is offering one of the strongest signs yet that the glut that has plagued the oil market since 2014 is coming to an end. Despite near record production, the kingdom’s oil inventories have declined for six consecutive months, the longest stretch since the Joint Organisations… Continue Reading »

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FirstEnergy Expects Crude Oil Price to Hit $70 in 2018

June 23, 2016

Crude oil prices will rebound towards $70 per barrel in 2018, according to oil and gas analysts at FirstEnergy. “We have increased our expectations for crude oil prices across our entire forecast horizon,” said FirstEnergy’s oil and gas analyst Martin King in a research note sent to Rigzone. “We anticipate prices closer to $50 per… Continue Reading »

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Oil Bust Pushes Producers Together To Make Cost Cutting Count

June 22, 2016

The biggest oil-industry downturn in a generation has companies collaborating in ways they never thought possible. In this global effort, one of the world’s most expensive oil regions intends to lead the way. Last month companies operating in the North Sea started pooling spare parts and tools, and they are even sharing plans on how… Continue Reading »

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From Engineer To Sommelier: Calgary’s Laid-off Oil Workers Try Plan B

June 22, 2016

Alejandro Rodriguez wants to be a sommelier. His previous experience: 20 years as an oil reservoir engineer. The 42-year-old needed to consider a career plan B after ARC Resources Ltd laid him off in January, adding to a growing number of people in the Canadian city of Calgary, Alberta who no longer have a place… Continue Reading »

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Norway Oil Drilling Rig Workers Agree Wage Deal, Avoid Strike

June 22, 2016

Workers on Norwegian offshore oil drilling rigs signed a new wage deal on Wednesday, avoiding a strike, labour unions and employers said in separate statements. Some 280 rig workers had threatened to strike if the talks failed, including staff on Rowan Companies’ Viking and Gorilla rigs, and on the Statoil-operated Heidrun, Statfjord, Aasgard, Volve and… Continue Reading »

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