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China’s March To Biggest Oil Importer Hits US Shale Roadblock

June 17, 2016

The world’s biggest oil importer. The title nobody wants. For decades the U.S. held undisputed rights to the crown. Last year, China squeaked ahead for the first time amid growing demand and as rising U.S. shale production displaced overseas deliveries. The Middle Kingdom looked poised to become the center of the crude importing world. Then… Continue Reading »

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Venezuela Says Oil At $50 Enough To Avoid PDVSA Default

June 17, 2016

Crude prices around $50 a barrel are enough for Venezuela’s state oil producer to avoid a default on its debt, company president and national oil minister Eulogio Del Pino said Thursday in an interview. “$50 is enough,” he said on Bloomberg Television from Russia at the St. Petersburg International Economic Forum. The company’s average production cost… Continue Reading »

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Iran Oil Comeback That Startled Doubters Approaches Roadblock

June 16, 2016

Iran easily beat expectations with its speed in boosting oil exports after the lifting of sanctions. Without an injection of cash and the easing of remaining trade barriers, the recovery may have run its course. When restrictions on Iran’s oil exports were relieved in January following a nuclear pact with world powers, analysts from Goldman… Continue Reading »

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Oil Price Downturn Prompts Update of Rig Guide

June 15, 2016

With drilling activity down due to low oil prices, a number of offshore drilling rigs have been coldstacked as drilling contractors wait for prices to recover. At the same time, the process of laying up and deactivating increasingly complex drilling rigs poses a higher financial risk and ultimately, a safety risk. Faced with clients needing… Continue Reading »

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Saipem awarded new drilling contracts worth approximately €150 million

June 15, 2016

Saipem has been awarded new drilling contracts and extensions to existing contracts in Portugal, Norway, Morocco, Saudi Arabia, Kazakhstan and Latin America, with a cumulative value of approximately Euro 150 million. Saipem has been awarded by Eni Portugal B.V. a contract for the utilization of the Saipem 12000, which will operate offshore Portugal. The work… Continue Reading »

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Shell CEO Faces Long Haul In Bid To Pass Exxon As Top Oil Major

June 15, 2016

Royal Dutch Shell Plc Chief Executive Officer Ben Van Beurden spelled out his main goal last week — surpass Exxon Mobil Corp. to become the best-performing oil major. “I am determined to get us to that number one place,” he said after outlining the company’s long-term strategy in London. “I want to create a world… Continue Reading »

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Brazil’s Petrobras CEO Seeks To Cut Salaries

June 14, 2016

Brazil’s Petroleo Brasileiro SA plans to propose a deal with unions to reduce salaries and working hours at the state-run oil company to help cut a massive debt, newspaper o Estado de S. Paulo said on Tuesday. Petrobras Chief Executive Officer Pedro Parente will propose cutting salaries by as much as 25 percent starting in… Continue Reading »

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Moody’s: LatAm Oil Companies Need Over $55/Bbl To Break Even

June 14, 2016

Latin American national oil companies need crude prices to surpass $55 per barrel to break even, a level that would allow them to invest capital enough to start reverting declining output, according to credit rating firm Moody’s Corp. Moody’s expects credit quality to remain weak for these oil companies through at least mid-2017, with persistent… Continue Reading »

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OPEC Sees Oil Glut Shrinking In Second Half Of Year

June 13, 2016

OPEC forecasts that the world oil market will be more balanced in the second half of 2016 as outages in Nigeria and Canada help to speed up the erosion of a supply glut. The Organization of the Petroleum Exporting Countries pointed in a monthly report to supply exceeding demand by just 160,000 barrels per day (bpd) in… Continue Reading »

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