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President Energy plans July drilling in Argentina

June 28, 2016

President Energy (AIM: PPC), the oil and gas exploration and production company provides the following update on Argentina operations and revised loan agreements (the “Loan Restructuring”). Highlights President has now engaged drilling contractors for a 2016 three horizontal well programme due to commence by end July. Objective of the drilling campaign is to increase sustainable… Continue Reading »

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Johan Sverdrup Development Plan Approved

August 24, 2015

The plan for development and operation (PDO) for Johan Sverdrup, phase one, was approved by the Ministry of Petroleum and Energy on Thursday (August 20). In addition the associated plans for installation and operation (PIO) for transportation pipelines and power supply from shore were approved. “We are delighted that the development plan for the Statoil-operated… Continue Reading »

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Technip Down on Restructure Charge

August 4, 2015

Paris-based subsea major Technip has slipped into the red in the second quarter as the company booked one-off restructuring charges on market adjusting plans, announced earlier in June. Namely, on July 6, Technip announced the launch of a restructuring plan with a total one-off charge of €650 million. Of this total, €570 million was booked in… Continue Reading »

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Govt Commits Additional Funding for GBR Reef Trust

March 25, 2015

The Commonwealth Government will commit an additional $100 million in new funding for the Reef Trust to support the implementation of the historic Reef 2050 Long Term Sustainability Plan for the protection and management of the Great Barrier Reef.  Last year, the Coalition delivered on its commitment to establish a $40 million Reef Trust which… Continue Reading »

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Cal Dive Files for Chapter 11 Bankruptcy

March 5, 2015

Cal Dive with its U.S. subsidiaries has filed simultaneous voluntary petitions in the United States Bankruptcy Court for the District of Delaware seeking relief under the provisions of Chapter 11 of the U.S. Bankruptcy Code. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time…. 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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Obama Floats Offering First-Ever Drilling Lease In Atlantic

January 28, 2015

The Obama administration floated a plan Tuesday that for the first time would open up a broad swath of the Atlantic Coast to drilling, even as it moved to restrict drilling in environmentally-sensitive areas off Alaska. The proposal envisions auctioning areas located more than 50 miles off Virginia, North and South Carolina, and Georgia to… Continue Reading »

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Infographic: Underwater Cities of the Future

January 18, 2015

A Japanese coampany, Shimizu Corporation, has presented OCEAN SPIRAL concept for a deep sea city of the future. The latest plan consists of building a submerged city of concrete, 500m in diameter, with a spherical shell and triangular acrylic plates measuring 50m on each side. The city would initially be able to fit a hotel,… Continue Reading »

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Lundin Slashes 2015 Budget by One-Third

January 9, 2015

Sweden’s Lundin Petroleum announced Wednesday that its 2015 development, appraisal and exploration budget will be almost one-third lower than last year’s budget. Lundin said the budget will amount to $1.45 billion – 31-percent less than its budget for 2014. THE FIRM WILL SPEND $980 MILLION ON DEVELOPMENT PROJECTS IN 2015, A DECLINE OF 30 PERCENT… Continue Reading »

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Chevron Cancels Canadian Arctic Drilling As Oil Prices Slide

December 19, 2014

Chevron Corp is putting a plan to drill for oil in the Beaufort Sea in Canada’s Arctic on hold indefinitely because of what it called “economic uncertainty in the industry” as oil prices fall. In a letter to Canada’s National Energy Board on Wednesday, the company withdrew from a hearing on Arctic drilling rules because… Continue Reading »

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