A nation voted. With a 72.2% turnout, 17.4 million (51.9%) votes were cast to leave the EU, compared with 16.1 million (48.1%) to remain, according to the Electoral Commission. It was unlikely that a decision of such scale would take place without significant ramifications and as it stands, Brexit has divided the nation. The economy… Continue Reading »
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that Lundin Petroleum and its wholly-owned subsidiary Lundin Norway AS (Lundin Norway) have entered into agreements with Statoil ASA (Statoil) and its wholly-owned subsidiary Statoil Petroleum AS (Statoil Norway) under which Lundin Norway will acquire Statoil Norway’s entire 15 percent interest in the Edvard Grieg field… Continue Reading »
Future Kimmeridge Limestone oil production projects over the UK’s Weald Basin could generate between approximately 1,000 to 5,600 jobs in the UK per year on average during their lifetime, according to a report from advisory services firm EY, which was commissioned by UK Oil & Gas Investments plc. The report predicts that the gross value… Continue Reading »
Mexico will use $13.6 billion from a central bank surplus to pay down debt and boost its rainy day fund, shoring up finances as it prepares a support plan for the beleaguered state oil company Petroleos Mexicanos. The Finance Ministry will spend 167 billion pesos ($9.5 billion) of the transfer to buy back debt and… Continue Reading »
Geophysical contractor TGS said it expects net revenues for the first quarter of 2016 to be approximately USD 64 million. This compares to net revenues of USD 172 million in the first quarter of 2015, which represents a decrease of close to 63 per cent. In addition to the undrawn revolving credit facility of USD 75 million,… Continue Reading »
In the energy world, India is becoming the new China. The world’s second-most populous nation is increasingly becoming the center for oil demand growth as its economy expands by luring the type of manufacturing that China is trying to shun. And just like China a decade ago, India is trying to hedge its future energy… Continue Reading »
Italy’s Eni is cutting investments and selling down stakes in oil and gas fields to help it prop up dividends and become a leaner exploration-driven player focusing on gas. The state-controlled company said in its 2016-2019 business plan on Friday it would cut overall group capital spending by 21 percent and exploration budgets by 18… Continue Reading »
India announced steps to attract investment in the nation’s oil and gas industry on Thursday to help meet Prime Minister Narendra Modi’s goal of cutting import dependence. The nation’s cabinet approved measures including giving pricing freedom to explorers for natural gas extracted from deepsea fields that start production this year, except those under litigation, according… Continue Reading »
Brazil on Wednesday announced measures to extend the rights of state-run oil company Petrobras to operate some of its oldest fields and resolve a long-standing impasse on how to best share oil reserves that extend across areas owned by different groups. Brazil’s energy minister, Eduardo Braga, said after the measures were announced that they could… Continue Reading »
The European Commission has found the Host Government Agreement between the Greek authorities and the Trans Adriatic Pipeline to be in line with EU state aid rules. The project should improve the security and diversity of EU energy supplies without unduly distorting competition in the single market. Margrethe Vestager, commissioner in charge of competition policy, stated:… Continue Reading »
