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Aramco to spend $60bn on oil projects

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State oil firm Saudi Aramco will keep spending on oil and gas projects within the kingdom through 2014 at about $60 billion, a newspaper reported on Wednesday, quoting a contractor in business with the company.

The top oil exporter’s five-year plan would be $10 billion cheaper than the last plan coming to completion in June.

“Saudi Aramco has informed its large local contractors and agents of global firms that it had allocated a budget reaching $60 billion … to carry out oil and gas projects of various sizes up to 2014,” al-Watan newspaper reported, citing one of Aramco’s large contractors.

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Algeria plans $63B of energy projects to 2013

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Oil and gas exporter Algeria plans $63.5 billion in investment through 2013 to boost gas exports and maintain oil output capacity, energy and mines minister Chakib Khelil said on Tuesday.

Low oil prices were not stopping the investment, Khelil said, as Algeria was expecting a longer-term price of around $70-80 a barrel, Khelil said. “And we don’t need that much for these projects to fly,” he said. “We will need $40-50.”

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Oil rig choppers source of 25 occurrence reports

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HALIFAX, NS — There have been 25 occurrence reports filed with Transport Canada since Jan. 1, 2006, involving the Sikorsky S-92A model helicopter that crashed in the North Atlantic last Thursday.

All of the occurrences happened on board choppers owned by Cougar Helicopters during journeys to Newfoundland’s offshore oil platforms.

Seventeen people died in last Thursday’s crash of Cougar Helicopters flight 491, when the Sikorsky S-92A ditched in the Atlantic Ocean after declaring a mechanical problem.

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Now that's deep: Technip sets records with Perdido pipeline installations

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HOUSTON — Technip set two industry records for ultra-deepwater pipeline installation with its work on Shell’s Perdido development in the U.S. Gulf of Mexico. Technip performed the deepest reeled flowline installation at a water depth of 2,961 meters (9,713 ft) and the deepest reeled steel catenary riser installation at a water depth of 2,469 meters (8,100 ft).

Installation was successfully completed in January 2009. The flowline and riser had a total length of 13.2 kilometers (8.2 miles).

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Devon CEO pushes drilling offshore Virginia

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By Rex Springston, Richmond Times-Dispatch, Va.

RICHMOND, VIRGINIA — Virginia and the federal government need to get behind offshore drilling to bring money and jobs to the state, an energy company executive says.

“We have the [energy] resources,” said the executive, J. Larry Nichols. “We just don’t yet have the will to go develop them.”

Nichols is chairman and CEO of Oklahoma City-based Devon Energy Corp., one of the country’s largest independent oil and natural-gas exploration and production companies.

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Venezuela says $70 barrel minimum needed for oil investment

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Venezuelan Energy Minister Rafael Ramirez said here Wednesday that a minimum price of $70 per barrel was needed to fund the investment necessary to guarantee the petroleum supply required by the market. 

Ramirez joined his counterparts from the Organization of Petroleum Exporting Countries, or OPEC, and energy experts in warning that the current price range of $40 to $50 per barrel posed risks to the world’s future energy security.

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Angola's oil reserves may resemble Brazil's

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VIENNA — Geological similarities between Angola’s and Brazil’s subsalt areas suggest that future exploratory drilling on Angola’s continental shelf may one day find oil reserves similar to Brazil’s recent large discoveries, a Sonangol scientist said Wednesday.

Sonangol, Angola’s state oil firm, has started preliminary studies into Angola’s subsalt region over the last several months.

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Global Industries gets Chevron Thailand contract

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THAILAND — Carlyss-based offshore Global Industries, Ltd. subsidiary, Global Industries Offshore (Thailand) Ltd. has entered into a contract with Chevron Offshore (Thailand) Ltd. and Chevron Thailand Exploration and Production Ltd. for the 2009 installation campaign project.

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Offshore internet: FCC Approves WiMax Operations along Gulf Coast

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NEWARK, NJ– IDT Spectrum said today that the FCC has authorized it to operate forty six (46) WiMAX base stations in the 3.65 GHz band. IDT Corporation (NYSE: IDT; IDT.C), IDT Spectrum’s parent company, is a telecommunications and energy holding company engaged, through an affiliated company, in an oil shale research and development project in Western Colorado.

The authorization affords IDT Spectrum the opportunity to provide WiMAX services in Texas, Louisiana and Colorado within an area that contains approximately 350 oil rigs.

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Saudi, Iranian Oil Ministers: Prices Should Stand at $60-$75

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The oil ministers of Saudi Arabia and Iran said Monday their target goal for the price of oil was between $60 to $75 a barrel. 

“The days of oil as a primary fuel source for the people of the world are far from over,” Saudi Minister of Petroleum Ali al-Naimi said. 

His Iranian counterpart, Gholam Nozari, concurred with the assessment on the ideal price a barrel of oil should fetch on the market.

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