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OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

OPEC sees ‘somewhat bearish’ oil outlook even as market tightens

Global oil markets face a “somewhat bearish” outlook for the rest of the year amid slowing economic growth. Fed cuts interest rates, signals it may not need to do more. ConocoPhillips missed Wall Street estimates for quarterly profit on last Tuesday. The long-running trade war, even though supplies will be tighter than previously thought. Copper...

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Canadian petroleum agency approves Hibernia platform restart following spill

Canadian petroleum agency approves Hibernia platform restart following spill

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) issued approval to Hibernia Management. Today’s fiscal framework for natural gas development in British Columbia is a critical step to create a global. Global Energy Monitor published a misleading report titled. The Government of Canada’s new approval to build the Trans Mountain Expansion Project. Canada’s oil sector...

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Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran oil tanker released by Gibraltar, setting up race with the U.S

Iran is racing to return an oil supertanker to international waters. The captain of an Iranian tanker seized in Gibraltar, provoking a diplomatic crisis between Tehran and London. The ship, the Grace 1, had been held in Gibraltar after British forces detained it last month. Iran on Sunday called Britain’s seizure of an Iranian oil...

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Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco’s senior executives can breathe a collective sigh of relief. Saudi Aramco announced for the first time its half-year financial results. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes signed a memorandum of understanding. Saudi Aramco is...

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Aramco remains world’s most profitable company even as oil falls

Aramco remains world’s most profitable company even as oil falls

Saudi Aramco showed Monday it’s still the world’s most profitable company. Saudi Aramco announced for the first time its half-year financial results. Profit slid 12% to $46.9 billion in the first six months of 2019. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology...

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Saipem taps DNV GL for digital twin system

Saipem taps DNV GL for digital twin system

Saipem, the energy and infrastructure solution provider, is implementing DNV GL’s hull planned maintenance system. Saipem will establish a spool-base on Greenwood Island, Pascagoula, Mississippi. Saipem has been awarded new contracts in offshore drilling in Romania. A memorandum of understanding has been signed with Plambeck Emirates LLC for the development and construction. It building the...

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Tullow makes significant oil discovery offshore Guyana

Tullow makes significant oil discovery offshore Guyana

Tullow Oil has made its first discovery in its Orinduik license offshore Guyana. Tullow Oil plc (Group) announces that a judgment in the English Commercial Court case brought against its wholly owned subsidiary. Tullow Oil plc (Tullow) is pleased to announce the appointment of Dorothy Thompson as independent non-executive Director. Company exceeding pre-drill forecasts and...

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COOEC Offshore and Expro form international riserless well intervention alliance

COOEC Offshore and Expro form international riserless well intervention alliance

China-based COOEC Offshore has formed an alliance with international oilfield services company Expro. The Liuhua 16-2 turret-moored floating production and storage and offloading facility will be anchored in 390-420. It expanding the riserless Well Intervention (RWI) capabilities and resources. The central platform recently departed the COOEC-Fluor yard in Zhuhai. Fluor Corp. and Offshore Oil Engineering...

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Venezuela importing the most fuel since U.S. sanctions started

Venezuela importing the most fuel since U.S. sanctions started

Venezuela is importing fuel at a rate not seen since the U.S. imposed crippling sanctions on the country. A Chinese contractor has agreed to shore up Venezuela’s derelict refining network to ease fuel shortages. US imposed sanctions on Venezuelan individuals linked to Maduro’s government. US President Donald Trump has signed an executive order imposing an...

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Chevron warns future Venezuela events may hurt earnings

Chevron warns future Venezuela events may hurt earnings

The last major U.S. oil producer in Venezuela is warning that developments in the crisis-torn South American. Chevron U.S.A. Inc. has awarded Schlumberger subsidiary OneSubsea a 20-year subsea equipment. Chevron Corp. is seeking approval to modify its plans for a liquefied natural gas export facility. Chevron U.S.A. Inc. has completed its $350 million acquisition of...