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OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC sees growing supply threat from rivals beyond U.S. shale

OPEC’s latest forecasts suggested a weaker outlook for global oil markets this year as surging supplies from competitors from Norway. They still committed to meeting in March to decide on future production policies. OPEC set to further lose market share in 2020. Brent gives up all gains made after Iranian general killed. Angolan output posts...

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Petrofac to establish Petrogas NEO UK’s new North Sea operations

Petrofac to establish Petrogas NEO UK’s new North Sea operations

Petrofac has been selected by Petrogas NEO UK – a jointly owned company created by Petrogas E&P UK, and NEO Energy. Company announces a new contract and the award of an additional scope of work with Petroleum Development Oman (PDO). Petrofac, in a joint venture (JV) with the State Oil Company of the Republic of...

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BP reshapes its UK North Sea portfolio with $625 million asset sale

BP reshapes its UK North Sea portfolio with $625 million asset sale

BP has agreed terms to sell its interests in the Andrew area in the central UK North Sea. New cross-industry consortium to make enhanced recycling of polyester plastics a commercial reality. BP announced that its recent three-well drilling campaign offshore Mauritania. Company has also non-operating interest in the Shearwater field. BP and Reliance Industries Limited...

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Federal Reserve Bank of Dallas: Texas oil sector contracting amid ‘challenging’ conditions

Federal Reserve Bank of Dallas: Texas oil sector contracting amid ‘challenging’ conditions

Energy sector activity dipped again in the fourth quarter, according to executives responding to the Federal Reserve Bank of Dallas Energy Survey. The Federal Reserve Bank of Dallas has appointed Von Washington to its El Paso Branch board of directors. The Federal Reserve Board of Governors has appointed Claudia Aguirre of Houston to the Federal...

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TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins

TGS completes new multibeam and coring program in Brazil’s Campos and Santos basins

TGS announced the completion of a new multibeam and coring program covering over 213,0000 square kilometers in the Campos. TGS announced that it has completed a transaction to purchase over 800 square miles of onshore 3D seismic surveys. TGS, in partnership with AustinBridgeporth, has been granted exclusive rights to acquire the world’s highest resolution gravity...

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Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Analysts see few surprises in 2020 as OPEC+ cuts trim surplus

Oil prices are likely to remain in check during 2020 as OPEC+ production cuts are offset by higher output from other countries. Oil prices were little changed on last Monday as Russia said an OPEC-led producer group may consider easing output cuts next year. The Trump administration on last Thursday renewed a waiver for companies...

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Schlumberger commits to Paris Agreement emissions-reduction targets

Schlumberger commits to Paris Agreement emissions-reduction targets

Schlumberger announced its commitment to setting a science-based target to reduce its greenhouse gas emissions. The target will align Schlumberger with the goals of the Paris Agreement to reduce climate change. This award is issued under the 20-year subsea master order for the Gulf of Mexico. Schlumberger’s commitment has been submitted to the Science Based...

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Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy to spend $640 million acquiring Gulf of Mexico acreage and prospects

Talos Energy has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced that the Company has entered into a series of definitive agreements to acquire a broad portfolio of U.S. Gulf of Mexico producing assets. Company announced its financial and operational results for...

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Schlumberger and Dataiku partner to offer enterprise-scale artificial intelligence

Schlumberger and Dataiku partner to offer enterprise-scale artificial intelligence

Schlumberger and Dataiku have entered into an exclusive technology partnership that will enable the E&P industry. Company announced that Simon Ayat, Executive Vice President and Chief Financial Officer, will step down from this position. Company hold a conference call on January 17, 2020 to discuss the results for the fourth quarter and full year ending...

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Canacol Energy wins three new Colombian gas exploration blocks

Canacol Energy wins three new Colombian gas exploration blocks

Canacol Energy has successfully secured a 100% operated working interest in three new conventional gas exploration contracts. Company pleased to announce that it has commenced the production and sale of liquified natural gas (“LNG”), the first such operation in Colombia. Company pleased to report its financial and operating results for the three and nine months...