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Energy

Swiss Court Tells Egypt Energy Companies to Pay Israel

A Swiss court has rejected an appeal by Egyptian energy companies after a French court last year ordered them to pay $2 billion in compensation to state-owned Israel Electric Corp (IEC), the Israeli utility said.   An IEC statement on Friday said that Egyptian Natural Gas (EGAS) and Egyptian General

US Drillers Add Oil Rigs for 15th Week

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U.S. drillers added oil rigs for a 15th week in a row, but the pace of those additions slowed in April to the lowest in five months as crude prices fell below $50 a barrel on doubts OPEC will continue to cut production enough to reduce the global glut.   Drillers added nine oil rigs in the week to April 28,

Pemex Approves New Deep Water Gulf Joint Venture

The board of Mexico's state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country's territorial Gulf waters.   Reuters revealed details of the plan last week.     (Reporting by David Alire Garcia)

Updated Forecast: Floating Production System Orders

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World Energy Reports has released its midterm five year forecast of production floater orders. The forecast, detailed in the March 2017 WER report, reflects positive and negative developments in underlying business drivers since WER’s five year forecast last October.   Positive developments Likelihood that the November U.

Norway's Heavyweights & Entrepreneurs

Arctic drilling: the Polar Pioneer in Norway’s arctic waters (Photo: Harald Pettersen, Statoil)

Signs of recovery and innovation in Norway’s offshore sector   Big lender Swedbank’s chief economist, Harald Andreassen, isn’t “too hopeful” about the long-term prospects for the oil price, but then again, “I’m less certain of this than I’ve ever been as an economist,” he tells a floating production conference in Oslo.

Nigeria Aims to Pass Delayed Oil Bill by Year End

Nigeria's upper house of parliament aims to pass the country's long delayed oil reform bill before the end of the year, Senate Committee Chairman on Petroleum Upstream, Tayo Alasoadura said on Thursday.   The legislation is part of proposed reforms that make up the sprawling Petroleum Industry Bill,

Anadarko Shares Dive as Wells Close

Shares of Anadarko Petroleum Corp plunged on Thursday after the oil and natural gas producer said it would temporarily close more than 3,000 wells in Colorado in the wake of an explosion that killed two.   The company's stock fell more than 5 percent to $56.69 in Wednesday afternoon trading, touching six-month lows.

Suncor Evaluates Potential Oil-sand Deals as Majors Exit

Photo: Suncor Energy Inc.

Suncor Energy, Canada's largest energy producer, is still evaluating opportunities for oil sands acquisitions in northern Alberta as foreign oil majors exit the high-cost region, Chief Executive Steve Williams said on Thursday.   However, the company has a high bar in terms of return on investments

FirstEnergy Settles Coal Transport Dispute

U.S. power company FirstEnergy Corp agreed to pay $109 million to settle a legal dispute with two railroads concerning a long-term coal transportation contract, the Ohio based company said in a federal filing on Wednesday. FirstEnergy said its FirstEnergy Generation unit would pay CSX Corp's CSX

Keppel FloaTEC Secures Contract for TLWP in Vietnam

Keppel FloaTEC LLC, a wholly-owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has secured a contract worth about $40 million from PTSC Mechanical & Construction (PTSC M&C) to provide engineering, technology and construction management support services for the Repsol Ca Rong Do Tension

Poland to Receive first US LNG Delivery in June

File Image: CREDIT GAC

Poland will receive its first liquefied natural gas supplies (LNG) from the United States in mid-June as a result of a deal Polish gas firm PGNiG signed with Cheniere Energy, state-run PGNiG said on Thursday.   Cheniere Energy will make the spot delivery at the Swinoujscie terminal on the Baltic Sea.

BP sheds Petrochemical Stake to Sinopec

BP has agreed to sell its 50 percent stake in the Shanghai SECCO Petrochemical Company to a subsidiary of its joint venture partner Sinopec for $1.68 billion, the British oil major said.   The sale represents BP's first major divestment of a year in which it expects to sell assets worth between $4.

Maiden Bakken oil cargo to Asia ships out, with more to come

The first ever reported export of North Dakota's crude oil to Asia left port last month, according to a shipping document seen by Reuters on Wednesday, in what is expected to be the first of numerous cargoes once the key Dakota Access pipeline starts moving oil in May.   Swiss-based Mercuria Energy Trading S.

Trump Executive Order Requires Review of National Monuments

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U.S. President Donald Trump signed an executive order on Wednesday requiring a review of national monuments which he said was aimed at ending an "egregious abuse of federal power."   At a ceremony at the Department of the Interior, Trump said people's ability to access and utilize land must be protected,

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