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Russian rouble nears one-month highs, lifted by taxes, oil

MOSCOW:  The Russian rouble firmed on Tuesday, supported by month-end tax payments and higher oil prices. The rouble gained 0.2 percent to 59.03 against the dollar as of 0734 GMT, inching towards the 58.93 it hit on Monday, its strongest level since July 21. A lull in geopolitical pressures and a gradual decline in U.S. and German bond yields has ... Read More »

Oman’s revenues from oil drop 45.5% for first 9 months of 2015

MUSCAT: Oman’s revenues from oil for the first nine months of 2015 dropped 45.5 per cent when compared to the same period last year. Oil revenue at the end of September stood at 4.2 billion rials, compared to 7.8 billion rials in the nine months of 2014, according to the National Centre for Statistics and Information. Total revenues were estimated at 6.7 ... Read More »

Oil, gas exploration venture in Falklands illegal: Argentina

BUENOS AIRES: The oil and gas exploration activities being undertaken by Noble Energy Falklands Limited in an area near the disputed Falkland Islands are “illegal” and “clandestine,” the Argentine government said. Argentina claims sovereignty over the Falkland Islands, which Latin Americans call the Malvinas and are under British control. The Energy Ministry said in a resolution published on Tuesday in ... Read More »

Norway’s oil fund looking at Tokyo, Singapore for property investments

OSLO: Norway’s US$819 billion (S$1.1 trillion) Government Pension Fund, the world’s biggest sovereign wealth fund, is looking to buy properties in Tokyo and Singapore in the coming months, a key executive said on Wednesday. The fund, built on revenues from the country’s oil and gas production, has previously bought office blocks, shopping malls and other properties in key cities in ... Read More »

France Cheap oil boosts Container Shipping Line CMA CGM’s Profits

PARIS: Cheap oil lifted French shipping company CMA CGM’s profitability in the second quarter, adding to the impact of fuel consumption reduction measures taken in the past years. CMA CGM, the world’s third largest container shipper in terms of volume, said its net profit in the second quarter rose 67% from the same period last year to $156 million even ... Read More »

Norway’s economy insulated from falling oil prices

Oslo: Norway has reaped huge dividends from its oil reserves, but it has saved far more of that money than Alberta. It is also making plans for a future beyond oil. Part of the 2015 Atkinson Series on public policy. It’s mid-January 2015 and the price of oil is half what it was four months ago. In Alberta, the provincial ... Read More »

Norwegian oil & gas technology company CSUB opts for Lithuania

OSLO: The Norwegian company CSUB (former Sorkomp), which works with oil and gas technologies, is launching a production division in Klaipeda. In the short run, CSUB LT plans to create 50 new jobs for engineers, welders, and other specialists. The company is also considering expansion in Lithuania, reports BC press service of Invest Lithuania. As part of the Composites Energy ... Read More »

Production approves for Maersk UK oil and gas Culzean gas field

LONDON: Production on the largest new oil and gas field to have been discovered in the North Sea for a decade has been approved by the UK Oil & Gas Authority. The Culzean field is expected to produce enough gas to meet 5% of the UK’s needs when it reaches peak production. It holds reserves equivalent to about a quarter ... Read More »

Major UK oil producer EnQuest confident despite loss

LONDON: EnQuest, the largest UK independent oil producer in the North Sea, suffered a heavy half-year loss due to falling oil prices. The London-listed company with offices in Aberdeen, Malaysia and Dubai reported a pre-tax loss of $34.6 million (£22.09m) for the six months to June 30 due to impairments and other exceptional items. During the same period in 2014 ... Read More »

Oil company orders Barents Sea survey data

COPENHAGEN: An unnamed oil company agreed to licence 3D electromagnetic data on the Barents Sea from Oslo-listed Electromagnetic Geoservices’ multi-client data library. Electromagnetic Geoservices will receive net revenue of $1.7m for the contract, after adjustment for its partner’s share of revenues. Read More »

Oil at $50 worse than global financial Crisis

OSLO: When the financial crisis brought the global economy to its knees, Norway was largely unscathed. But oil under $50? That’s another story. Unemployment peaked at about 3.7 percent in 2010 in the post-crisis aftermath. Falling oil prices already pushed the jobless rate to 4.3 percent in May, the highest in at least 11 years, and that was before a ... Read More »

Oil-project drought Since 2009 could cap Norway income

OSLO: For the first time since the financial crisis, the Norwegian government’s oil company has seen no significant new plans presented for its offshore fields this year as producers cut spending after crude prices collapsed. Petoro AS, which manages the state’s direct ownership in a third of the country’s oil and gas reserves, said operating companies have submitted no new ... Read More »

Deepwater charge and falling oil prices push BP into $6.3b loss

ROME: BP is to push back billions of dollars of spending on new projects and step up job cuts after a $9.8bn charge from the Deepwater Horizon disaster swung the company to a second quarter loss. The UK-based energy giant said that capital spending this year would fall to less than the $20bn predicted six months ago — a drop ... Read More »

Oil price drop forces huge cut in new projects in next year

OSLO: Another major oil company has said it will cut billions of pounds from spending plans as the market adjusts to a second price slump – and more results today are expected to detail further pain across the sector. BG Group, the subject of a £55bn takeover by Shell that should complete early next year, posted earnings before tax and ... Read More »

Statoil profit hit beyond Norway’s Shores

OSLO: Statoil ASA’s ambitious expansion in oil production beyond Norwegian shores is increasingly yielding an unwanted byproduct: losses. The state-run oil and gas company posted a 16% drop in second-quarter profit on Tuesday, hit by the continuous slide in oil prices as well as further losses from overseas operations. Net profit, boosted by gains from disposals, stood at 10 billion ... Read More »

Statoil profit hit beyond Norway’s Shores

OSLO: Statoil ASA’s ambitious expansion in oil production beyond Norwegian shores is increasingly yielding an unwanted byproduct: losses. The state-run oil and gas company posted a 16% drop in second-quarter profit on Tuesday, hit by the continuous slide in oil prices as well as further losses from overseas operations. Net profit, boosted by gains from disposals, stood at 10 billion ... Read More »

Oil, gas contractor Saipem to cut 8,800 jobs

ATHENS: Saipem plans to cut 8,800 workers by 2017; the decision part of a restructuring plan that follows more than €900m ($993m) in writedowns. The company, which is 43% owned by energy giant ENI, says it has been hit hard by the global collapse in oil prices and therefore revised down its 2015 outlook but said it expected its restructuring ... Read More »

Statoil profit hit beyond Norway’s Shores

OSLO: Statoil ASA’s ambitious expansion in oil production beyond Norwegian shores is increasingly yielding an unwanted byproduct: losses. The state-run oil and gas company posted a 16% drop in second-quarter profit on Tuesday, hit by the continuous slide in oil prices as well as further losses from overseas operations. Net profit, boosted by gains from disposals, stood at 10 billion ... Read More »

Oil industry starts new round of cost cuts as oil slump persists

OSLO: BP Plc and Chevron Corp. fired the opening salvo for a further round of cost cuts by major oil companies grappling with the prolonged collapse in crude prices. “It’s really tough times for the industry,” BP Chief Executive Officer Bob Dudley said Tuesday, comparing the market to 1986 when tumbling prices forced drastic cost savings. Oil explorers are seeking ... Read More »

Turkey had clandestine oil business with ISIL in May

ANKARA: After a US attack on the compound of an Islamic State in Iraq and the Levant (ISIL) leader in Syria in May, direct dealings between the terrorist organization and Turkey became undeniable, the UK-based Guardian newspaper claimed, referring to documents seized at the compound. Following the killing of Abu Sayyaf, an ISIL official responsible for oil smuggling in May, ... Read More »