Norway faces 20 percent drop in oil investment after prices slump
Norway’s oil companies reduced their exploration-spending forecast for next year by 35 percent from the previous quarter’s estimate, and foresee a “sharp decline” in the number of offshore wells,...
View ArticleQuiet Gulf hurricane season leaves oil drowned in oversupply
Barely an oil worker was evacuated from the Gulf of Mexico and the biggest storm this year — the strongest hurricane ever in the Western Hemisphere, actually — tore through the Pacific.
View ArticleAzerbaijan: 7 bodies found after oil rig fire, 23 missing
One body was recovered Friday night, while 33 other workers were rescued, most from a second lifeboat.
View ArticleCompany plans gravel island to extract Arctic offshore oil
Hilcorp's plan for a 23-acre gravel island, about the size of 17.4 football fields, has drawn mixed reviews from conservationists and outright condemnation from environmentalists who believe the oil...
View ArticleEmbattled Paragon Offshore risks delisting from NYSE
Paragon Offshore's listing could get dropped from the New York Stock Exchange if the Houston-based offshore driller is unable to continue adhering to the exchange's listing standards.
View ArticleStatoil submits rare $940 million plan amid oil-price rout
Statoil is studying the use of unmanned platforms, which are new to Norway but have been used in Denmark and the Netherlands, for other projects, including at the giant Johan Sverdrup field, Aasheim said.
View ArticleOffshore driller Atwood warns of possible revenue declines, impairment charge
Atwood Oceanics expects quarterly revenues to decline from the same time last year, and it may take a multi-million dollar impairment charge on another rig, as the lingering oil slump continues to...
View ArticleChina offshore giant to cut oil output for first time since 1999
Total spending last year missed the company’s original target, highlighting how producers have struggled with oil’s plunge to a 12-year low.
View ArticleRystad: $230 billion in oil projects mothballed because of cheap crude
That’s 38 percent higher than Rystad’s previous estimate last July, and the number of projects that have been delayed since then has risen from 40 to 63.
View ArticleGE oil deal offers new model to prevent BP-like crude spills
The agreement represents a new business model for the industry, providing a steady income stream for GE, and decreased risk for the driller, the companies said in a joint statement Monday.
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