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Safehouse heads East in bid for global coverage for hazard-free system: Oil and gas services company Safehouse Habitats, which mitigates the dangers of working in explosive or flammable environments, is to open its first office in Asia, in the Malaysian capital of Kuala Lumpur. The company is pursuing an aggressive overseas expansion, and the KL office will also serve as a base to manage the firm's growing operations in Singapore, Vietnam, Myanmar, Thailand and the Philippines
Drilling for Arctic oil is not viable yet, says IEA Chief: Drilling for oil in the Arctic is not yet commercially viable and may not be for a long time to come, the Chief of the world’s energy watchdog has warned, casting doubt on the controversial practice even as it is being enthusiastically adopted by governments and businesses
Brent oil prices gained last week, after the US Energy Information Administration reported that crude oil inventory fell by 2.1 million barrels for the week ended 11 September. Brent crude oil prices dropped 3.2% to $47.47/barrel.
Royal Dutch Shell chief executive Ben van Beurden has said that a recovery in the price of oil is hard to foresee. "It is a very, very volatile business in terms of supply and demand. The oil price responds to very small mismatches between supply and demand," he explained. He also added that oil becoming cheaper would not tempt consumers to use more of it, as can happen with other products. "People don't drive to work twice because it's more economical to do so" than it was before, he explained.
Aberdeen oil and gas firm makes find off Norway: Faroe Petroleum has announced it has made a discovery off Norway but shares in the company fell amid indications the find was much smaller than hoped for.
Australia raises concerns over Shell’s $70 billion takeover of BG Group: Australia’s competition watchdog has raised flagged concerns that Royal Dutch Shell’s proposed $70 billion (£47 billion) takeover of BG Group may lessen gas supply competition in the country
Saudi Aramco names new head: Saudi Aramco’s Supreme Council has appointed Amin Nasser as the head of the state oil company.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.12% or $0.06 higher at $49.14 per barrel, amid a weaker dollar following the US Fed decision to hold it’s current near-zero rates. Yesterday, the contract declined 1.35% or $0.67, to settle at $49.08 per barrel.
Oil boosted by heavy draw on stockpiles: The price of oil rose by 7% after an unexpectedly large drop in U.S. crude stockpiles pointed to a tightening of demand in the world’s biggest oil consumer.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.08% or $0.04 higher at $49.79 per barrel. Yesterday, the contract advanced 6.69% or $3.12, to settle at $49.75 per barrel, after the EIA reported an unexpected decline of 2.1 million barrels in crude oil stockpiles last week.
Cash-strapped Nigeria to renegotiate contracts with oil majors: Nigeria’s state oil company plans to renegotiate its production-sharing agreements with oil majors as Africa’s top crude producer tries to push ahead with a clean-up of the sector that is the lifeblood of its economy
Shale gas ‘has less impact than imports’: The shale gas industry will receive a boost when an industry report finds that the process causes lower carbon emissions in Britain than imported liquefied natural gas
At 0330GMT today, Brent crude oil one month futures contract is trading 2.51% or $1.17 higher at $47.80 per barrel, ahead of the EIA weekly oil inventory data, scheduled to be released later today. Yesterday, the contract climbed 0.56% or $0.26, to settle at $46.63 per barrel. Meanwhile, the API reported a fall of 3.1 million barrels in the oil stockpiles
Petrofac and Spain's Tecnicas Reunidas have reportedly been chosen for contracts worth as much as $4.7bn to build the Fadhili gas plant in Saudi Arabia for state oil giant Saudi Aramco.
John Wood Group said it will lead five new joint industry projects which will use the company's extensive sub-sea experience to solve "industry-wide challenges". The company said all five of the projects will run between 2015 and 2018 and be conducted through its Wood Group Kenny division.
Oil Search rejects A$11.6 billion Woodside bid: Oil Search has rejected an A$11.6 billion (U.S.$8.2 billion) takeover bid by its Australian rival Woodside, saying that the proposal was “highly opportunistic and grossly undervalues the company”, but indicated that it would consider other offers.
At 0330GMT today, Brent crude oil one month futures contract is trading 0.19% lower at $46.28 per barrel, ahead of the American Petroleum Institute weekly oil inventory data, scheduled to release later today. Yesterday, the contract declined 3.68%, to settle at $46.37 per barrel. However, the OPEC stated that the crude oil output of its member states rose to 31.54 million barrels per day in August.
Oil and Gas Authority to launch new levy on North Sea groups: North Sea oil firms will soon begin paying an additional levy to support their new industry body, the Oil and Gas Authority (OGA).
At 0330GMT today, Brent crude oil one month futures contract is trading 0.96% or $0.46 lower at $47.68 per barrel. On Friday, the contract declined 1.53% or $1.31, to settle at $48.14 per barrel, after a leading financial firm reduced its projected price for the crude oil and cautioned that the current glut in global supplies could push down prices to $20 per barrel. However, the oil pared some losses, after Baker Hughes reported a decline of 10 oil rigs in the US in the last week.
Shell CEO says BG deal risk is overstated Van Beurden insists dividend is safe despite ‘outrageous’ yield and investor fears
Goldman Sachs says oil could fall to $20 a barrel: The price of oil could more than halve again, to just $20 a barrel, experts at Goldman Sachs are predicting, a shift which would spell big savings for motorists but cast doubt on the viability of North Sea oilfields
Fresh setback for ailing North Sea as licence fees soar: The Oil and Gas Authority is considering a dramatic increase to North Sea licence fees — up to 28 times current rates, in some cases — that explorers say will hurt investment in the industry.
Ceona sinks after oil price fall hits fleet: Fresh job losses are expected in the North Sea oil industry after the collapse of an operator of oil exploration vessels and deepwater equipment backed by Goldman Sachs.
OPEC set to win battle against U.S. shale oil: Saudi Arabia gained the whip hand in its battle against America’s shale industry as new figures showed oil production by non-OPEC members is set to crash next year by the largest amount in 24 years.
Brent oil prices dropped last week, after the EIA reported that the US crude oil stockpiles advanced by 2.6 million barrels in the week ended 04 September. Meanwhile, the government agency cut the price forecast for the commodity in 2015 and 2016. Brent crude oil prices fell 3.0% to $48.14/barrel