The Rt Hon Edward Davey MP, secretary of state for energy and climate change, yesterday addressed a London audience of 150 on how to best deliver a successful oil and gas industry and how government policy is put into practice here in the UK. The oil and gas industry is the single biggest industrial contributor [...]
Statoil and the partners in the Åsgard Unit have today decided to realise the Smørbukk South Extension project offshore Norway. Smørbukk South Extension holds estimated recoverable reserves of 16.5 million barrels of oil equivalent, and will be developed with a new subsea template connected to existing infrastructure in the area. The recovered gas will be reinjected [...]
March 20, 2013 | Posted in
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An increase in offshore discoveries is prompting a surge in exploration activity across the Middle East and Africa and driving up the amount spent on drilling, states the latest report form business intelligence firm GBI Research. The company’s latest oil and gas report forecasts offshore drilling expenditure across the region to climb steadily from US$13.56 [...]
An audience of MPs representing constituents the breadth of the country will tonight (23 January) hear how changes in the tax regime designed to promote investment in the UK’s oil and gas reserves are already resulting in billions of pounds of valuable work for British firms and the creation of thousands of new high skilled [...]
January 23, 2013 | Posted in
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Libyan Prime Minister Ali Zidan, the Libyan Minister of Petroleum Abdelbari al Arusi, and Eni’s CEO Paolo Scaroni, met yesterday in Tripoli to discuss Eni’s activities and future projects in the country. During the meeting Paolo Scaroni presented an investment plan worth $8 billion for the development of ongoing production and new exploration activities over [...]
The South Stream Transport Board of Directors which includes representatives from Gazprom, Eni, EDF and BASF yesterday in Milan, Italy discussed the key issues of the South Stream project and adopted the final investment decision for the offshore gas pipeline section. The financial details of the FID were not announced. “The South Stream project makes [...]
November 15, 2012 | Posted in
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The Chairman of Drydocks World and Maritime World, Khamis Juma Buamim delivered the key address at the Indonesia Investment Summit. The Summit convened by the Investment Coordinating Board of Indonesia – BKPM – in Jakarta in association with The International Herald Tribune on November 6-7, 2012 and hosted by H.E. Susilo Bambang Yudhoyono, the President [...]
Statoil is still trying to find a solution, which will allow the company to participate in the Shtokman project. Both technical and commercial challenges must however be solved before Statoil makes a final investment decision. It was not possible to arrive at a solution for the Shtokman development within the framework of the Shtokman Development [...]
Norway’s oil and gas company Statoil has decided to write off $336.2 million of investment and to hand back its 24 pct share in what is expected to be a giant gas development project, Shtokman, Reuters reports. The consortium formed in 2009, and named Shtokman Development AG, by Russia’s Gazprom, France’s Total and Norway’s Statoil, has been unable to [...]
International oil major Shell will invest approximately $20 billion in Masela offshore block, located the Arafura Sea, Indonesia. According to Reuters, Indonesia’s Chief Economic Minister Hatta Rajasa said yesterday that Shell would gradually invest $20 billion between 2013 and 2019. In December, 2011, Shell acquired a 30% participating interest in the Masela Block (Abadi project). [...]
