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Premier Oil To Bid On Chevron’s UK North Sea assets

LONDON (Bloomberg) — Premier Oil Plc is considering a bid for a package of North Sea oil and gas assets put on the block by U.S. oil major Chevron Corp. that’s worth about $2 billion, according to people familiar with the matter. The first round bids is due before the end of the month, the…

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Singapore, KL leaders seek talks to resolve maritime dispute

Leaders on both sides stress need for peaceful resolution amid tensions; observers welcome it As the stand-off between Singapore and Malaysia over maritime boundaries enters its second week, leaders on both sides have made calls for talks to resolve the simmering dispute. Both countries, though, have their own views on how to do so and the…

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Saudi Arabia juggles Iran and U.S. shale to deliver OPEC deal

LONDON (Bloomberg) — Saudi Arabia’s energy minister emerged from days of heated OPEC talks joking that he wasn’t an easy man to be friends with. Yet, the deal Khalid Al-Falih hammered out to reduce production by 1.2 MMbopd, which sent oil prices soaring on Friday, was based on Saudi Arabia shouldering the lion’s share of…

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Global jackup utilization down from 78% to 55%, according to Rystad

NORWAY — Since 2014, global jackup utilization has fallen from almost 80% to around 55%, where it has remained quite steady over the last two years. There have, however, been large regional differences with regards to jackup utilization over the past four to five years, and several regions are now seeing promising developments. While the…

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Chevron boosts spending to $20 Billion, first increase since 2014

HOUSTON (Bloomberg) — Chevron Corp. will hike spending by 9.3% next year to $20 billion, its first budget increase since 2014 as it expands investments in the Permian Basin and its Tengiz project in Kazakhstan. The world’s No. 3 oil producer by market value will spend $3.6 billion in the West Texas and New Mexico…

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APAC banks brace for slowdown as GDP growth peaks

Loan growth will slide across the region. Banks in Asia Pacific should brace for a more challenging year in 2019 as macro uncertainties deepen and growth becomes hard to come by, according to Moody’s Investors Service. “GDP growth in APAC has peaked and will moderate, and credit expansion will continue to slow down, with the…

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US Holds Near Monopoly on Top Plays for Oil and Gas Upstream Investment

The US holds nine out of the top 10 global locations for investment in the upstream oil and gas sector in 2018, according to a wide-sweeping survey released Thursday by Canada’s Fraser Institute. In last year’s survey the US represented six of the top 10 spots. The organization surveyed more than 250 individuals in the…

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Singapore to ban discharge of ‘wash water’ into port from 2020: MPA

SINGAPORE (REUTERS) – The Maritime and Port Authority of Singapore (MPA) said on Friday (Nov 30) that it is banning the discharge of “wash water” used in ships to scrub engine exhaust, with effect from Jan 1, 2020. The ban on so-called open-loop scrubbers in Singapore, home to the world’s top ship refuelling or bunkering hub, is…

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Singapore bank lending turns positive in October on recovery in business loans

SINGAPORE – Bank lending in Singapore rose in October from a month ago, reversing from a slight contraction in September, preliminary data from the Monetary Authority of Singapore showed on Friday (Nov 30). Loans through the domestic banking unit – which captures lending in all currencies, but reflects mainly Singapore-dollar lending – stood at $672…

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BP, Shell Launch Blockchain Oil Trading Platform

A blockchain-based oil trading platform dubbed Vakt and developed by a consortium involving BP and Shell began operating this week, Reuters reports, citing the consortium. The aim is to utilize the potential of the distributed ledger technology for lower-cost, no-intermediary but still secure transactions. News of the platform first emerged last year as blockchain continued…

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