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Oil & Gas

US stocks rise for third day as energy shares gain with oil

23/12/2015

US stocks rose for a third day to further pare their December decline, with energy shares leading amid a rally in crude oil. The Standard & Poor’s 500 Index rose 0.7 percent to 2,053.85 at 10:04 a.m. in New York, after rising 1.7 percent during the prior two sessions. The Dow Jones Industrial Average climbed 120.74 points, or 0.7 percent, to 17,538.01. The Nasdaq Composite Index added 0.7 percent. Trading in S&P 500 shares was 14 percent lower than the 30-day average at this time of day. US exchanges will close early on Thursday for the Christmas holiday and reopen on Dec. 28.

Oil & Gas

OPEC sees demand for its crude oil falling for rest of decade

23/12/2015

OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million barrels a day by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 million barrels more than projected a year ago, and 1 million less than the group pumped in November. The forecast underlines the struggle faced by the Organization of Petroleum Exporting Countries as it seeks to defend market share against a surge in output from rivals such as the U.S. and Russia. While OPEC is slowly taming the expansion of competitors, the collapse in oil prices means the financial costs of its strategy are immense. Brent crude futures touched an 11-year low of $36.04 a barrel on Dec. 21.

Oil & Gas

Frontera in second assessment of Georgia gas find

23/12/2015

Frontera said it is was now in the process of completing the second independent assessment of its gas resource estimates associated with the South Kakheti Gas complex in Georgia. The move comes after the company announced the results of the first report it commissioned by consulting firm Netherland, Sewell & Associates. Frontera said it was initially assessed that the site, which is estimated to hold as much as 135trillion cubic feet of gas, was one integrated geologic unit.

Oil & Gas

As one corruption scandal unfolds, another is just getting started in Brazil

22/12/2015

In the shadow of Brazil’s once-mighty oil giant, another state-run behemoth is trying to get ahead of the nation’s biggest-ever corruption scandal to avoid the fallout that has already crippled more than a dozen companies. A team of lawyers and specialists hired by Centrais Eletricas Brasileiras SA, known as Eletrobras, started reviewing Latin America’s biggest electric utility in June to determine whether it has had any losses from graft, according to a regulatory filing. Since then, the internal probe has swelled to involve more than 100 investigators, $15 billion of investments, 10 subsidiaries and three of Brazil’s biggest power projects, said a person with direct knowledge of the matter.

Oil & Gas

Total admits breaching offshore regulations on Elgin platform

22/12/2015

Oil firm Total has admitted breaching offshore regulations which led to a major gas leak on one of its North Sea installations. In March 2012, all 238 workers on board the Elgin platform had to be evacuated as gas started spewing out of the G4 well at the rate of two tonnes an hour. At one point, about seven million cubic feet of gas was leaking from the platform every day.

Oil & Gas

Forum Energy Technologies product line wins string of new orders

22/12/2015

A product line owned by Forum Energy Technologies has won a string of new multi-million dollar contracts in just one month. AMC Engineering has been given multiple orders for the manufacture and supply of its fully rotational torque bucking unit, scheduled for delivery next year. The units have been bought by a number of multinational oil companies in the Middle East, South America and Caspian regions.