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Europe

Statoil chooses FPSO for Johan Castberg

19/01/2016

Norwegian operator Statoil has decided to develop its Johan Castberg discovery in the Barents Sea using an FPSO (floating, storage and offloading vessel). The company’s chief executive Eldar Saetre told a seminar in Norway that the planned concept would work well in moving the project forward at a lower cost.

Middle East

Saudi growth at 14-year low as oil prices tumble

19/01/2016

Saudi Arabia’s economy is set to grow this year at the slowest pace since 2002 as the oil-price plunge drains the kingdom’s finances, according to projections released by the International Monetary Fund and HSBC.

Oil & Gas

Range Resources has Colombia licences revoked

19/01/2016

Range Resources said it has been advised by authorities in Colombia that three exploration licences previously awarded to it have been revoked. The company said the National Hydrocarbons Agency in the country had informed them that PUT-5, VMM-7 and VSM-1 had been pulled over claims maintenance commitments had not been fulfilled.

North Sea

OGUK lauds companies for “tooling up”

19/01/2016

Oil and Gas UK (OGUK) yesterday hailed the increase in demand for “tools” it helped develop in an effort to improve efficiency in the industry. The trade association said more than 900 companies had signed up to the industry mutual hold harmless (IMHH) deed. OGUK said the deed, which was originally developed in 2002, helped firms clarify the allocation of risks and avoid doubling up on the insurance of identical liabilities offshore.

North Sea

Osborne nudged to cut oil tax

19/01/2016

The UK cabinet minister said it is "important" that Chancellor George Osborne delivers for offshore firms in his budget this spring.