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Norway proposes boosting oil cash spending to a record

07/10/2015

Norway’s government will propose spending a record amount of its petroleum wealth to cover budget needs as it seeks to rescue the economy from the plunge in oil prices, according to state broadcaster NRK. The minority coalition plans on spending a record 193 billion kroner ($23 billion) of oil income in 2016, up from an estimated 168.8 billion kroner this year, NRK reported, without citing where it got the information. That represents 2.8 percent of its wealth fund, the world’s biggest, NRK said. The government seeks to keep oil cash spending within 4 percent of the value of the fund. The budget will be revealed at 10 a.m. Wednesday in Oslo. “The budget will be well-adapted to handle challenges both in the short and long term,” Finance Minister Siv Jensen said to reporters as she was leaving her house early Wednesday. It will be a “good” and “expansionary” spending plan, she said.

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The irresistible power of evaporation

According to Columbia University scientists, this fundamental force of nature is ‘more powerful than other forces like wind and waves’ An immensely powerful yet invisible force “lifts” water from Earth’s surface to the top of the tallest redwood and delivers snow to the tops of the Himalayas. Yet despite the power of evaporating water, its potential to propel self-sufficient devices or produce electricity has remained largely untapped – until now.

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Oceaneering International makes changes to its leadership team

06/10/2015

Oceaneering International said there will be changes to its leadership team. The company said Marvin Migura will no longer remain as executive vice president of the company but will still maintain his role as senior vice president. Migura joined Oceaneering in 1995 as chief financial officer and was appointed to executive vice president four years ago.

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ProSep makes change to team at the top amid oil price decline

06/10/2015

ProSep has made a number of changes to its senior team as it looks to strengthen its position amid the oil price decline. The company said Patrick McCarthy, who joined the board of directors one year ago, will become the chief executive. Former boss Neil Poxon will remain with ProSep to oversee the transition until the end of this year.

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Shell Arctic drilling comes to an end, but rig could still be housed in Seattle port

05/10/2015

Oil major Shell could still house some of its fleet in Seattle’s port despite pulling out of plans for exploratory drilling in Alaska. The company said last month it would no longer be pursuing Arctic drilling for the foreseeable future after disappointing results from an initial well. Seattle Mayor Ed Murray said the ruling by deputy hearing examiner Anne Wantanable to clear the way for the possibility of Shell using Terminal 5 for the Polar Pioneer was disappointing. Wantanabe said the attempt by the city’s department of planning and development to require a new land-use permit relied on “inaccurate” characterisations of the work to be done.

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Former Nigerian oil minister arrested

05/10/2015

Nigeria’s former oil minister was arrested in London on Friday, according to reports. Diezani Alison Madueke held the role for five years under the presidency of former leader Goodluck Jonathan. The UK National Crime Agency (NCA) said five people had been arrested across London as part of an investigation into suspected bribery and money laundering offences. It is understood Madueke was granted bail a few hours after being arrested.

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Average price of petrol ‘cheaper than diesel’

03/10/2015

The average price of petrol has returned to being cheaper than diesel, the RAC said. Two pence per litre was shaved off petrol prices at the pumps during last month, according to the RAC Fuel Watch report. Filling up a 55-litre family car is now £1 cheaper than at the start of September.

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Energy customers face spectre of price rises for Halloween

02/10/2015

Energy customers are facing a potential “Halloween horror” from rocketing bills - as 12 fixed dual fuel deals are due to expire at the end of October. Comparison website GoCompare.com said that households on the deals which are set to end stand to see an average annual increase in their bills of £147.95 or 15.2% if they sit tight and allow themselves to be rolled onto their supplier’s standard variable tariff.