Thursday, November 26th 2015 - 17:39 UTC

UK's Cammell Laird will build BAS new £200 million polar research ship

 Cammell Laird chief executive, John Syvret CBE, met with NERC chief operating officer Paul Fox (L) to seal the deal in Birkenhead

The Birkenhead shipyard Cammell Laird said it saw off competition from Europe and beyond including Korea and Singapore to be selected as the preferred bidder to build a new vessel for the UK-funded Natural Environment Research Council (NERC). The contract was signed last week and it is expected that full production will start in June next year, and on completion the vessel will be operated by NERC’s British Antarctic Survey (BAS).

Wednesday, November 25th 2015 - 07:50 UTC

Falklands' oil industry deal: Rockhopper will take over FOGL for £57.1m

On Monday the two companies announced the start of drilling on a well in the Falklands: operator Premier Oil had spudded the 14/20-2 Isobel 2 well

Falkland Islands oil & gas explorer Rockhopper Exploration is launching a £57.1mln takeover of rival Falkland Oil & Gas. Rockhopper and FOGL have agreed a recommended all-share merger resulting in Rockhopper holding 65% of the enlarged group and FOGL owning the rest.

Friday, November 20th 2015 - 05:48 UTC

UK Export Finance extends US$ 500m credit to debt-strapped Petrobras

UK Minister of State for Trade and Investment Lord Francis Maude underlined the significance of the US$500m line of credit for Petrobras.

Brazil's oil company Petrobras has concluded negotiations with international export credit agencies (ECAs) for a total of US$1.84bn. According to a company statement. The financing will contribute towards its fundraising efforts for 2016.

Wednesday, November 18th 2015 - 08:05 UTC

Statoil follows Shell and drops search for oil in the US Arctic

The move will see Statoil exit 16 operated leases, and its stake in 50 leases operated by ConocoPhillips, all in the Chukchi Sea.

Norway's Statoil has decided to quit its Alaskan exploration efforts in the Chukchi Sea, following a recent move by Shell to drop its search for oil in the US Arctic after a key drilling target came back dry.

Tuesday, November 17th 2015 - 09:07 UTC

Marriott agrees to buy Starwood, making it the largest hotel chain in the world

Marriott CEO Arne Sorenson will remain CEO of the combined company. Deal is expected to close in 2016, following shareholder and regulatory approvals.

Marriott International has agreed to buy Starwood Hotels and Resorts in a $12.2 billion deal that will make it the largest hotel chain in the world. The boards of directors of both companies have unanimously approved a merger agreement, Marriott announced this morning. The combined companies will operate or franchise more than 5,500 hotels with 1.1 million rooms worldwide. About 35% of the properties are outside the USA.

Monday, November 16th 2015 - 06:49 UTC

St Helena airport official opening has been delayed from February to May 2016

In September, a Beechcraft King Air 200 plane landed at St Helena Airport for the first time, prior to conducting a series of calibration flights.

The opening of St Helena Airport in the south Atlantic Ocean has been delayed from February 2016 to May 2016 to allow for additional refinement of the aerodrome's infrastructure.

Friday, November 13th 2015 - 14:04 UTC

Premier Oil defers project development and exploration spending into 2016

Premier Oil will move into 2016 some spending on projects such as its Sea Lion field in the Falkland Islands.

The successful Falkland Islands' exploration company Premier Oil has cut full-year capital expenditure as the oil producer deferred some project development and exploration spending into 2016, it said on Thursday. Like its peers, Premier Oil has to reduce spending to cope with a halving in oil prices since a peak in June last year that has eaten into revenues.

Wednesday, November 11th 2015 - 06:47 UTC

Argentina to purchase Israel fighter jets, according to defense media reports

In 2013, the Argentine Air Force began negotiations with Israel for 18 Kfir Block 60 fighters as an alternative to another deal for surplus Spanish Mirage

After almost two years of negotiations and endless speculations surrounding the question of what fighter jet Argentina would go for, Argentine media report that a decision has been made to purchase the IAI Kfir jets to replace the Air Force’s Mirages. According to the report, in Interdefensa Militar Argentina, the decision is currently awaiting final approval from the Cabinet.

Wednesday, November 11th 2015 - 06:11 UTC

Argentina's Supreme Court orders YPF to publicly release 2013 contract with Chevron

Justices noted that president Cristina Fernandez appointed Miguel Galuccio as YPF chief executive and economy minister Axel Kicillof is a board director.

Argentina's supreme court has ordered state-controlled YPF to publicly release all clauses of a 2013 contract with Chevron to develop shale oil in the country's vast Vaca Muerta formation. In a 3-1 ruling, the justices sided with opposition Socialist Senator Hector Ruben Giustiniani, ruling that the state's 51% stake in the firm effectively makes it a public company subject to transparency laws.

Tuesday, November 10th 2015 - 07:39 UTC

Oil megaprojects won't stay on the shelf for long

Oil majors are scrambling to cut costs, and large-scale projects with high costs and long time-horizons are not making the cut.

One casualty of the oil price downturn could be the megaproject. For years, as conventional oil reserves depleted and became increasingly hard to find, oil companies ventured into far-flung locales to find new sources of production.


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