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News Archive for: April 2015

BP begins 7-year drilling campaign west of Shetland:

BP has confirmed today it has kicked off drilling on the Loyal field in the North Sea, using the new-build, semi-submersible rig Deepsea Aberdeen. This marks the start of a seven year drilling campaign west of Shetland, UK.

Deepsea Aberdeen is contracted to drill wells across the Schiehallion and Loyal…

Oil dips as oversupply outweighs Saudi royal reshuffle:

Oil prices dipped on Wednesday as oversupply outweighed political uncertainty in Saudi Arabia where King Salman relieved the crown prince as well as several senior ministers and the chief executive of national oil company Saudi Aramco.In a surprise move, Saudi King Salman bin Abdulaziz on Wednesday sacked his younger…

Oil falls on expected inventory build: Investors brace for increase in US crude stocks for 16th straight week:

Oil fell more than 1% on Tuesday ahead of weekly US crude inventory data that is expected to hit another high and as Saudi Arabia pledged to supply more oil to China if needed.US commercial crude stockpiles were expected to have risen for a 16th straight week last week,…

Traders think the decline in oil prices is over:

A report from Bloomberg News on Sunday said that traders have pulled their bets that oil prices will fall further at the “fastest pace on record,” according to data from the Commodity Futures Trading Commission, or CFTC.

And according to John Kilduffnat Again Capital, who spoke to Bloomberg last week,…

BP sells stake in North Sea gas pipeline system for £324million:

Oil giant BP insists it remains committed to the UK North Sea despite it agreeing to sell its 36.22% stake in the Central Area Transmission System (CATS) pipeline system to Antin Infrastructure Partners for £324million.

BP is currently the operator of CATS, which is now 99% owned by Antin.

Trevor Garlick,…

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