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News Archive for: October 2015

Oil falls on US data: Benchmarks still on track to post weekly gain despite losses in early trade:

Crude futures dropped in early Asian trading on Friday after the release of a report showing that US economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil.US economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses…

Oil dips slightly in early trade: Prices drop a little after strong gains in the previous session:

Crude futures held on to strong gains in early Asian trading on Thursday, after the US Federal Reserve kept rates unchanged and a weekly government report on oil stockpiles showed an inventory build that was within expectations.US and global oil benchmarks were little changed, having jumped on Wednesday after the government…

EnQuest strikes first oil in North Sea find:

EnQuest confirmed it struck first oil for its Alma Galia development.

The fields are located 310km southeast of Aberdeen in the Central North Sea.

Chief executive Amjad Bseisu said: “We are pleased to confirm first oil from Alma/Galia. A further summary will be provided in EnQuest’s next operations update. We will…

BP’s downstream boosts upstream losses:

Oil major BP’s cost profit in the third quarter of the year have dropped by 40%.

The company, which announced its third quarter results today, said its underlying profits came in at $1.8billion compared with more than $3billion a year ago.

The lower results, BP said, were primarily due to the…

Lundin Petroleum completes the Mengkuang-1 exploration well, offshore Malaysia:

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Malaysia BV (Lundin Malaysia) has made a small gas discovery with the Mengkuang-1 exploration well in license PM307, offshore Malaysia.

The well targeted hydrocarbons in Miocene aged sands 75 km to the northwest of the Bertam field operated…

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