Gabon Launches Offshore Exploration Round
Gabon plans to scrap a 35 percent corporate tax on energy companies as part of a revised hydrocarbons law and has launched a new offshore oil and gas exploration licensing round for 34 blocks, Oil Minister Pascal Ambouroue said on Wednesday.In March, Gabon, a member of the Organization of the Petroleum Exporting Countries, said it planned to revise its hydrocarbons code…
Shell Bets on Petrol Stations as Electric Revolution Looms
Shell to build 10,000 new petrol stations by 2025 with China, India and Mexico as primary growth targets. Royal Dutch Shell is placing a big bet on petrol stations and convenience stores in China, India and Mexico as it looks to shore up profits during the electric car revolution. By 2025, the oil and gas giant plans to grow its global network of roadside stations by nearly a quarter to 55…
ASRY Reaches 100 Rig Milestone
ASRY, a ship and rig repair yard in the Arabian Gulf, has welcomed its 100th rig repair job to the yard, as 2016 posts the highest number of rig repair contracts in the yards history. The project is on the high specification jack-up rig ‘Bob Palmer’, one of the largest jack-up rigs in the world, owned and operated by Rowan Companies, which is one of the world’s leading providers of offshore contract drilling services…
For BP and Shell, North Sea Remains a Hard Sell
High costs, decommissioning hamper deals. When it comes to the North Sea, there is no such thing as an easy sale, even for oil giants Royal Dutch Shell and BP. More than any other region in the world, the North Sea has suffered greatly over the past two years as a 60 percent drop in oil prices, high operating costs, dwindling reserves and a tough tax regime has hit operators hard.
Infighting Cancels Iran Contract Presentation
Internal clashes over the oil contracts, hardliners oppose contracts, push to have a bigger say. Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference…
Iran Cancels Oil Contracts Presentation, Signals Infighting
Iran's cancellation of a conference when it had been due to unveil investment contracts to international oil firms signals that political feuding is disrupting plans to revive its energy sector. Tehran blamed snags in obtaining British visas for Iranian delegates to the long-delayed conference, which had been scheduled to be held in London on Feb 22-24. However…
Saudi Spending Heavily in 2015 Despite Oil Prices
Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. Financial markets had feared the kingdom might slash spending. But the budget, released by the Finance Ministry on Thursday…
ECB's Draghi Seizes on Oil Price Drop in QE Calculus
The falling price of oil has crashed into the European Central Bank's policy considerations, with President Mario Draghi firmly focused on the drop as a problem for inflation rather than a potential fillip for growth. The ECB said cuts in its inflation forecasts mainly reflected lower oil prices, and a weaker growth outlook. Recent oil price falls not captured by the forecasts meant inflation could slow again in the months ahead, Draghi said.
