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Songa Offshore expects historic low in 2017

The rig company booked a new deficit but still had a much better 2016 than in 2015, when the loss came to almost half a billion dollars. But 2017 will reach a "historic low" in the drilling market, projects the company.

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Desire to invest rising again in Norwegian offshore

The Norwegian oil and gas sector has become somewhat more optimistic about the future, and it now expects to make more investments in 2017 compared to just a few months ago, according to new numbers from the companies.

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Gazprom delivers bottom line bonanza during oil crisis

The operating result was historically high and there was plenty of money in the pockets of Russian energy giant Gazprom's subsidiary in 2016. However, there are various explanations on top of a huge oil deficit in 2016.

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OPEC: "Learn to love high gas prices"

Higher oil prices get things moving when it comes to investments, employment, inflation, and the global economy, and this benefits everyone – even car owners.

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EU Parliament passes reform of quota system

It looked like it would be a narrow vote regarding a reform of the EU system for trading CO2 quotas. But several of the overall proposals were approved by a majority. The vote was negative, however, on a proposal for an import tariff.

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Dong CEO open to merger of oil business

Dong is willing to settle for continued ownership of its oil business after a merger with other companies. This could help restart the shelved negotiations with Maersk Oil, says an analyst.

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Oil company Lundin will split in two

Swedish oil company Lundin plans to get rid of all its fields outside of Norway and management will exclusively "focus on maximizing shareholder value from its Norwegian portfolio."

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Bourbon has now stacked more than 100 offshore vessels

The low investment level in the oil sector continues to strain offshore carrier Bourbon. Declining revenue and fewer jobs in 2016 have caused the carrier to idle another 27 vessels. The company now has a total 104 vessels stacked.

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Maersk prepares for two years as a minor player

In six months, Denmark's largest oil company is poised to lose about half of its daily barrel production and thus become an international featherweight in the industry. Maersk Oil's CEO believes that recent years of cost reductions will be attractive for potential buyers when the company is divested within the next two years.