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Carl Icahn advanced his effort to replace Occidental Petroleum’s entire board by submitting nominations for as many as 14 directors, according to people familiar with the matter. Icahn, who owns a stake in the company valued at about $1 billion, filed his slate of directors on Tuesday, said the people, who asked not to be
Iraq said that OPEC and its allies will consider deeper production cuts, though the comments come after the coalition has widely signaled reluctance to take such action. The reduction could be about 400,000 barrels a day, Iraq’s oil minister Thamir Ghadhban told reporters in Baghdad on Sunday, adding that Iraq complied with its commitment to
KCA Deutag has been awarded a five-year contract extension by CNR International Ltd for three platforms operating in the UK North Sea. The multi-million pound contract is for the provision of drilling operations and maintenance services on CNRI’s Ninian South, Ninian Central and Tiffany platforms. Commenting on the announcement, KCA Deutag’s Rune Lorentzen, president of
OPEC and its allies sent mixed signals about whether they were considering deeper production cuts, fanning oil-market speculation before crucial talks in Vienna this week. Iraq, which has the worst record among major producers of implementing the group’s current supply deal, pushed for steeper cutbacks. Oil Minister Thamir Ghadhban said the group should remove another
Japan’s largest petroleum exploration company, Inpex Corp., is looking at expanding its natural gas business in Australia, even as U.S. energy majors Exxon Mobil and ConocoPhillips scale back their operations in the country. Both Exxon and Conoco are selling non-core assets to boost shareholder returns and fund more attractive growth elsewhere around the world. Inpex
For the last year, Saudi Arabia has largely turned a blind eye to cheaters within the OPEC+ alliance, cutting its own output more than agreed to offset over-production from the likes of Iraq and even Russia. Now, Riyadh’s had enough. Prince Abdulaziz bin Salman, who took over from Khalid Al-Falih in September, will likely use
Any expectations that OPEC and its partners will make deeper cuts to oil production have all but evaporated. Just one out of 35 analysts and traders in a global survey by Bloomberg predicted that the Organization of Petroleum Exporting Countries and its allies will agree a further reduction when they meet next week. Hot Tip
OPEC and its allies sent more signals that they’ll stick with existing output cuts at their meeting next week. A key advisory committee in Vienna heard that the oil market will be balanced in 2020 if the Organization of Petroleum Exporting Countries maintains current production levels, and it didn’t discuss deeper cuts, according to delegates.
Itaoca Offshore and Peterson Offshore Group announced a partnership and consulting agreement for the development of the Itaoca project. The Itaoca Offshore project will be a private terminal (TUP), located in Itapemirim, in the Espírito Santo (ES) state in southeast Brazil, designed to provide logistical support to the supply chain for the exploration and production
Shale wildcatters, after years eye-rolling at skeptics, are now saying global analysts are underestimating just how severe the industry’s slowdown is. What’s ticking folks off these days is how the International Energy Agency in Paris and the Energy Information Administration in Washington still predict robust U.S. production growth next year, despite the dire reality on