SANCTIONS: ANYTHING CONCRETE
Sanctions are forcing Exxon Mobil Corp. to look for alternative assignments for an offshore rig supposed to sail back to the Russian Arctic next summer, writes Bloomberg.
West Alpha, the rig owned by billionaire John Fredriksen's North Atlantic Drilling Ltd. (NADL) that made a billion-barrel oil discovery for Exxon and OAO Rosneft (ROSN) in the Kara Sea in September, could end up operating offshore Norway instead of going back to Russia in 2015, said Dominic Genetti, operations manager for Exxon in Norway.
"We're looking at alternative uses in Norway, but we haven't landed on anything concrete at this point," he said today in an interview in Stavanger, on Norway's west coast. "We have to wait and see what happens with the joint venture and sanctions. We'll follow whatever the international and U.S. laws are, and that will determine where it goes."
North Atlantic, a 70 percent owned subsidiary of Seadrill Ltd., both based in Hamilton, Bermuda, slid as much as 26 percent, the most since listing in New York in January, and closed 20 percent lower at $3.16 a share, the lowest on record.
The U.S. and the European Union deepened sanctions in September to punish Russia for its support of separatists in eastern Ukraine. The sanctions seek to constrain Russia's financial, defense and energy industries, restricting access to markets and the export of technology for Arctic, deepwater and shale-oil exploration and production, where Russian companies rely on western know-how and equipment.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.