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2015-03-25 19:55:00

WORLD NEEDS NEW OIL

WORLD NEEDS NEW OIL

European companies are increasing their focus on offshore projects, securing an increase of their financing facilities and forging joint ventures to reduce costs.

On Monday, FMC Technologies and Technip signed an agreement of form a 50/50 joint venture to launch their new project Forsys Subsea. According to the companies, the subsidiary will deliver innovative field design and technologies across the entire subsea infrastructure.

"The world needs new sources of oil, and deepwater holds the greatest promise of meeting this demand. But these sources are expensive to develop, and operators will not pursue them unless they can significantly reduce costs," John Gremp, FMC Technologies Chairman, commented in a note.

The focus of Forsys Subsea will be on subsea umbilical, riser and flowline systems (SURF) and subsea production and processing systems (SPS), aiming to integrate SPS with SURF, by an early involvement in the concept selection phase of front-end engineering and design.

Also on Monday, Lime Petroleum Norway announced that it has secured an increase of its financing facility from NOK 300 million (€34.7 million) to NOK 700 million (€81 million).

According to its website, Lime Petroleum intends to use the financing facility to fund its participation in its offshore exploration drilling program in 2015.

Earlier this year, Lime Petroleum Norway clinched a deal with Tullow Oil Norge to buy an additional 20% in three licences in the Norwegian Sea.

naturalgaseurope.com

Tags: OIL, OFFSHORE, EUROPE

Chronicle:

WORLD NEEDS NEW OIL
2018, June, 22, 13:10:00

THE LARGEST VENEZUELA'S OIL

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WORLD NEEDS NEW OIL
2018, June, 22, 13:05:00

U.S. DEFICIT UP FROM $116.1 BLN TO $124.1 BLN

U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.

WORLD NEEDS NEW OIL
2018, June, 22, 13:00:00

EUROPE'S NUCLEAR INVESTMENT : €50 BLN

WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.

WORLD NEEDS NEW OIL
2018, June, 20, 13:15:00

OIL PRICE: ABOVE $75

REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.

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