Lalea Energy signs agreement for Bobocu production licence onshore Romania

Lalea Energy BV has agreed to acquire 100% participating interest in the Bobocu production licence, onshore south-eastern Romania, from Claren Energy Corporation, Toronto.   Lalea will assume the remaining contractual obligations with the Romanian government through the acquisition of 100% of Claren Operations Ltd. a…

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UK Upstream is Leaner and Tougher

The UK upstream oil and gas sector has become leaner and more resilient over recent years.   That’s according to GlobalData, which noted that pullbacks in investment and reduced operating costs have helped provide a stronger cash flow outlook under newly weakened oil and gas…

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Cortez pioneers pipelay technique off Malaysia

Cortez Subsea, in partnership with Alam Maritim, has completed the first ever subsea pipeline using the Zap-Lok mechanical connector offshore Malaysia.   The project championed technology for faster and more cost-effective completion of subsea pipelay.   It also marked a lay rate of 4.7 kilometres…

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Aker Solutions creating offshore wind, carbon capture spin-offs

Aker Solutions plans to separate its wind development business into a new entity, Aker Offshore Wind.   A private placement in this company will follow, guaranteed by Aker ASA, to ensure sufficient funding for the next phase of the development.   Aker Solutions is already…

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Chevron to acquire Noble Energy for US$5 billion

Chevron Corporation has agreed to acquire all of the outstanding shares of Noble Energy Inc. in an all-stock transaction valued at US$5 billion, or US$10.38 per share.   Based on Chevron’s closing price on the 17th July, and under the terms of the agreement, Noble shareholders…

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People in the News

Lloyd’s insurer Apollo hires Axa XL specie and cargo duo Apollo Syndicate Management – the Lloyd’s insurer named in honour of Neil Armstrong’s 1969 moon landing – has hired two senior specie underwriters from rival Axa XL, Richard Panter and Charlotte Wilson.    BMS takes Aon trio…

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OPEC Has New Competitor

Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners.   The shipments in question, so far just one million barrels, have been procured…

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