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Shell seeks modified permit for Arctic offshore drilling

ANCHORAGE, Alaska — With a key safety vessel repaired and in northern waters, Royal Dutch Shell PLC has applied to amend its federal exploratory drilling permit to allow drilling into oil-bearing rock in the Arctic Ocean off Alaska’s northwest coast. Shell last month received permission to begin some drilling at two sites in the Chukchi Sea but was banned from ...

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Recurring hijacking incidents prompts M’sia to review anti-piracy laws

PUTRAJAYA — Pirates hijacked yet another oil tanker and siphoned off its cargo of 3,500 metric tonnes of fuel oil, ironically while the Royal Malaysian Navy was conducting an exercise to counter acts of piracy in Malaysian waters. Singapore-registered MT Joaquim went missing on Saturday night after being hijacked by pirates near Port Dickson, 380km away from Tanjung Ayam, Johor, ...

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Canada’s buoyant Greens say they don’t favor oil sands shutdown

OTTAWA – The leader of Canada’s small Green Party, which has a long-shot chance of holding the balance of power after the country’s Oct. 19 election, said on Friday she does not favor shutting down the Alberta oil sands, a favorite target of environmentalists. Elizabeth May, fresh from a praised performance in the opening election debate on Thursday, said her ...

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What goes around comes around: Saudi Arabia’s oil competition strategy a fail

Destination Saudi Arabia . Riyadh on the map shown by pin

Saudi Arabia put into play a strategy that seemed certain to put its competition out of business: keep production levels of oil high to drive prices down. Little did they know this “sure-fire” strategy would backfire, which compiled with their spending habits puts their foreign reserves at risk. Ambrose Evans-Pritchard provides insight into Saudi Arabia’s spending in The Telegraph: “It ...

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‘141 cases of power theft recorded during heatwave’

AMMAN — The Energy and Mineral Resources Regulatory Commission (EMRC) said Saturday it dealt with 141 cases of electricity theft during the heatwave that affected Jordan over the past week. The commission notified the legal departments at power companies of the cases, and legal measures will be taken against violators, EMRC Chief Commissioner Farouq Hiari said in an e-mail to ...

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Russia resubmits claim for energy-rich Arctic shelf

MOSCOW – Russia said on Tuesday it has resubmitted a claim to the United Nations for some 1.2 million square km of the Arctic shelf, a drive to secure more of the mineral-rich region where other countries have rival territorial interests. The Russian economy is overwhelmingly reliant on natural resources and the Arctic’s estimated huge oil and gas reserves are ...

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China’s energy asset-rush stalls on crude slump, graft probes

BEIJING – As global oil giants struggle with plunging earnings, Chinese state oil firms are unlikely to be waiting in the wings to buy any unwanted assets. After pouring tens of billions of dollars into foreign energy projects in the last two decades, China’s rush to purchase overseas oil and gas projects is over – at least for now – ...

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Shell eyes new Brazilian assets ahead of BG deal

LONDON – Royal Dutch Shell is considering investing billions in Brazil, set to become a focal point after the planned acquisition of BG Group, even as it prepares to sell huge chunks of its business to pay for the $70 bln deal. Despite a broad drive to cut spending in the face of persistently low oil prices, Chief Executive Ben ...

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Nigerian lawyer sent in to clean up state oil giant

ABUJA/LAGOS – The new head of Nigeria’s state oil company is a workaholic stickler for the rules with a strong background in law, qualities he will need if he is to overhaul an organization notorious for corruption and mismanagement. Emmanuel Ibe Kachikwu, the new managing director of the Nigerian National Petroleum Corp (NNPC), was previously executive vice chairman and general ...

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Argentina cuts shale drilling costs but no new joint ventures expected

BUENOS AIRES, Aug 6 – Argentina needs $200 billion in investment to develop its vast but barely tapped shale fields, but no joint ventures were expected soon because of low oil prices and uncertainty ahead of a presidential election, state oil company YPF said on Thursday. YPF, nationalized in 2013, is improving drilling efficiency and developing its Vaca Muerta shale ...

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