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Odfjell Eyes Over USD 100 Mln in Cost Savings

The Board of Norwegian shipping company Odfjell has approved a restructuring plan which is estimated to improve the company’s net result by in excess of USD 100 million on a yearly basis within 2016.




Statoil To Develop Norwegian Oil Field With First Phase Investment of $19.6bn

 Statoil and the partners in the Johan Sverdrup oil field have decided on a concept for development of the field off Norway, for which investment in the first phase is estimated at up to NOK120bn ($19.6bn).


Lundin Petroleum Begins Drilling at Baronang PSC in Indonesia

 Lundin Petroleum has commenced exploration drilling on the wildcat oil exploration well Balqis-01 using the Hakuryu 11 rig in the Baronang PSC, Natuna Sea, Indonesia.


BP Announces Significant Discovery in the Deepwater Gulf of Mexico

 Discovery at Gila prospect is latest discovery in the Paleogene, highlighting BP’s exploration momentum and commitment to US Gulf of Mexico.


BP announced it has made a significant oil discovery at its Gila prospect, which it co-owns with ConocoPhillips, in the deepwater US Gulf of Mexico. This is BP’s third discovery in recent years in the emerging Paleogene trend in the Gulf of Mexico and reflects the company’s ongoing commitment to the US offshore region.


Bechtel And Subsea 7 to Pursue Offshore Wind And Transmission Projects

 Two Trusted Global Industry Leaders Bring Unparalleled Expertise to European Markets 


Bechtel andannounced today that they will work together to develop offshore wind and associated transmission projects in Europe, including the UK and Germany. The non-exclusive joint approach provides customers with Bechtel’s unmatched experience designing and building some of the world’s most complex projects and Subsea 7’s global expertise in seabed-to-surface engineering and construction. Together they provide developers and utilities a single contracting group to take responsibility for the delivery of their projects. 



Pacific Fibre Launched - 13,000km cable network from New Zealand

Aim is unlimited high speed broadband for New Zealand and Australia

Pacific Fibre, an early stage international fibre venture founded by a group including New Zealand businessmen Stephen Tindall, Sam Morgan and Rod Drury, announced its plans today, aiming to break the digital divide between New Zealand, Australia and the rest of the world.


SubSea Resources PLC - Update - Search and Recovery Programme for 2006

SubSea Resources PLC (AIM: SUB) is pleased to provide details of the Company's search and recovery programme for its vessel John Lethbridge going forward to March 2007.

The Company is also pleased to announce a number of new targets recently developed from the Company's extensive research archive.

[The Company will provide an update on progress in its large scale salvage operations in due course]

Key features of the amended programme include:


Update On Portland Gas Plans Lifts Value Of Aim-Listed Oil Minnow

A Small British energy company saw its shares soar yesterday after it gave an update on plans for a major gas-storage facility which could potentially be worth hundreds of millions of pounds.

Egdon Resources wants to store gas for other companies in salt caverns more than 6,000ft below the ground on the Isle of Portland in Dorset. Initial feasibility work has been completed and a planning application is expected to be made next summer.


Petrofac Hatches Innovative Production Solution

International energy contractor Petrofac is to use what it describes as "an innovative mobile offshore production unit (MOPU)" for opening up the Cendor offshore field, 140km off the east coast of Malaysia.

The MOPU will be a converted Bethlehem mat-type jack-up drilling rig with production and water-injection facilities installed.


Hydro, partners win approval for Vilje plans

Hydro, Marathon Oil and Total E&P have had their Vilje tieback plan approved by the Norwegian Oil and Energy Ministry, it was learned Monday.

The North Sea field's sub-sea array will send its oil to the floating production, storage and offloading Alvheim FPSO 19 kilometres to the southwest.

Alvheim and Vilje will switch on in February 2007, with the latter supplying 52.2 million barrels of oil and 400 million standard cubic feet of gas for up to 17 years.

Partners wills pend some $327 million on the project, beginning with the drilling of production wells in February 2006.


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