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Liquid oil and gas discoveries at lowest level since the 1940s

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The oil companies' discoveries of new liquid oil and gas resources have declined 90 percent since 2010 and are now hovering at the lowest level since the 1940s, according to Rystad Energy. The Norwegian shelf in particular has disappointed in 2015 and 2016.

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Costs of Norwegian oil production halved

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Since 2014, costs in the Norwegian oil sector have been more than halved according to a new report from the Norwegian Petroleum Directorate. While 2017 and 2018 will see a lower investment level than in 2016, the picture will change in 2019, say estimates. Read the report here.

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Last week's top stories on ShippingWatch

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Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.

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Last week's top stories on ShippingWatch

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Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.

New OPEC deal makes oil price soar again

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Just two weeks after the OPEC countries settled a deal to cut their oil production, the organization this weekend reached agreement with 11 other countries concerning a further reduction. The deal is described as important and has already made the oil price increase even more.

Media: Offshore lenders prepared to boycott banks

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Bondholders in offshore carriers such as Havila Shipping, which was rescued from bankruptcy in the nick of time last week, are so resentful of the banks' role in the debt game that they are considering boycotting the banks entirely. This could hit the already hard-pressed offshore carrier sector.

Shell is close to oil deal with Iran

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A spokesperson for Iran's oil ministry tells the Wall Street Journal that the country expects to land an agreement with Shell. The news comes after Total sealed an agreement with Iran in November as the first western company to do so since the sanctions were lifted.

Offshore
Aker BP launches comprehensive new strategy

Newly established oil and gas giant Aker BP wants to be the biggest on the Norwegian shelf when it comes to exploring for new oil. Meanwhile, shareholders have been promised annual dividends of USD 250 million, which will be increased when Johan Sverdrup begins production.

Offshore
Farstad fails to pay off bond loan in time

Farstad Shipping will not be able to pay off a bond loan which is set to mature in February. The struggling offshore carrier also had to ask its secured creditors to defer payments on its debt to late February. Norwegian investors are still lurking in the wings.

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