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Oil companies' cost reductions now starting to show

A rising oil price and large-scale cost reductions have significantly boosted earnings at oil companies such as Statoil, Shell, and Aker BP in the first quarter. Several of these firms are now gearing up to invest, but the good old days will never return, projects Nordea Markets.

Oil price drags Chevron into deficit in 2016

Chevron came out of 2016 in better shape than it did 2015. However, the company could not escape an overall deficit last year. "We are well positioned to improve earnings," says the chairman and CEO.

Major oil companies have lost interest in Norway

Statoil will be the operator or partner in approximately 70 percent of exploration wells on the Norwegian North Sea shelf in 2017, and in some instances the Norwegian oil company is struggling to find partners, report Norwegian media.

Statoil hopes to hit the jackpot in 2017

Statoil will drill six high impact wells next year, which might contain large volumes of oil. The company has high expectations for the Korpfjell field in the Barents Sea. The field may hold up to three times as much oil as Johan Castberg.

Oil companies expect to invest less in Norway

Oil companies are planning to invest less money on the Norwegian shelf next year. Investments in 2017 are now expected to reach USD 17.1 billion, which is 3.6 percent less than what the companies said they expected to spend when asked in the second quarter.

Oil majors will now realize plans for green investment fund

Seven of the world's largest oil companies will, according to Reuters, present the details for a new investment fund this Friday. The green fund will invest in technologies that contribute to renewable energy and limit greenhouse gas emissions.

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