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North_Sea

News on North Sea.

Noreco completes major Shell acquisition

Oil company Noreco completes its total acquisition of Shell's oil and gas extraction in the North Sea, thus becoming the second-largest producer of oil and gas in Denmark.

Aker BP strikes high-grade North Sea oil

Oil company Aker BP has successfully located oil from its license number 442's ninth prospect drilling in the North Sea. The company has found oil of an extremely high-grade, the Norwegian Petroleum Directorate informs.

Big strike among Norwegian rigs workers canceled

In the small hours of the night, the trade unions representing Norwegian workers on a numbers of rigs reached agreement with the Norwegian Shipowners' Association to increase wages substantially. Thus averting a strike among 1,500 rig workers.

EIA projects lower oil demand

The US Energy Information Agency is lowering its forecast for global oil demand in 2019, according to Reuters. US oil inventories rise above expected levels.

Siem Offshore eyes rate improvements in 2019

Siem Offshore reduced its losses in the first quarter of this year compared to last year. For the PSV segment, demand is rising, while contracts in another segment are "non-existing," states quarterly report.

Media: Offshore carriers ditch Equinor contracts

Equinor pays so little to offshore shipping companies that some of them prefer to have their ships berthed rather than working for the partially state-owned oil company, says the industry. The matter is now being addressed politically in Norway.

Oil price starting to move toward USD 70 again

It is not quite there yet, but after a dive around New Year, the oil price is now moving past USD 65 per barrel and is thus inching closer to the USD 71 per barrel which was the average price last year. Good for offshore investments. Bad news for shipping.

Norwegian yards and rig companies face growth surge

For the first time since the crisis, revenue in the Norwegian oil industry is expected to climb above NOK 300 billion, according to EY. Yards and rig companies stand to benefit from strong growth rates, but several factors could slow the development.

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