Category: Europe

Exxon now has more exploration holdings in Russia than in the U.S., despite sanctions

While U.S. and European Union sanctions against Russia forced Exxon to shut down an Arctic drilling project in October, the producer is staking claims to areas that could yield tens of billions of barrels in coming decades.  More »

Lukoil profit drops 39 percent after impairments, oil-price slump

The results come after OAO Gazprom Neft posted a 31 percent decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent.  More »

Russia, Ukraine hold emergency gas talks as cutoff looms

The European Union, which is mediating the talks in Brussels hoping to keep gas flowing despite the dispute, imports around 40 percent of its gas from Russia, half through conflict-torn Ukraine.  More »

How much more economic pain can Vladimir Putin take?

It looks like the one-two punch of sanctions and cheap oil are about to wreck Russia.  More »

Cash-strapped Ukraine struggles to keep Russia gas supplies

With Ukraine’s economy on the brink of collapse and money from a 15.5 billion-euro ($17.5 billion) bailout deal from the International Monetary Fund that has not yet reached Ukrainian coffers, it is unclear how capable — or how willing — Kiev is to strike a long-term deal with Moscow.  More »

GDF Suez to lower spending on oil crash as 2014 profit falls

GDF Suez had lowered its 2014 profit forecast because two nuclear reactors in Belgium remained halted due to safety checks of cracks in their cores.  More »

Repsol profit triples as refining counterbalances oil drop

Oil’s drop of almost 50 percent over the past six months pushed companies from Total SA and Royal Dutch Shell Plc to BP Group Plc and Statoil ASA to announce investment cuts in the past month.  More »

Premier oil suspends dividend after posting full-year loss

First oil from its Solan project in the North Sea west of Shetlands is now expected in the second half instead of the second quarter because of poor weather conditions, the company said.  More »

CGG to cut about 400 jobs after 2014 $1.2 billion net loss

Last year, Europe’s second-biggest oil-services provider Technip approached CGG about a combination of the two French companies specialized in providing equipment and studies for the energy industry. The surveyor, which has cut jobs and reduced its fleet, rejected the bid.  More »

Oil slump threatens easy life of affluent Norwegians

After a decade of an oil-and-gas boom, plunging energy prices are shaking Norwegians out of a Utopian reverie that guaranteed workers lengthy summer vacations, generous health and social benefits, and allowed them to leave work at 4 p.m. and even earlier on Fridays.  More »

Chevron pulls out of shale gas exploration in Romania

The company began drilling for shale gas at its exploration well in northeastern Romania in 2014, a project that drew protests. It is also ending its three other concessions in Romania.  More »

Dutch authorities put gas revenues ahead of safety, report says following earthquakes

The Dutch Safety Board reached the conclusion in a report prompted by dozens of small but damaging earthquakes caused by gas drilling that have rocked the northern province of Groningen for years, causing structural damage to thousands of buildings.  More »

Technip promises revenue growth in 2015 amid oil-price slump

Technip said it adapted to the challenging conditions in the oil industry by cutting costs, reducing headcount and streamlining its fleet of vessels.  More »

Norway rejects call to cut oil taxes as cure for crude crash

Oil companies in the country are preparing to cut investment by 15 percent this year.  More »

Russia battles over billions in oil taxes amid crude price crash

On the brink of its first recession since 2009, Russia’s state coffers are being depleted by lower energy revenue as sanctions and a plunging ruble put further pressure on the economy.  More »
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