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State Street announces new round of cuts

On revenues of $2.45bn, the custody bank reports net income of $468m, up from $371m a year ago and in line with analysts’ expectations  More »

US homebuyers lose out to investors

Individuals able to purchase a home in the US find they are repeatedly being outbid for houses by private equity groups and hedge funds with cash  More »

Drumbeat: January 18, 2013

Desert Massacre Threatens Africa’s Largest Gas Industry The killing of foreign workers in the Algerian desert threatens production from North Africa’s largest oil and gas industry, the main source of revenue for a country that avoided unrest when t…  More »

Armstrong confession cuts little ice

After more than a decade of staunch denial, the disgraced cyclist unequivocally admits his drug use which he said began in the mid-1990s  More »

EMGS nears award for 3D EM project offshore Asia

Electromagnetic Geoservices ASA has received a letter of intent for six months of work offshore Asia.  More »

BMT Nigel Gee to design two crew vessels

BMT Nigel Gee has won a design contract with Penguin Shipyard International for the design of two 25-m (82-ft) monohull Fast Crew Boats.  More »
A satellite image of the Amenas Gas Field in Algeria, which is jointly operated by BP, Norway's Statoil and Algeria's Sonatrach. (AP Photo/DigitalGlobe)

Desert massacre threatens Africa’s largest gas industry

The killing of foreign workers in the Algerian desert threatens production from North Africa’s largest oil and gas industry, the main source of revenue for a country that avoided unrest when the Arab spring swept away regimes across the region.  More »
The Ain Amenas gas field in Algeria, where Islamist militants raided and took hostages Wednesday Jan. 16, 2013. (AP Photo/Kjetil Alsvik, Statoil via NTB scanpix)

Foreign oil workers evacuated from Algeria

Spanish, Norwegian and British oil companies were evacuating workers from Algerian energy facilities Thursday following the hostage-taking by Islamic militants in the Sahara desert and Algeria’s attempt to free them.  More »
President Barack Obama arrives at the TransCanada Stillwater Pipe Yard in Cushing, OK, to discuss his energy policy, on March, 22, 2012. (Photo: Pablo Martinez Monsivais/AP Photo)

Obama to confront oil pipeline, climate change

President Barack Obama’s second-term energy agenda is taking shape and, despite the departure of key Cabinet officials, it looks a lot like the first: more reliance on renewable energy sources, such as wind and solar, and expanded production of oil and natural gas. Obama also is promising to address climate change, an issue he has acknowledged was sometimes overlooked during his first term.  More »
This drilling rig is working in the South Texas Eagle Ford where EOG Resources had been active.  Photo: Courtesy Photo / HC

EOG’s leadership change fuels deal talk

EOG Resources Inc. (EOG), the U.S. crude oil producer that’s rallied more than any peer in the past six months, offers the biggest energy companies the chance to expand in one of the world’s fastest-growing markets.  More »
(AP Photo/Hasan Jamali)

IEA sees tighter oil market, boosts demand forecast

The International Energy Agency raised forecasts for global oil demand this year because of stronger growth expectations for China and said the world oil market is “tighter” than previously estimated.  More »
A crewman directs a pipe for the southern leg of TransCanada's Keystone XL project in Wood County, Texas. The northern leg has not yet received approval from the Obama administration. (Cody Duty / Houston Chronicle)

Study: Keystone’s tar sands waste more damaging than coal

Refining Canada’s oil sands into gasoline may speed global warming more than previously estimated after accounting for use of a waste product, which can be burned like coal.  More »