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Statoil

Arctic OffShore Drilling

Oil industry takes aim at proposed Arctic drilling mandates

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The proposed requirements would unnecessarily shorten an already brief window for exploratory drilling in the Chukchi and Beaufort seas while dramatically boosting the costs of those operations, dissuading companies from drilling in the region, industry representatives said in formal comments filed with the government.
(Photographer: Andrey Rudakov/Bloomberg)

Shell profit falls by more than half, but beats analyst estimates

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Shell is cutting investment after oil’s slump over the past year forced producers to defer projects to strengthen their balance sheets.
Exxon Mobil Corp. CEO Rex Tillerson speaks to 2015 IHS Energy CERAWeek. (Billy Smith II/Houston Chronicle)

CERAWeek Commentary: American oil CEOs avoid climate change talk, while Euro counterparts take it head on

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No fewer than three U.S. oil executives attending IHS Energy CERAWeek have said government regulations need to be based on science, not public sentiment. Yet not one of them talked about the scientific consensus acknowledging global climate change.
Statoil CEO Eldar Saetre speaks at the 2015 IHS CERAWeek conference (Joshua Cain/Houston Chronicle)

CERAWeek: In low-carbon, low-price world, oil industry must collaborate and cut costs, Statoil CEO says

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The fall in crude prices requires the industry to “do more than just hit the brakes,” Statoil CEO Eldar Saetre said.
The Maersk Developer drills an exploratory well into Statoil's Martin prospect, about 3,000 feet below the surface in the Gulf of Mexico. Two years ago, Statoil paid $157 million for the right to drill into a single 9-square-mile block at the site and the Norwegian company is now spending about $1.1 million a day to rent the Developer, supply the drilling rig and pay for other contractors. (Jennifer A. Dlouhy / Houston Chronicle)

Statoil makes Gulf of Mexico discovery

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Statoil and its partners have struck oil in the Gulf of Mexico, but more work is needed before the Norwegian oil company can determine the size of the discovery.
BG Group CEO Helge Lund (Andrey Rudakov/Bloomberg)

The CEO of BG just arrived in February, and could walk with $43 million

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Lund, who joined BG on Feb. 9 after heading Norway’s Statoil ASA, is entitled to liquidated damages equal to a year’s gross salary and 30 percent of base pay, the Reading, England-based company’s annual report showed.
(Offshore Technology Conference)

OTC panel to talk big ideas on fifth day of programming

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Organizers described the lineup as more like South by Southwest or X-Games than an industry conference.
The head office of Statoil in Stavanger, Norway.  (AP Photo / Kent Skibstad, NTB scanpix, File)

Statoil, West Virginia agree on deal for drilling under Ohio River

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The Intelligencer and Wheeling News-Register reports that Norway-based Statoil plans to drill on about 474 acres of state-owned land under the river in Marshall and Wetzel counties.
Interior Secretary Sally Jewell is briefed before a March 18, 2015 government auction of drilling rights in the central Gulf of Mexico. (Photo: Bureau of Ocean Energy Management)

Feds collect millions in Gulf oil drilling sale, despite falling prices

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Slumping oil prices tempered some of the industry’s enthusiasm for new drilling rights in the Gulf of Mexico — but not much.
Photographer: Rich Press.

How Europe’s oil companies are profiting from the slump

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Although better known for their oil fields, refineries, and petrol stations, BP Plc, Royal Dutch Shell Plc and Total SA are also the world’s biggest oil traders.