Iraq pulls out of OPEC deal, Saudi’s cut gets bigger

Iraq pulls out of OPEC deal, Saudi’s cut gets bigger Saudi Arabia faces the prospect of much deeper and financially painful oil production cuts after Iraq joined the queue of group members seeking immunity from the deal hatched in Algiers. In addition to Iraq, the second-biggest exporter in the group, Iran has already sought to …

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Shell resumes Export Operation from Forcados Terminal after repairs

Shell resumes Export Operation from Forcados Terminal after repairs As seen in African Reuters Royal Dutch Shell has resumed crude exports from the Forcados terminal in Nigeria’s restive Niger Delta following repairs after a militant attack, the Nigerian presidency said on Tuesday. A spokeswoman for Shell declined to comment. “The Shell Director, Mr. Andrew Brown, informed …

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Saipem to pave 800 workers goodbye as the race gets tougher

Saipem to pave 800 workers goodbye as the race gets tougher According to Offshore Energy Today Italian oil and gas industry contractor Saipem informed on Tuesday it will reduce its workforce in Europe by 800 positions over the next four-year period as part of its strategic plan for 2017-2020. Also on Tuesday, the Italian oil company …

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Fred. Olsen records a net loss of $33.9 million in 3Q of 2016

Fred. Olsen records a net loss of $33.9 million in 3Q of 2016 Norwegian offshore driller Fred. Olsen Energy sank to a loss in 3Q 2016 and saw a decrease in its revenues when compared to the prior-year quarter. The company also informed that a contract for one of its rigs is expiring tomorrow, October …

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