November 2017

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OPEC, collaborators extend output restraint

Restraint of oil production by members of the Organization of Petroleum Exporting Countries and 10 cooperating nonmembers is to continue through 2018 under agreements reached Nov. 30 in Vienna.


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China Energy makes takeover offer for AWE

Chinese state-owned China Energy Reserve & Chemical Group has made a $430-million (Aus.) takeover bid for Sydney’s AWE Ltd. AWE, which earlier this week announced the completion of a successful test evaluation of the Waitsia gas field in Western Au…


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Statoil lets contract for Northern Lights terminal

Statoil has let a contract to KBR Inc. for the concept and front-end engineering design of its Northern Lights onshore carbon dioxide storage terminal in Norway. The terminal is a key component of the carbon capture and storage demonstration project be…


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Beach farms into Cue Energy’s Ironbark prospect

Beach Energy Ltd., Adelaide, has signed a binding agreement with Cue Energy Resources Ltd. of Melbourne to farm into two exploration permits in the Carnarvon basin offshore Western Australia that contain the large Ironbark gas and condensate prospect.


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Chavez to head Citgo after execs arrested

Asdrubal Chavez, a cousin of the late former president of Venezuela, has been named acting president and chief executive officer of Citgo Petroleum Corp. a week after the arrests of his predecessor and five other company executives on charges of corrup…


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MARKET WATCH: NYMEX oil holds above $57/bbl before OPEC meeting

The light, sweet crude oil contract for January delivery settled above $57/bbl Nov. 29, dropping modestly before members of the Organization of Petroleum Exporting Countries met Nov. 30 in Vienna. Brent crude oil for January also fell but still settled…




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Report: 64,000 Saudis joined labour market within two months

The Saudi Ministry of Labour said more than 64,000 Saudi men and women joined the labour market during the months of September and October, 2017. The ministry said in a statement on Wednesday that the number of Saudis in the labour market amounted to 1.949 million Saudis by the end of October compared with 1.844 million in September. According to the ministry, 33,000 Saudi women and 31,000 Saudi men joined the labour market during the aforementioned period. The Kingdom aims through its National Transformation plan, the main component in its Vision 2030, to reduce the unemployment rate among its citizens to 9 per cent by 2020 and to 7 per cent by 2030 through. Read: Saudi Arabia deficit reaches $32.4bn […]