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  • Oil company to pay $2M for illegal well in North Dakota Thursday, 5 Mar 2015 | 11:03 AM ET

    Attorney for North Dakota, credited Statoil for its willingness to settle the case without forcing the government to file a civil suit. "It is heartening to see a big oil company like Statoil step up... to make things right when a mistake is made," Purdon said. Statoil spokeswoman Kirsten Henriksen, who works in the company's Houston office, said the company cooperated...

  • Azerbaijan watches for dissent as economy slows Tuesday, 3 Mar 2015 | 5:50 AM ET

    BAKU, March 3- Azerbaijan is keeping a close eye on any sign of dissent as economic problems mount before a parliamentary election this year in the oil-producing former Soviet republic. Hit by the fall in global oil prices, the rouble's drop against the dollar in neighbouring Russia and the separatist war in east Ukraine, the South Caucasus country devalued the...

  • Brent April crude was up $1.51 at $61.56 a barrel at 11:54 a.m. EST, on pace to post a 16 percent monthly gain, the first monthly rise since June. April crude was up 75 cents at $48.92 a barrel, needing a finish above $48.24 to post a February gain. Oil has been supported by signs that lower prices are starting to reduce investment in production in non- OPEC countries and...

  • *China's implied oil demand set to grow 3 percent this year. *Statoil shuts Statfjord C platform in North Sea. At 1453 GMT, Brent crude futures were up $1.26 at $61.32 a barrel, off an earlier high of $61.75.

  • *China's implied oil demand set to grow 3 percent this year. *Statoil shuts Statfjord C platform in North Sea. At 0955 GMT, Brent crude futures were up $1.50 at $61.54 a barrel, while U.S. crude was up $1.23 at $49.40 a barrel.

  • Lithuania looks to U.S. for gas imports Friday, 27 Feb 2015 | 3:05 AM ET

    OSLO, Feb 27- Lithuanian liquefied natural gas importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia. Delfin LNG LLC is developing an offshore liquefaction and export facility in Louisiana with a total export capacity of 13 million tonnes of LNG per year. Last year, Litgas signed a...

  • *Statoil shuts Statfjord C platform in North Sea. SINGAPORE, Feb 27- Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in the North Sea and renewed fears of gas supply disruption in Europe supported prices. Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after...

  • Brent approaches $61, set to end 7-month losing streak Thursday, 26 Feb 2015 | 9:24 PM ET

    *Statoil shuts Statfjord C platform in North Sea. SINGAPORE, Feb 27- Crude oil futures rebounded on Friday, with Brent heading for its biggest monthly gain since May 2009, as supply outages in North Sea and renewed fears of gas supply disruption in Europe supported prices. Norwegian energy firm Statoil has shut its Statfjord C platform in the North Sea after...

  • HALLOWELL, Maine— State utility regulators decided Wednesday to reconsider agreements with two companies planning to develop wind power projects in Maine, despite widespread criticism from industry officials who said doing so would be inappropriate and set a dangerous precedent. The Public Utilities Commission voted 2-1 in favor of reopening...

  • CARACAS, Feb 24- About a dozen foreign energy companies in Venezuela have been authorized to exchange foreign currency at a new, more advantageous rate in bolivars in order to boost cash flow and speed up projects, a high-level PDVSA source said on Tuesday. The companies, participating in joint ventures in various fields around Venezuela, can now buy local...

  • CALGARY, Alberta, Feb 24- Cash flows from the Canadian oil sands will fall by $23 billion and turn negative in the next two years, energy consultancy Wood Mackenzie said in a report on Tuesday, as low crude prices make it less economical to extract tar-like bitumen from the sands. The oil sands of northern Alberta hold the world's third-largest proven crude...

  • CALGARY, Alberta, Feb 24- Oil sands cash flows will fall by $23 billion in the next two years, energy consultancy Wood Mackenzie said in a report on Tuesday, as low global petroleum prices make it less economical to extract bitumen from northern Alberta. Canada's oil sands hold the world's third-largest proven crude reserves after Saudi Arabia and Venezuela, but...

  • CALGARY, Alberta, Feb 24- Oil sands cash flows will fall by $21 billion in the next two years, energy consultancy Wood Mackenzie said in a report on Tuesday, as low global petroleum prices make it less economical to extract bitumen from northern Alberta. Canada's oil sands hold the world's third-largest proven crude reserves after Saudi Arabia and Venezuela, but...

  • Oil slump threatens easy life of affluent Norwegians Tuesday, 24 Feb 2015 | 2:14 AM ET

    STAVANGER, Norway— Losing his job on a Norwegian oil rig meant more to Kristoffer Sandberg than saying goodbye to a high salary. After a decade of an oil and gas boom, plunging energy prices are shaking the 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...

  • PORTLAND, Maine— Maine's reshaped Public Utilities Commission wants to reconsider two proposed wind projects it approved two months ago, a move critics say would damage the integrity of the regulatory process and scare off future renewable-energy investors. "We can't just undo it because someone doesn't like it for some reason," said Jeremy Payne, executive...

  • OSLO, Feb 13- Norway's Statoil is moving ahead with plans to develop a giant $29 billion oil field, Europe's costliest offshore energy project, expecting to produce some of the world's cheapest oil that will be profitable even after the recent price crash. Statoil said on Friday it would start the Johan Sverdrup field in the North Sea by 2019 and expected to...

  • OSLO, Feb 13- Norway's Statoil unveiled plans on Friday to develop the giant Johan Sverdrup field in the North Sea, Europe's costliest offshore energy project, expecting to spend up to $29 billion and bring it into production by 2019.. The disagreement will not stop the project and Statoil said it expects to bring the first phase of Sverdrup into production by...

  • BRUSSELS/ ESSEN/ MOSCOW, Feb 13- Russia's plan to cut out Ukraine as a gas transit route is unrealistic because the EU will seek non-Russian gas rather than build the links it would need to Moscow's proposed new pipeline to Turkey, industry sources and analysts say. Last year, as violence flared in eastern Ukraine and Moscow faced new sanctions, President Vladimir...

  • RPT-Oil dances to a more volatile beat Thursday, 12 Feb 2015 | 4:34 AM ET

    LONDON, Feb 11- Oil volatility has jumped to the highest level since the financial crisis, jolting traders who had been adjusting to a period of predictable declines following a near 60 percent crude crash between June and January. "This is a very dynamic market with a lot of volatility," said Rune Bjornson, head of trading at Norway's state-backed Statoil, at the...

  • *Also hope he can copy asset sale success of Statoil. LONDON, Feb 9- Britain's BG Group rushed in its new chief executive nearly a month early on Monday after reporting a $6 billion writedown last week that underlined the huge turnaround task he faces. Helge Lund, Statoil's former CEO, will have to work against the clock if he is to replicate the success he wrought...