Arctic Oil & Gas News

China’s CNOOC starts preparation work to explore for oil and gas offshore Iceland, posted on Platts McGraw Hill Financial

China’s CNOOC International Ltd has started preparation work for oil and gas exploration in Iceland’s offshore Dreki Area, an official with CNOOC’s Investor Relations Department said Friday.  [Read More…]  

Greenland: Mining Rush Welcomed, Won’t Favor One Country Alone, posted on The Israeli Diamond Industry

Greenland’s Prime Minister Aleqa Hammond recently stated that the country is ‎fostering stronger ties with countries such as the US, according to a report by ‎ This comes amid an increasing international rush for the mineral and ‎energy resources melting ice caps are revealing in the Arctic. [Read More…]  

Geopolitical Turmoil Takes its Toll on ExxonMobil by Nick Cunningham, posted on OilPrice.Com

ExxonMobil had a pretty rotten week. On March 5 it announced that it would reduce capital expenditures this year, after having “peaked” in 2013. Its 2014 spending will hit $39.8 billion, down 6% from $42.5 billion last year. While that may seem like a good thing (cutting costs), investors apparently didn’t like the idea – its stock price dropped 2.7% during midday trading as a result, ending the day as the biggest decline on the Dow Jones Industrial Average. [Read More…]  

Scraping the rust off the Iron Curtain by Dr. Peter Morici, posted on Enter Stage Right

The crisis in the Ukraine will likely end with Russia permanently controlling the Crimea, with the remainder of the country more tightly in its orbit than anticipated a few weeks ago.   [Read More…]  

Iceland’s FM in favour of working closer with China on Arctic development, posted on New Europe Online

Iceland is seeking opportunities to work closer with China on Arctic scientific research, resources development, as well as other businesses, said Gunnar Bragi Sveinsson, minister for foreign affairs and external trade of Iceland, in London Tuesday.  [Read More…]  

US Dept Of Defense Review Focuses on Climate Terror by Andrew McKillop, posted on The Market Oracle

The latest issue of the QDR is available on web sites, and says clearly on page 8 that climate change and global warming pose “significant challenge” for the United States and the world at large. The report states that as greenhouse gas emissions increase, sea levels will rise and average global temperatures will also increase – whether they are doing that in the real world, or not.  [Read More…]  

Russian actions in Ukraine could cause Arctic problems: Iceland PM by Bob Weber, posted on Medicine Hat News

Russia’s actions in Ukraine could cause problems for international cooperation in the Arctic, says Iceland’s prime minister.  [Read More…]  

Keeping oil tax legislation will help Alaska prosper by Jim Plaquet, posted on the Fairbanks Daily News Miner

Alaska is at a critical point in its young history. Do we move forward with prosperity and development or do we plan for an exodus? We have all watched as oil flow in the pipeline slows.  [Read More…]  

India Drowns in Red Tape as Chinese Ships Break Ice in Arctic by Richa Sharma, posted on The Sunday Standard

Though prohibitive costs are rarely a concern when ministers travel abroad on study tours or when pet projects such as UPA chairperson Sonia Gandhi’s Food Security Bill get implemented, the government is now cutting corners in crucial scientific projects citing shortage of funds. Add bureaucratic delays to the equation and you know a project is in for the long haul.  [Read More…]  

BP Will Create Create New Entity Just For Onshore Oil And Gas In U.S., posted on Rig Hands

In 2013 several of the major oil companies spent lavishly on offshore prospects and are now feeling the pain of exploration efforts that didn’t pay off. Royal Dutch Shell, for example, spent more than five billion dollars in a bid for Arctic oil that was mired in litigation and so far has produced little in the way of results. Under new leadership Shell is now scaling back drastically on exploration and is selling assets. British Petroleum is another company that is making major changes in hopes of improving its situation.  [Read More…]  

DNV GL Maps Arctic Hazards, posted on Ship & Bunker

Classification society DNV GL says it has created a new interactive map showing environmental and safety hazards in the Arctic. [Read More…]  

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