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With oil prices low, early signs of a pullback in drilling activity

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With oil prices low and showing no sign of an immediate rebound, the industry is beginning to pull back on spending. Oil prices have dropped around 30 percent since summer highs, raising fears among producers across the globe. Yet, many oil majors are relatively diversified, with large holdings downstream.

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SK Innovation to end Li-ion JV with Continental due to slow demand growth for EVs

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Yonhap News reported that SK Innovation Company will end the battery-pack joint venture with German partner Continental AG ( earlier post ) due to slow growth in demand for electric cars. Earlier post.). Both planned to invest about €270 million (at the time, around US$359 million) in the JV over five years. billion won (US$13.87

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TransCanada terminates Energy East Pipeline and Eastern Mainline projects

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Transcanada began the application process in 2013, when oil prices were substantially higher. The company has also faced unrelenting environmental opposition to the projects. As a result of its decision not to proceed with the proposed projects, TransCanada is reviewing its approximate $1.3

Energy 150
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Supply Crunch Or Oil Glut: Investment Banks Can’t Agree

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This year, shale output forecasts combine with OPEC’s production cuts, geopolitical factors, and unexpected outages to further complicate supply/demand and oil price forecasts by Wall Street’s major investment banks. According to the IEA, supply could lag demand in a few years, which could lead to a surge in oil prices. “

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bp to exit its 19.75% shareholding in Rosneft

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The bp board announced that bp will exit its shareholding in Rosneft, a Russian state-controlled oil and gas company. bp has held a 19.75% shareholding in Rosneft since 2013. Bob Dudley has been a director of Rosneft since 2013. We are also looking at how bp can support the wider humanitarian effort.

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BP approves revamped $9B Mad Dog Phase 2 project in the deepwater Gulf of Mexico; down from original $20B cost

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BP has sanctioned the $9-billion Mad Dog Phase 2 project in the United States, despite the current low oil price environment. Oil production is expected to begin in late 2021. In 2013, BP (operator, with 60.5% —Bob Dudley, BP Group Chief Executive.

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Opinion: Could WTI Trade At A Premium To Brent By Next Year?

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A flood of bearish news has pushed down oil prices to their lowest levels in months, with WTI nearing $45 per barrel and Brent flirting with sub-$50 territory. With a bear market back, there is pessimism throughout the oil markets. However, the WTI/Brent spread has shrunk more dramatically since the collapse in oil prices.