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OIL AND GAS

21Mar 2017

The world’s deepest oil well

In the world’s deepest gold mine, workers will venture 2.5 miles (4 km) below the Earth’s surface to extract from a 30-inch (0.8m) wide vein of gold-rich ore.

12Mar 2017

Spain’s Repsol announces big Alaska oil find

The Spanish energy giant Repsol has struck oil in Alaska, in what it said was the biggest conventional oil discovery onshore in America in 30 years.

The group said that two wells it had drilled over the winter had identified potential resources of up to 1.2 billion barrels of light oil.

10Mar 2017

Oil majors reverse decade of stalled growth to beat supply crunch fears

Filled oil drums are seen at Royal Dutch Shell Plc’s lubricants blending plant in the town of Torzhok, north-west of Tver, November 7, 2014. REUTERS/Sergei Karpukhin/File Photo

Oil majors have long been passive watchers of the pump war between OPEC and U.S. shale producers, but not any more.

Majors were unable to grow output for the past decade even as oil prices soared above $100 per barrel due bad capital discipline and huge project delays.

The oil price slump since 2014 has prompted the world’s biggest oil firms to drastically cut costs but also to force contractors to make projects more efficient and extract the same amount of barrels for fewer dollars.

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