The Indian navy rescued sailors from one of its Russian-built Kilo class submarines following an accident off the coast of Mumbai, a mishap that brought back memories of fire and explosions aboard a similar boat in August that killed 18 men and left no survivors.
Lundin Petroleum AB, the Swedish explorer focused on Norway, said there won’t be any new oil output in the ice-filled waters of the Arctic for at least 15 years because of technical and logistical challenges.
Statoil ASA said a fourth well meant to boost oil resources at its delayed Johan Castberg project in the Barents Sea found only gas, increasing pressure on Norway’s biggest energy company to cut development costs.
Statoil ASA scaled back spending plans and cut production targets as Norway’s largest oil and gas producer seeks to boost free cash flow and shareholder returns amid rising costs and stagnating energy prices.
Recent oil discoveries in Norway’s Arctic Barents Sea, including one by Lundin Petroleum AB, have made the case for the construction of billions of dollars of export infrastructure, the Swedish oil explorer said.
Norway, western Europe’s biggest oil and gas producer, raised its estimate for undiscovered resources in the Barents Sea by 31 percent to 8 billion barrels of oil equivalent as it seeks to open new areas to exploration.