Oil Fields News
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BG Group Plc, the U.K.’s third- largest energy producer, is stepping up exploration off Brazil as part of a plan to add as much as 1 billion barrels of global resources a year.
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Royal Dutch Shell Plc will start producing crude at Iraq’s Majnoon oil field as early as next month and plans to increase energy investments in Saudi Arabia, its regional vice president said.
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OPEC’s spare crude oil production capacity will surge 25 percent in the next two years as rising U.S. shale output crimps demand for the group’s supplies, the International Energy Agency said.
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Baker Botts LLP announced three lateral hires last week including international tax lawyer Don J. Lonczak and capital markets lawyer Bonnie A. Barsamian.
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The following is a selection of the most important news affecting the oil market.
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McDermott International Inc., the Houston-based maker of pipelines for offshore oil fields, fell the most in 18 months after quarterly earnings missed analysts’ estimates and the company said it sees “near-term challenges.”
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Brazilian energy acquisitions, on a steady decline after a record $57 billion deals in 2010, are showing signs of a revival, led by Chinese and Malaysian state- owned buyers seeking lower valuations for offshore oil fields.
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Chevron Corp. is entitled to unspecified damages against the federal government in a contract dispute over oil deposits in California worth $37 billion, the U.S. Court of Claims ruled.
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CAL Bank Ltd., a Ghanaian lender whose shares have surged 92 percent this year, will increase deposits as much as 35 percent in 2013 amid plans to expand its network of branches in West Africa’s second-biggest economy.
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Royal Dutch Shell Plc. and Mitsubishi Corp. started operations at a $17-billion joint venture to capture gas from some of Iraq’s largest oil fields.
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