February 2016, Vol. 243, No. 2

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Oil Majors Converging Here Could Mean A New Hotspot

Even with oil at $30, the petroleum industry continues to see a few bright spots. Particularly when it comes to offshore activity — such as Shell this week announcing the first natural gas production from its ground-breaking Corrib field off the northwest coast of Ireland. And this week also saw another unexpected event in the offshore sector — halfway around the world in South America. That came in Uruguay. Where major European producer Statoil announced a surprise farm-in on one of the world’s up-and-coming exploration areas. Statoil said Monday it will acquire a 15% interest in Block 14, majority-owned by Total in the offshore of Uruguay, just south of Brazil. Statoil is acquiring a

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