Day: January 20, 2021

SpaceX To Repurpose Oil Rigs For Launch Pads

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SpaceX plans to use two deepwater oil rigs as offshore floating spaceports that the company will likely use for the Starship rockets it is developing. CNBC’s Michael Sheetz reports, citing public documents, that now-bankrupt offshore rig operator Valaris sold two rigs, 8500 and 8501, for $3.5 million each. The deal was completed in July last year, and Valaris—the world’s largest offshore drilling rig operator—filed for Chapter 11 bankruptcy protection soon after. The buyer of the rigs, according to the CNBC report, was a limited liability company named Lone Star Mineral Development,…

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Oil rises as investors look to higher demand in 2nd half

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LONDON: Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Brent crude futures for March rose $0.72 to $55.47 a barrel by 1152 GMT after slipping $0.35 in the previous session. “There is perception that any retracement will be quick as confidence in economic and oil demand recovery is unlikely to fade away,” said PVM analysts in a note. US West Texas Intermediate crude was at $52.65 a…

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Norway Awards 61 Oil & Gas Exploration Licenses In Mature Areas

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Norway has awarded 61 offshore exploration licenses to 30 companies in the latest annual licensing round for oil and gas exploration in mature areas on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said on Tuesday. The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts of the shelf with known geology and good infrastructure already in place, allowing tie-backs to existing infrastructure for any new discoveries. The awards announced today include 34 production licenses in the North Sea, 24 licenses in…

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Halliburton points to oil industry recovery after profit beat

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Halliburton Co on Tuesday predicted a recovery in the global oil and gas industry from the second quarter after the oilfield services provider beat profit estimates on cost cuts and modest gains in activity following last year’s slump. Crude oil prices are holding to gains from a rebound in late-2020 from a coronavirus-induced slump, with Brent crude hovering around $55 per barrel on Tuesday after averaging around $45 in the last three months of 2020. This has encouraged producers to complete more wells and add rigs. North America rig count…

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Tesla Explores Entering the Pakistani Market as Global Growth Surges

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It seems that Tesla is planning to expand not only in the market in India but also in other countries in Asia. Pakistani Prime Minister Imran Khan will meet with the company executives to discuss investment opportunities in the Pakistani electric vehicle market. In an effort to expand its presence in the global market, Tesla has begun negotiations with the government of Pakistan on entering the country’s market. Famous Pakistani TV presenter, journalist, and columnist Sabir Shakir shared this information in his YouTube video. Shakir says one of Pakistan’s most influential businessmen and…

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