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Russia resubmits claim for energy-rich Arctic shelf

MOSCOW – Russia said on Tuesday it has resubmitted a claim to the United Nations for some 1.2 million square km of the Arctic shelf, a drive to secure more of the mineral-rich region where other countries have rival territorial interests. The Russian economy is overwhelmingly reliant on natural resources and the Arctic’s estimated huge oil and gas reserves are ...

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Nigerian lawyer sent in to clean up state oil giant

ABUJA/LAGOS – The new head of Nigeria’s state oil company is a workaholic stickler for the rules with a strong background in law, qualities he will need if he is to overhaul an organization notorious for corruption and mismanagement. Emmanuel Ibe Kachikwu, the new managing director of the Nigerian National Petroleum Corp (NNPC), was previously executive vice chairman and general ...

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Argentina cuts shale drilling costs but no new joint ventures expected

BUENOS AIRES, Aug 6 – Argentina needs $200 billion in investment to develop its vast but barely tapped shale fields, but no joint ventures were expected soon because of low oil prices and uncertainty ahead of a presidential election, state oil company YPF said on Thursday. YPF, nationalized in 2013, is improving drilling efficiency and developing its Vaca Muerta shale ...

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Nigeria’s tanker ban underscores disarray in oil industry

LONDON/ABUJA – The Nigerian president’s sudden, unexpected and seemingly unilateral decision to ban nearly 100 oil tankers from the country’s waters has sown confusion in the operations of Africa’s largest crude exporter. The edict directly from President Muhammadu Buhari’s office appeared to be part of a campaign pledge to crack down on oil industry corruption and theft. But the disarray ...

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Nigeria appoints former Exxon man head of state oil firm

ABUJA – Nigerian President Muhammadu Buhari appointed a new head of the state oil firm on Tuesday, part of an overhaul aimed at rooting out corruption and mismanagement. Emmanuel Ibe Kachikwu was named as the new managing director of the Nigerian National Petroleum Corporation (NNPC), which has been accused of failing to account for tens of billions of dollars in ...

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