WorldOil ONGC reports 15-year low in quarterly profit as oil slump takes a toll Oil and Natural Gas Corp. reported the lowest quarterly profit in more than 15 years following the slump in crude prices. Canadian oil producers exposed to rout as hedges expire A defense Canadian oil producers had against the plunging price of crude is crumbling as hedges expire amid projections that crude will continue to decline. Repsol to shut unprofitable Norwegian field amid oil price rout Repsol SA plans to shut down its unprofitable Varg oil deposit in the North Sea, the first time a Norwegian field will be closed because of the crude-price collapse. AGR named as CCS technical advisor to state-owned Gassnova AGR has finalized a frame agreement to act as technical advisors to Norwegian state-owned Gassnova, as the country progresses with its Carbon Capture and Storage (CCS) development. American Gilsonite Co. names new president and CEO American Gilsonite Company, Inc. (AGC), a major supplier of Gilsonite, has announced the appointment of David G. Gallagher to the position of president and CEO. Traders look to floating storage as onshore oil tanks fill The world is so awash with crude, the boss of BP Plc said people will be filling their “swimming pools” with it by the end of the year. LMKR, FracGeo partner to deliver fracture geomechanics software solutions LMKR has announced a long-term strategic partnership with FracGeo LLC aimed at integrating FracGeo's software solutions and products with LMKR's GVERSE and GeoGraphix Product suites. Statoil awards Technip contracts for Johan Sverdrup, Oseberg Vestflanken Statoil has awarded Technip two lump-sum contracts for infield pipeline construction for the Johan Sverdrup development and the Oseberg Vestflanken 2 project. Dril-Quip to establish HPHT research facility in Singapore Dril-Quip is establishing a research and development (RandD) facility in Singapore focusing on materials and products suitable for HPHT applications. Statoil opts for ProSep technology for Gudrun platform ProSep has been awarded a new contract by Statoil. The agreement, which commences this month, will see the company supply its proprietary ProSalt mixer technology to Statoil’s Gudrun platform in the Norwegian North Sea. Capex cuts on flagship projects affirm Norway’s tax stability plans: GlobalData Plans to continue development on critical Norwegian Continental Shelf oil and gas projects over the past few months, enabled by the achievement of significant cost reductions, will give Norway’s government some reassurance over its decision to maintain the stability of its fiscal regime in the face of falling prices, says an analyst with GlobalData.