WorldOil Gazprom Neft, Tatneft and Zarubezhneft collaborate to develop carbonate deposits Gazprom Neft, Tatneft and Zarubezhneft have concluded a Memorandum of Cooperation on the development of the skills and competencies needed for the development of exceptionally challenging projects in opening up carbonate deposits. Venezuela’s state oil producer to cut costs by 50% Already in default and struggling with sinking oil production, Venezuela’s state-run energy firm told its employees to cut costs and expenses by 50% in an austerity drive to reflect the broader economic crisis hitting the OPEC nation of 30 million people. Oil extends rally above $58 as Keystone outage cuts U.S. supply Oil extended its rally above $58/bbl as supply disruptions on the Keystone pipeline added to optimism that the U.S. glut is waning and that OPEC will prolong its output curbs. Saudis eye oil sales to world's biggest plants emerging in China Saudi Arabia’s status as the biggest oil supplier to China has been usurped by Russia. OPEC’s biggest producer is now trying to regain ground in the world’s largest crude importer. OPEC said to get few answers on shale before decision on production cuts OPEC will have to decide whether to extend global oil cuts without knowing whether they’re triggering a new flood of rival supply from U.S. shale producers. Oil industry shows signs of life after Norway wealth fund shock A week after Norway’s $1-trillion sovereign wealth fund said it wanted to get out of oil and gas investments, the latest spending plans from oil companies show how the country’s not about to quit petroleum. North Sea tax measure to unlock upstream UKCS investment, says Oil and Gas UK Chancellor Philip Hammond today announced a tax measure that will unlock further investment in the UK North Sea by enabling more assets to change hands and allow new owners to provide fresh investment in many mature oil and gas fields. New China star sells first Russian oil from $9-billion Rosneft deal A Chinese firm that’s grown from a small local trader to a global deal-making juggernaut sold its first cargo of Russian crude after buying a $9-billion stake in Rosneft Oil Co. Africa Energy to acquire additional interest in South Africa Africa Energy Corp. announces the signature of definitive agreements to acquire an effective 4.9% interest in the Exploration Right for Block 11B/12B offshore South Africa. Wood Group wins FEED contract for first-of-its-kind LNG production platform The Honghua Group Limited has awarded a $12 million front-end engineering design (FEED) contract to Wood for its LNG platform development in the West Delta area of the Gulf of Mexico.