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Sales process of Iceland Drilling initiated

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A sales process has been initiated for the sale of all shares in Iceland Drilling. Iceland Drilling is owned by SF III, a fund managed by Stefnir Asset Management, private investors and employees. Iceland Drilling was established in 1986 on the foundations of its state-owned predecessor that had operated in drilling of geothermal wells in Iceland since 1945. The key aim with establishing Iceland Drilling was to maintain and enhance within the company the specialized knowledge and skill acquired in the field of onshore drilling over the past decades. Iceland Drilling is a dominant player in the Icelandic market in addition to participating in tenders all over the world. The company has gained significant experience in high-temperature drilling and will ...

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US Gulf of Mexico crude production to continue at record highs through 2019

Source: U.S. Energy Information Administration, Short-Term Energy Outlook

US crude oil production in the Federal Gulf of Mexico (GOM) increased slightly in 2017, reaching 1.65 million bbl/day, the highest annual level on record. Although briefly hindered by platform outages and pipeline issues in December 2017, oil production in the GOM is expected to continue increasing in 2018 and 2019, based on forecasts in the EIA’s latest Short-Term Energy Outlook (STEO). EIA expects the GOM to account for 16% of total US crude oil production in each year...

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