Turkey and the internationally recognized Greek Cypriot government have overlapping claims of jurisdiction for offshore oil and gas research in the eastern Mediterranean, a region thought to be rich in natural gas.
About 800 of the job cuts will be in Germany and about 200 in Norway, it added.
The sale process for Verus Petroleum is being run by investment bank Jefferies and could fetch $500 million, according to the sources in a Reuters report.
Ophir Energy investor, Petrus Advisers, called for alternatives to Medco's takeover offer that guarantees at least $100 million in tax-efficient distributions to investors.
The Norwegian-based company said it sees strong market opportunities for gas and expects global demand to grow by around 10% towards 2030.
The study's findings raise the prospect of future discoveries in the area, which has been left untouched over 50 years of exploration activity in the North Sea, said the university.
Here’s a snapshot of energy deals from the past week including a $1.6 billion midstream deal in the Bakken and the closing of Encana’s multibillion-dollar acquisition of Newfield Exploration.
Bulgaria has given permission to Shell to transfer 20% of the rights to explore a block off its Black Sea coastline for oil and gas to Spain’s Repsol.
Crude oil futures eased on Feb. 20 in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to restrict its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs.
Oil prices jumped to a three-month high as hopes for a U.S.-China trade deal added to the optimism sparked by news that Saudi Arabia was cutting production more aggressively than expected.
