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The venture also leaves behind the traditional day-rate model that contributes to gyrations in drilling costs, whereby low rates hurt services firms when prices slump, and high rates hit operators. With Seapulse, Maersk gets more money for drilling faster and shares in the upside of a discovery. Global exploration spending fell from more than $90 billion in 2014, when crude oil sold for over $110 a barrel, to under $30 billion last year when it fell below $55 a barrel, according to WoodMac collectible cufflinks. Costs per well also slumped as service companies scrambled for contracts..

(Graphic: Global conventional exploration & appraisal spend – But the number of wells and companies drilling them have shrunk since 2014 and success rates stagnated following a brief spike in 2017, which stemmed largely from a focus on low-risk wells near existing discoveries, Westwood Energy data shows. “Lots of smaller exploration companies have disappeared since $100 a barrel. New players are emerging, often private equity-backed,” Rob Stevens from Westwood said collectible cufflinks.

MUMBAI (Reuters) – Indian steel firms are putting pressure on the nation’s government to impose higher duties on imports as trade disputes and a global economic slowdown divert surplus Asian steel stocks to India, industry executives and government sources said. Local Indian producers are suffering from the double whammy of a rise in cheap imports and low domestic steel prices, which threatens to wipeout the healthy profits made in the past couple of years collectible cufflinks. The steel companies have approached the federal ministry multiple times over the past few months, alleging China, Japan, South Korea and Vietnam are dumping various grades of low-cost steel into the Indian market and stealing market share as a result, three government sources said..

India’s top four steelmakers – JSW Steel Ltd, Tata Steel Ltd, state-owned Steel Authority of India Ltd and Jindal Steel and Power Ltd – who together control over 45 percent of India’s total steel production, are the key companies who have complained, the sources said collectible cufflinks. The ministry has given various indications that some measures might be taken, the sources added. However, they are more likely to be non-tariff measures as India has already suffered defeat in a dispute with Japan at the World Trade Organisation (WTO) on charges that New Delhi unfairly imposed import duties in 2016 to safeguard its steel industry..

The WTO upheld Japan’s complaint in November but India is planning to appeal. The steel ministry did not respond to a Reuters email seeking comment. Imports of various grades of steel into India rose by around 8 percent in the April-December 2018 period, compared with a year earlier, government data showed. During the same period, exports from India fell by more than 17 percent, making the country a net importer of steel, mainly because the U.S., one of India’s biggest markets, imposed additional duties last year on steel coming from some Asian countries, including India collectible cufflinks.