Statoil (STO) , a Norwegian state-controlled oil company, is expecting its U.S. offshore output to increase by over 50pc by 2020 as it reduces its offshore breakeven costs to $40/bl, Argus reports. Statoil expects production to go up to 125,000 b/d of oil equivalent from its current rate of 80,000 boe/d.

"Deepwater is our bread and butter. It is not going away," Statoil senior VP for U.S. offshore operations Carri Lockhart said, Argus added. "Offshore is not dead for Statoil. This is really what we are good at."

Over on Real Money Jim Cramer give advice to investors looking at how to play the Trump Trade. Get his insights or analysis with a free trial subscription to Real Money.