Africa
IEA: Shipping Lagging Behind in CO2 Reduction
The shipping industry will have to commit to more ambitious policies, and fast, if it wants to get on track with the adoption of clean technologies and meet the energy efficiency design index (EEDI) requirements, the International energy Agency (IEA) said. Namely, in its latest report titled “Tracki
OPEC extends oil output cut by nine months to fight glut
By Rania El Gamal, Ernest Scheyder and Alex Lawler VIENNA (Reuters) – OPEC decided on Thursday to extend cuts in oil output by nine months to March 2018, OPEC delegates said, as the producer group battles a global glut of crude after seeing prices halve and revenues drop sharply in the past three ye
OPEC meets to talk further oil output cut extension
OPEC and several non-OPEC members are meeting on Thursday in Vienna to discuss further strategy on oil production. To remind, 13 OPEC members and 11 Non-Opec members (most notably Russia) in December last year agreed to cut oil output by 1.8 million barrels a day in order to stabilize oil prices. Th
SeaBird Bags Additional Work in West Africa
SeaBird Exploration has signed a letter of award (LoA) for some additional work in West Africa for an undisclosed client. The project is due to start in late second quarter and will have a duration of approximately two weeks. SeaBird will be using the Osprey Explorer for the project. Earlier the com
SeaBird keeps ‘Osprey Explorer’ busy in West Africa
SeaBird Exploration has signed a letter of award for some additional work in West Africa for an undisclosed client. The project is due to start in late second quarter and will have a duration of approximately two weeks. SeaBird will be using the Osprey Explorer for the project. The company did not p
Report: Somali Pirates Seize Fishing Boat to Target Bigger Ships
A group of Somali pirates hijacked an Iranian fishing vessel on Tuesday which will most probably be used as a mothership in future attacks on larger ships, Reuters informed citing Ali Shire, the mayor of Somali town of Haabo. As informed, the ship does not have a licence to fish in Puntland’s waters
Nigeria: Aje partners stop oil drilling to focus on gas
Partners in the Panoro-run Aje field offshore Nigeria have put on hold the planned drilling of the Aje-6 well, while pondering further steps. Production of oil from the field started in 2016, and the partnership has been drilling further wells to add more oil. However, MX Oil, a partner in the proje
Hyperdynamics to start drilling operations offshore Guinea
Pacific Drilling-owned drillship Pacific Scirocco has entered Guinea shelf waters and is starting drilling operations for the independent exploration company Hyperdynamics. Worth noting, by the start of drilling operations, Hyperdynamics does not mean the actual spudding, but the drillship preparati
Jobs in renewables grow to almost 10 million
More than 9.8 million people were employed in the renewable energy sector in 2016, according to a new report from the International Renewable Energy Agency (IRENA).
Clarksons: Global Cargo Fleet’s OPEX Passes USD 100 Bn
Global ship operating expenses (OPEX) for the world’s cargo fleet have now breached USD 100 billion mark for the first time, up from USD 98 billion last year and USD 83 billion in 2008, maritime intelligence provider Clarksons Research said. Crew wages remain to be the largest constituent in the tot
ICC: USD 1.6 Trn Gap in Global Trade Finance
There is a USD 1.6 trillion shortfall in trade finance globally, the International Chamber of Commerce (ICC) said citing recent studies, urging for an urgent UN-led review of the trade financing gap. As disclosed, the gap has grown since the peak of the 2009 financial crisis—with the biggest gaps pr
Svitzer Scoops Moroccan Bounty
Svitzer, part of the Maersk Group, has been awarded a 20-year concession to provide terminal towage services to the Tanger Med 2 Port in Morocco. The new contract carries a value of ”several hundred million USD” and calls for a total of 9 vessels by the end of the concession, the company said. The n