Africa
ExxonMobil hits ‘significant’ oil discovery offshore Nigeria
Oil giant ExxonMobil on Thursday announced a ‘significant discovery’ with a potential recoverable resource of between 500 million and 1 billion barrels of oil on the Owowo field offshore Nigeria. According to the company’s statement on Thursday, the Owowo-3 well, which was spud on September 23, enco
Tanker Supply – A Gift and a Curse
While tanker demand dictates trade volumes and tanker routes, the volatility of fleet growth on the supply side may have a pronounced impact on freight rates, according to the latest report from McQuilling Services. Ton-mile data for crude/dirty petroleum product tankers (DPP) and clean petroleum pr
Mauritius Looking Into Offshore Wind Potential
The potential for the development of offshore wind energy in Mauritius exists, however, it is important to take into consideration environmental aspects such as cyclones and tsunamis and the coral reef, as well as respecting the different phases of the supply chain, according to GE Renewable Energy’
BIMCO: Demolition Activity Rising Again
Global demolition activity increased by 16% in the first nine months of 2016 in comparison to the same period of 2015, as shipowners struggle to counter the imbalance between supply and demand in the market, according to international shipping association BIMCO. A total of 36.2 million dwt was demol
Spotlight on Coastal Areas of West Africa
The West African Economic and Monetary Union (WAEMU) hosted an official launch workshop earlier this month, which discussed the erosion and adaptation projects in the coastal areas of West Africa. The workshop took stock of the main cross-sectoral issues at the local, regional and international scal
Clarksons: World Fleet Growth Returning to ‘Pre-Boom’ Levels?
The pace of world fleet growth has slowed down with the fleet expanding by 3.1% over the last 12 months, representing the lowest level of monthly year-on-year growth reported since the early 2000s, according to Clarksons Research. More limited contracting and lower delivery volumes combined with fir
CMA CGM Reshuffles Its Services
French container shipping giant CMA CGM has decided to upgrade its WAZZAN service and reorganize PHOEX and BEX services. The modified port rotation of the WAZZAN service, which connects Morocco and West Africa, is scheduled to start on November 8, 2016, with MV Delmas Swala at Casablanca. The new po
Angola heli crash: Last remaining body identified
Oil company Chevron has reported that the body of the last missing person has been identified after a helicopter carrying six people crashed offshore Angola in late September. Chevron operates in Angola through its Luanda-based subsidiary Cabinda Gulf Oil Company Limited (CABGOC). When it crashed, t
Oil prices dip on OPEC squabbles ahead of planned production cut
By Henning Gloystein SINGAPORE (Reuters) – Oil prices dipped on Tuesday as disagreement flared within producer cartel OPEC on who should cut how much production in a planned coordinated reduction to prop up prices. The dollar, which held near nine-month highs against a basket of major currencies <.D
Keppel Set to Deliver Armada Olombendo FPSO for East Hub
Keppel Shipyard is on track to deliver, reportedly, one of the world’s largest floating production storage and offloading vessels (FPSO) to Bumi Armada for operations offshore Angola. The naming ceremony of the FPSO, Armada Olombendo, was held at Keppel Shipyard earlier this month. Keppel Shipyard c
Offshore Energy 2016 Kicks Off
Tomorrow will see the kick-off of Offshore Energy where companies from the oil & gas and renewable industries will meet for networking, knowledge sharing and business. The past days the organization worked hard to get everything ready. Here is a little time-lapse to see the progress made: Today saw
Clarksons: Old Panamaxes Slowly Fading Away
The ‘old Panamax’ sector seems to be slowly fading away, falling from 969 units in 2012 to 796 at the start of October, as the fleet is in a steady and perhaps terminal decline, according to Clarksons Research. Although plenty of ‘old Panamaxes’ are out there battling on, things are only going one w