Africa
Drewry: Box Shipping Rates Fall as East-West Price War Rages On
As the price war between container shipping companies persists, contract rates in the major East-West trade routes are expected to see at least a 30 percent decrease for new contracts starting from the second quarter, shipping consultancy Drewry said. “The price war between carriers in the container
Vitol grabs first Angola LNG cargo after restart
Geneva-headquartered trader Vitol has reportedly won the tender for the first cargo loaded at the Angola LNG facility that has recently kicked back into production, following a two-year shutdown.
Chariot gains operatorship of Mohammedia permits offshore Morocco
Chariot Oil & Gas has been awarded a 75% interest and operatorship of the Mohammedia Offshore Exploration Permits I – III, Morocco in partnership with the Office National des Hydrocarbures et des Mines (ONHYM). Chariot also said on Thursday it has chosen not to enter into the First Renewal Phase of
Chariot fails to find partner, pulls out from Mauritania
Oil and gas exploration company, Chariot Oil & Gas, has chosen not to enter into the First Renewal Phase of the C-19 licence offshore Mauritania, after failing to find a partner to fund exploration. The company said it acquired 3500 square kilometers of proprietary 3D seismic data, undertook extensi
DOS Vessel Locates Wreckage of EgyptAir Flight 804
Egyptian Aircraft Accident Investigation Committee has confirmed the discovery of several main locations of the wreckage of EgyptAir Flight 804, which crashed into the Mediterranean Sea last month. Survey vessel ‘John Lethbridge’, contracted by the Egyptian government to join the search, has identif
SDX Energy withdraws from Cameroon block
SDX Energy Inc. is withdrawing from a shallow water block in Bakassi West, Cameroon, deeming it a ‘non-core’ asset. The company’s decision follows an announcement in March regarding the completion of drilling activities on the Manatee-1X well, located in shallow water in the Rio Del Rey Basin, offsh
Report: $2 trillion funding gap ahead for upstream O&G majors
The embattled crude oil and natural gas industry worldwide has slashed capital spending to a point below the minimum required levels to replace reserves — replacement of proved reserves in the past constituted about 80 percent of the industry’s spending; however, the industry has slashed its capital
WODA: Addressing Climate Change Challenges
The World Organization of Dredging Associations (WODA) has issued an official “Statement on Mitigating and Adapting to Climate Change” at the opening session of the World Dredging Conference (WODCON) XXI in Miami, Florida. As Ram Mohan, President of the Western Dredging Association and host of this
Report: EGAS wins Damietta LNG gas cuts case
The Egyptian Natural Gas Holding Company (EGAS) has reportedly won the case against the Damietta LNG plant at the International Court of Arbitration in Paris.
IEA: supply cuts and outages decrease oil production forecast
Unexpected outages in OPEC and non-OPEC countries have cut global oil supply by nearly 0.8 mbpd in May, dampening global production forecasts, said the International Energy Agency (IEA) on Tuesday, in its monthly Oil Market Report (OMR), a publication which provides a view of the state of the intern
Oil futures fall as global growth, Brexit concerns weigh
By Aaron Sheldrick and Henning Gloystein TOKYO (Reuters) – Crude oil futures fell in Asian trade on Tuesday, as investors ignored signs of market tightness to focus on concerns over global growth and overnight declines in stocks on the impending vote on Britain’s possible European Union exit. Brent
Setting Up New Commission for Dredging Management
Central Dredging Association (CEDA) is setting up a new Commission for Dredging Management and has already issued an invitation to members interested in joining it. The Dredging Management Commission (DMC) is being established to fulfill a need for discussion, innovation and questions on the managem