Africa
Fitch: Oil at $30 per barrel not sustainable
Fitch Ratings has lowered its corporate forecast assumptions for oil and gas as follows due to recent weakening in supply and demand fundamentals: –2016 oil price base case: $45/bbl; –Long-term base case oil price: $65/bbl; –2016 oil price stress case: $35/bbl; –2016 natural gas base case: $2.50/mcf
Pirates Attempt to Board RORO Ship in Gulf of Guinea
Armed pirates attempted to board a RORO vessel confirmed as MV Silver Sky owned by Dubai-based Sallaum Lines while the ship was on its way in the Gulf of Guinea, some 64 nautical miles of Beyelsa. According to a report from the International Maritime Bureau, the vessel was fired upon yesterday, Janu
Iberdrola Head: Renewables Key to Energy Mix Overhaul
Changes in energy mix are necessary to enable development and integration of mature renewables and meet both a projected 40% increase in the demand for energy until 2040, and the commitments derived from the Climate Summit in Paris, Ignacio Galán, Chairman of Iberdrola, said today during the annual
PHOTO: Heerema installs Marathon’s Alba B3 platform
Heerema Fabrication Group, the Netherlands-based manufacturer of large structures for the oil and gas industry, has informed through social media that the Alba B3 topside and jacket have been installed at the Alba field, offshore Equatorial Guinea. The platform sailed away from the Netherlands towar
BG Group Braves Difficult Year
Despite difficult market, 2015 seems to have been a very positive year for BG Group as the company may even exceed its operational projections for the full year. BG said that its business performance earnings are expected to reach around USD 1.7 billion, with total results earnings of at least USD 2
Time for Offshore Energy Companies to Diversify
Companies serving the offshore energy sector must accept that crude oil prices are not going to bounce back anytime soon and look to diversify into other market areas in the same way the commercial shipping industry does when high crude oil prices squeeze its profit margins, says maritime consultanc
Swiber Buys into Nigerian Offshore Player
Swiber Offshore Construction has acquired 38 percent stake in Nigeria’s Deltatek Offshore Limited (DOL). Following the acquisition, DOL has become an associated company of Swiber. Swiber has acquired 9,500,000 nil-paid ordinary shares of DOL with nominal value of $0.005 or NGN 1.00 each. The aggrega
BP remains ambitious on gas in Egypt, despite weak oil prices
Britain’s BP Plc aims to double natural gas production in Egypt in the next four years despite weak oil prices as Egypt’s burgeoning energy market offers hope for its battered economy.
Chinese Duo Wins Major Port Deal in Algeria
Two Chinese companies, China Harbor Engineering Company (CHEC) and China State Construction Engineering Corporation (CSCEC), and the Algerian government last Sunday signed an agreement to build a mega seaport in Algeria. Under the deal, the two sides will set up a consortium company in March to buil
Industry Bodies Launch Measures for Owners Selling Ships for Scrap
Shipping companies are being strongly encouraged to use new ‘Transitional Measures for Shipowners Selling Ships for Recycling’ launched by an inter-industry working group led by the International Chamber of Shipping (ICS). According to ICS, the purpose of the new Transitional Measures is to help shi
Poll: Will the oil price hit $20 a barrel?
As we all know by now, in the past 18 months oil prices fell significantly, due to increased production in the U.S., and OPEC’s decision not to act as the swing producer, from $114 a barrel in June 2014, to below $30 on Monday, a knee-jerk reaction to the lifting of the sanctions against Iran. [&hel
ICTSI’s Matadi Terminal Project on Schedule
International Container Terminal Services Inc. (ICTSI’s) new terminal, located at Matadi, Democratic Republic of the Congo, is on schedule to open for business in August 2016. The new terminal will deliver purpose-designed container handling capacity coupled with modern general cargo handling and st