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
In an effort to implement the arms embargo imposed on Libya, the United Nations Security Council authorized Member States to “use all measures” to inspect vessels off the coast of Libya believed to be in violation of the embargo. The authorization, approved by the 15-member council on Tuesday, aims
Rapido Gee, a 42 meters long steel monohull utility vessel, built by Strategic Marine, has been delivered. Designed by Incat Crowther, Rapido Gee is currently in transit to the Middle East, where it will be operated by Rashied Marine Services in the service of offshore platforms. “In response to cal
A regular container service connecting Korean Incheon Port directly to the Middle East has been launched, with three 5,100 TEU and four 6,500 TEU boxships to be put in operation, the Incheon Port Authority (IPA) said. The service has been named HDM Loof. IPA further said that among the 5,100 TEU shi
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
The next five years will bring a reshaping of the global gas trade, the International Energy Agency (IEA) said Wednesday in its 2016 Medium-Term Gas Market Report. New liquefied natural gas (LNG) supplies are coming online just as demand growth in some major markets weakens, resulting in major shift
Over the past two years, weakening fundamentals and much lower oil prices have resulted not only in lower gas prices but also in strong convergence across regional benchmarks, the International Energy Agency (IEA) said. In the first five months of this year, the average differential between Asian LN
The process of market rebalancing is likely to take longer for gas than for oil, according to the International Energy Agency (IEA). While the IEA expects global oil markets to start rebalancing in 2017, it does not foresee oversupply in traded gas markets improving meaningfully before the end of th
Iran has reportedly been involved in talks with South Korean shipyards over a possible offshore drilling rig order. According to the Wall Street Journal, Iranian Offshore Oil Co. (IOOC) is in discussions with Daewoo Shipbuilding & Marine Engineering to buy five or more jack-up drilling rigs. The new
French LNG player Engie, on Monday said it has named Sébastien Arbola as CEO of the Middle East, South & Central Asia and Turkey (MESCAT) business unit, effective September 2016.
Prompted by difficulties in accessing new finance, shipyards are likely to reduce further the newbuilding prices in the tanker sector in the face of stiff competition between yards for new orders. The move is seen as the probable course of action aimed at inciting new investments especially on the b
Novatek of Russia, the operator of the Yamal LNG project is looking to set up a joint venture with Qatargas, according to Alexander Novak, Russian energy minister.
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The cruise industry has surpassed 2015 ocean cruise passenger projections and has increased passenger expectations for 2016 — a sign the industry is stronger than ever, Cruise Lines International Association (CLIA) announced at the 2016 Cruise360 Conference in Vancouver. The industry reported a tota
