Saudi Arabia and Russia agreed to freeze production at January levels on February 16 in the first coordinated effort to stabilise prices for 15 years. Expectations of an output cut were rife in the days leading up to the meeting in Doha, with Brent gaining 10.9% on February 12th, Douglas-Westwood, a
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Eni secures approval for Coral FLNG project in Mozambique Italian energy giant Eni said on Wednesday that the Mozambique government had approved the plan of development for the company’s Coral FLNG project. Cheniere ships first Sabine Pass LNG export cargo to Brazil’s Petrobras Cheniere has on Wedne
The formation and re-formation of larger carrier alliances along with the increase in average and largest ship sizes are turning up the heat on ports and terminals which might result in diminishing returns, according to UK-based consultancy Drewry. Ports are not immune to the volatility of the marke
Greece has entered preliminary negotiations with Iran over potential supply of liquefied natural gas to cover domestic demand, country’s energy minister Panos Skourletis said.
What Israeli energy minister would not reveal during the IHS CERAWeek on Wednesday, Delek Group revealed on Thursday. Namely, Minister Yuval Steinitz on Wednesday revealed that Noble Energy had submitted a plan for development of the Leviathan, the giant gas field offshore Israel. Asked by Offshore
The Indian government has approved a USD 150 million credit facility to support the development of Iran’s Chabahar port which lies outside the Persian Gulf, near Iran’s border with Pakistan. According to the government, India is negotiating this project to facilitate the growing trade and investment
Noble Energy has submitted a “very ambitious” development plan for the Leviathan, a giant gas field offshore Israel, Yuval Steinitz the Israeli Minister of National Infrastructure, Energy and Water Resources, said on Wednesday at an industry conference. Speaking at a press briefing during the IHS CE
The influx of tonnage is expected to drive down tanker shipping rates towards the end of the year, according to the latest edition of Drewry’s Tanker Forecaster. The projection comes as tonnage supply, which has increased at a slow pace in recent years, is expected to accelerate in the next two year
On the back of the oil production freeze agreed upon by Saudi, Russian, Qatari and Venezuelan energy ministers earlier in February, General Secretary of Opec, Abdalla Salem El-Badri, during the IHS CERAWeek in Houston on Monday, hinted there may be further action following the freeze. However, after
There have been some ‘flickers of improvement’ in February in the container shipping industry after an opening to the year which saw 1.3m teu of capacity idle, freight rates struggling and the charter market on its knees, Maritime Strategies International reports. Having suffered a torrid end to 201
The protracted low price environment is pushing the offshore marine supply chain to breaking point. Rig managers, OSV contractors and subsea vessel owners are trading at 60-70% discounts to 2013 highs and every week seems to usher in a new wave of profit warnings, impairments or defaults, Douglas-We
Qatargas, the Maersk Group and Shell signed on Monday a memorandum of understanding to explore the development of LNG as a marine fuel in the Middle East region. Under the deal, the partners will explore the development of new markets for LNG to be used as propulsion fuel for merchant vessels. This
Italy’s Eni said on Sunday it has completed the authorization process for the development of the giant Zohr natural gas field, offshore Egypt. The Egyptian Ministry of Petroleum and Mineral Resources has approved that the Egyptian Natural Gas Holding Company (EGAS) grants Eni the Zohr development le
