A prolonged period of oversupply will keep oil prices lower for longer and continue to pressure issuers in the oil and gas industry in 2016, particularly those in the exploration & production (E&P) and drilling and oilfield services sectors (OFS), says Moody’s Investors Service. As a result, the rat
As Capesize asset values hit their 16-year lows amid weak dry bulk fundamentals and partly driven by very weak sentiment over the near-term future for vessel earnings, the first quarter of 2016 is expected to be characterized by a seasonal lull keeping earnings down. However, freight rates are expec
Delek, one of the developers of the Leviathan gas field offshore Israel, on Monday declined media reports of a reduced development plan for the field.
Polarcus, an Oslo-listed seismic acquisition specialist, has received a letter of intent for a 3D seismic contract. The company, headquartered in Dubai, did not reveal the identity of the client. Polarcus said that it would be utilizing its RightBAND(TM) technique for broadband data acquisition. Acc
UAE’s Mubadala Petroleum and China’s China National Petroleum Corporation (CNPC) have penned a deal to cooperate more in the oil and gas exploration and production sector. The non-binding strategic co-operation agreement was signed during a ceremony in Beijing by Sultan Al Jaber, CEO Energy, Mubadal
Two Iranian companies have reached a final deal with a French company on floating LNG production from associated gas from the Forouzan oilfield, according to Iran’s deputy petroleum minister, Roknoddin Javadi.
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Crude oil prices hit fresh seven-year lows on Friday as the International Energy Agency (IEA) warned global oversupply could worsen in the new year.
A number of safety measures were disregarded resulting in a collision on February 11, 2015, between the UK registered containership Ever Smart and the Marshall Islands registered tanker Alexandra 1, in Jebel Ali, UAE, according to a report released by UK Marine Accident Investigation Branch. In part
The global shipping and aviation industries have been left out from the draft Paris climate agreement published on Wednesday afternoon. The two sectors account for 5 percent of the global emissions and their exclusion from the deal might compromise the 2 degree C target. The two sectors have been in
Did you know that a gold bar found off the coast of South Carolina was sold for a record breaking USD 7.5 million? Maybe today’s article on the bountiful seas that hold as many as three million shipwrecks scattered across the ocean floor will give you a better picture of some of the greatest shipwre
BP of UK said it has raised its stake in the West Nile Delta (WND) gas development in Egypt to 82.75%, after completing a deal with Hamburg-based DEA. The oil and gas giant bought 22.75 per cent in the North Alexandria Concession and 2.75 per cent in the West Mediterranean Deep Water Concession from
Crude prices edged away from nearly 7-year lows on Tuesday as China reported strong commodity imports despite economic weakness, but overall the market remained under pressure due to global oversupply compounded by OPEC’s decision to keep output high.
LNG business environment is still strong with an expected continuous demand growth ahead according to Khalid Sultan R. Al Kuwari, chief marketing & shipping officer of RasGas.
