Global liquefied natural gas (LNG) trade in 2016 reached a record 258 million tonnes – an increase of 5% from the year before, and the largest ever year for LNG trade, according to the International Gas Union. This increase is particularly noticeable when compared with the average 0.5% growth rate o
EU Naval Force (EU NAVFOR) has confirmed that an Indian-flagged cargo dhow was seized by suspected pirates on April 1 and is now in the vicinity of Hobyo, Somalia. “An EU Naval Force maritime patrol aircraft has confirmed the exact location of the dhow and has attempted to establish radio communicat
Seismic contractor, Polarcus, has seen a minor decrease in its vessel utilization during the first quarter of 2017. The utilization of the vessel fleet was 72 percent in Q1 2017 compared to 79 percent in the corresponding period in 2016. On the contracted basis the vessel activity was 58 percent com
European Commissioner for Climate Action and Energy Miguel Arias Cañete has said that the gas found in the Mediterranean Sea will be one of the keys towards boosting European energy security. He said this during the ministerial meeting at EastMed Energy Summit hosted by Isreali energy minister Yuval
Qatar Petroleum has decided to press ahead with development of a new offshore gas project. The company said Monday it would be working to bring to production a gas project situated in the southern sector of the North Field. This also marks the lifting of the 2005 moratorium the Qatari government imp
Somali pirates have hijacked a cargo vessel en route from Dubai to either Bosasso, Somalia or Al Mukalla, Yemen, in the vicinity of Socotra, Dryad Maritime told World Maritime News referring to the data from United Kingdom Marine Trade Operations (UKMTO). The vessel is believed to have been taken to
Qatar, the world’s largest LNG exporter could see a rise in export volumes as state-owned Qatar Petroleum revealed intentions to develop a new gas project in the country’s North Field.
Revenues at Oman LNG dropped 26% to $1.93 billion in 2016, as the collapse of crude prices continues to affect the oil and gas industry. This is the third consecutive year Oman LNG is posting lower revenues. Oman LNG recorded a net profit of just $566 million last year, down 43 percent from the year
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Singapore Exchange and London-based interdealer broker Tullett Prebon have launched a liquefied natural gas (LNG) spot index for Dubai, Kuwait and India. The collaboration, that was announced earlier this year, seeks to “enhance price discovery and risk management” in one of the fastest-growing regi
By Karolin Schaps LONDON (Reuters) – Oil prices fell on Friday after a three-day rally ran out of steam due to a stronger dollar, promising to notch up the oil market’s worst-performing quarter since 2015 as investors fret that growing U.S. supplies are undermining OPEC-led cuts. Brent crude futures
Deepwater oil and gas industry, generally considered an expensive investment, has managed to cut its costs to a certain level, allowing its most attractive deepwater projects to now compete with US tight oil plays, Wood Mackenzie said. However, more cuts are needed to drive the deepwater breakevens
Rates in the multipurpose shipping sector seem to have bottomed out as signs of market recovery emerge after ten years, with momentum expected to build over the next few years, Drewry’s latest Multipurpose Shipping Market Annual Review and Forecast 2017 says. Dry cargo demand is forecast to grow by
Saudi Aramco, the world’s most valuable oil company, could become one trillion dollars “bigger,” following the hydrocarbon tax cut announced by the Saudi government. Norwegian energy intelligence group Rystad Energy has lifted its Saudi Aramco valuation by about $1 trillion following the announced t
