By Ron Bousso LONDON (Reuters) – Never mind the drop in crude prices, huge spending cuts and thousands of job losses – the world’s top oil and gas companies are set to produce more than ever for some time. While top oil companies struggle with slumping revenues following a more than halving of price
Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively, according to BIMCO. The refiners and traders, primarily in Asia, have reduced their appetite for crude oil as margins and profits have diminished. Global oil prices came
UK-based Lloyd’s Register, and South Korea’s Hyundai Heavy Industries and Hyundai Mipo Dockyard have signed a joint development project to produce a ship-to-ship LNG bunkering compatibility study. This study will review the design requirements between 6.6K LNG bunkering ships and 14K TEU LNG-fuelled
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The VLCC Berth 1 at the Port of Fujairah, UAE, has commenced operation on August 24, 2016, following the completion of its construction in June this year. First vessel was already accepted for cargo discharge and the second vessel for loading is scheduled to arrive at the port on September 5, 2016,
Topaz Energy and Marine, a Dubai-based offshore support vessel company, has christened its two newbuild light construction vessels. Topaz said on Wednesday it named its vessels Topaz Tiamat and Topaz Tangaroa after the Mesopotamian Goddess of salt water and the Maori God of the sea, respectively. As
Israeli energy company Delek Group is closing in on acquiring its first acreage in the UK sector of the North Sea. To remind, the company in July started talks with EnQuest, the operator of the Kraken development in the North Sea, over a possible stake sale. More precisely, Delek and EnQuest in July
Cyprus has signed an agreement with Egypt over the transport of natural gas between the two countries through a subsea pipeline. The agreement was signed on Wednesday in Nicosia between the Minister of Energy, Commerce, Industry and Tourism of the Republic of Cyprus, Georgios Lakkotrypis, and the Mi
Rotterdam-based Van Oord on Tuesday said work continues on land reclamation in Kuwait for Kuwait National Petroleum Company’s (KNPC) LNG import facility.
Popular news, August 22 – 28, 2016
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.
A steep rise in refinery capacity in the Middle East could diminish oil trade growth and with it prospects for tanker shipping, according to shipping consultancy Drewry. The global crude oil trade, which surged last year on the back of strong growth in oil demand and stocking activity, is expected t
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The government of Israel has approved the delineation of new offshore oil and gas exploration sites to be offered to international oil and gas community. According to Israel’s energy ministry, a recommendation to open Israel’s waters to exploration was reached after 4 years during which the sea was
