News
LNG producers turn to trading, risk taking to maintain market share
By Osamu Tsukimori CHIBA, Japan (Reuters) – Producers of liquefied natural gas (LNG), having shot themselves in the foot with oversupply, and facing calls for flexibility and greater competition from other fuels are taking on more risk and learning to trade, just like any other commodities dealers.
North Queensland’s Ports Returning to Full Ops After Cyclone Debbie
A week after weathering the impact of severe Tropical Cyclone Debbie, North Queensland’s ports of Abbot Point, Mackay and Hay Point have started returning to full operations, the state government informed. Following the passing of the cyclone, there has been damage from debris and flooding in the po
EMGS sees sharp increase in 1Q vessel utilization
Norwegian geophysical services player Electromagnetic Geoservices (EMGS) experienced a sharp increase in vessel utilization during the first quarter of 2017 compared to the prior-year period. EMGS informed on Wednesday that its vessel utilization for the first quarter 2017 was 92% compared with 55%
Alaska oil firm to pay largest ever Jones Act violation penalty
Oil and gas firm Furie Operating Alaska will pay the largest Jones Act penalty in the history of the act. Furie was penalized when it transported the Spartan 151 jack-up drill rig from the Gulf of Mexico to Alaska in 2011 using a foreign-flagged vessel. The Jones Act, passed in 1920 prevents foreign
Lloyd’s Register awards AIP for Babcock’s LNG reliquefaction technology
Babcock’s LGE Process has been granted the Approval in Principle from Lloyd’s Register for its LNG MR reliquefaction system named ecoSMRT.
Wood Group expects higher cost savings in Amec Foster Wheeler buy
Oil services company Wood Group expects for its cost savings stemming from a deal to acquire its compatriot rival Amec Foster Wheeler to be 36 percent higher than previously estimated. UK’s Wood Group made the offer to buy Amec Foster Wheeler for approximately £2.225 billion ($2.768 billion at curre
Fire Erupts on board MSC Daniela off Colombo
A fire broke out on board a containership owned by Swiss Mediterranean Shipping Company (MSC) some 120 nautical miles off Colombo harbor, Sri Lanka, on April 4, Sri Lanka Navy said in a statement. After it was alerted by the ship’s local agent, the navy deployed two fast attack craft (FAC) to fight
EMGS Records Increase in Vessel Activity
Electromagnetic Geoservices ASA (EMGS) has recorded an increase in the vessel activity in the first quarter of 2017, compared to the corresponding period in 2016. Vessel utilization for the first quarter 2017 was 92% compared with 55% for the first quarter in 2016. In the first quarter of 2017, EMGS
Qatar Petroleum and ExxonMobil ink Cyprus exploration deal
State-owned Qatar Petroleum and the U.S.-based energy giant ExxonMobil will start drilling for oil and gas offshore Cyprus next year under a new exploration and production sharing contract signed on Wednesday. The signing of the deal for offshore Block 10 in south-west of Cyprus, followed the succes
IGU: global LNG trade hits new peak, set for further growth
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
Shell sells LPG business in Hong Kong and Macau
The Hague-based LNG giant Shell has entered into a deal to sell its liquefied petroleum gas (LPG) business in Hong Kong and Macau to DCC Energy. The conditional sale is worth about of $150.3 million. “This sale supports Shell’s strategic commitment to focus downstream activities on areas where we ca
Gazprom awards Amur GPP job to China’s CPECC
Russian giant Gazprom has awarded an engineering, procurement and construction (EPC) contract to China Petroleum Engineering & Construction Corporation for the Amur gas processing plant.
Beach Energy hits more gas in Cooper Basin
Australian oil and gas explorer, Beach Energy, completed its four‐well Permian gas exploration and appraisal campaign in the ex PEL 106 and ex PEL 91 in the Cooper Basin, hitting gas at Mohakami-1 well.
Premier Oil hires Craig for North Sea support
Craig International has signed a five-year procurement contract for all Premier Oil’s maintenance and repair operations in the UK North Sea. The contract could be with worth up to £5 million. Jill MacDonald, joint managing director of Craig International, said: “We’ve built a strong relationship wit