Gas plagues Permian shale and the result is less drilling and lower profits for explorers at a time when investors are demanding better returns. Natural gas has long been a nuisance in the Permian, where a massive glut weighs on prices, with crude producers sometimes having to pay to get...
Wärtsilä LNG propulsion and storeage systems will power four new next-generation short-sea cargo vessels under construction at the WuHu Shipyard in China. Wijnne & Barends Chartering based in the Netherlands, an affiliate of the Dutch Spliethoff Group ordered the vessels and placed the contract with Wärtsilä in December. The ships will...
The US has regained its status as a net oil exporter for the first time in 70 years as it exported on a monthly basis more than it imported. In September, the US posted its first full month as a net exporter of crude and petroleum products since government records...
Indian Oil Corporation (IOC) is discussing how it can raise oil imports from Russia by cooperating with Russia's state oil company Rosneft, IOC’s chairman Sanjiv Singh said at ADIPEC this week. IOC is India's largest refiner. IOC has so far imported insignificant volumes of oil from Russia, and is now...
Russian gas transiting Ukraine to the EU has hit record high levels, almost 300 million cubic meters a day, Serhiy Makogon, director of Ukraine’s Gas Transit System, writes on Facebook. Ukraine Business News reports that Makogon speculates in his Facebook post that Gazprom may be accelerating pre-holiday sales in...
Offshore oil production is expected to hit a peak in 2020 before joining the shale industry in a slump that could dramatically rewrite market supply predictions. A report by analysts at Sanford C. Bernstein & Co. sees projects in the Gulf of Mexico and off of South America significantly boosting...
South Sudan needs investment from the energy industry in the form of money and technology if the country is to rebuild and stabilize itself. That was the point that Nj Ayuk, Executive Chairman of the African Energy Chamberand CEO of the Centurion Law Group, made in a keynote at the...
Exxonmobil is offering to build Israel a floating LNG gas-ship to export from the Leviathan gasfield and thus bypass Egypt's planned LNG export facility. An Exxonmobil representative told various financial media that the company is still considering its options. Other sources cautioned that it is entirely likely no agreement...
Weatherford International plc (OTC-PINK:WFTIQ) has signed two drilling services contracts totaling $67.4 million with two Russian majors. The first contract spans two-and-a-half years. Operations began in July 2019 and will last through the end of 2022. Weatherford will provide logging-while-drilling (LWD), measurement-while-drilling (MWD), rotary steerable systems (RSS), drilling, and geo-data...
Turkey's Botas issued a tender to purchase 70 cargoes of LNG (liquefied natural gas) for delivery over 2020-2023, two days after the US lifted sanctions. The US imposed sanctions earlier in October in response to Turkey's military offensive in northern Syria. The LNG tender will close on Nov. 8. Heavily dependent...