AP Moller-Maersk A/S declared a “breakthrough” for global shipping as European Commission President Ursula von der Leyen led the naming ceremony for the company’s green methanol container ship on Thursday danish The 2,100-metre twenty-foot-equivalent feeder ship was named “Laura Maersk” at a ceremony in Copenhagen harbor “when the ship’s godmother, President von der Leyen, christened the ship by breaking a bottle of champagne in the bow”. the giant said in a press release. Maersk says the vessel built by Hyundai Mipo Dockyards Co. Ltd. it is the first in the world that works with bio-methanol. The Laura had already been…
Author: Automotivedealernews.com
Observed methane emissions from global oil and gas operations are 30 percent higher than countries estimate in reports to the UN, according to a new study that analyzed satellite observations of the powerful gas d ‘greenhouse effect. The world’s four largest oil and gas emitters, the US, Russia, Venezuela and Turkmenistan, account for most of the global discrepancy, according to the report published last month in Nature Communications. The satellite data challenge the figures reported to the UN, which are based on so-called emission factors (estimates of how much methane they might normally release) applied to production and use rates.…
West Natuna Exploration Ltd. (WNEL), a wholly owned subsidiary of Conrad Asia Ltd., has entered into a non-binding key terms agreement with Singapore’s Sembcorp Gas Pte. Ltd. for the supply of gas from the Mako gas field in Indonesia. WNEL is the operator of the Duyung Production Sharing Contract (PSC) covering the Mako gas field. The deal has been endorsed by SKK Migas, the country’s upstream oil regulator. The key terms of the non-binding agreement relate to Mako’s approved gas production from 2025 until the end of the Duyung PSC in 2037 for a total gas sales volume of approximately…
Cocaine will become Colombia’s top export, overtaking oil, as production of the narcotic continues to grow as the government adopts a more lenient policy on drugs, Bloomberg Economics estimates. Oil exports fell 30% in the first half of the year and the cocaine trade trend has steadily increased, meaning the latter could be Colombia’s No. 1 export as early as this year, according to the economist by Bloomberg Felipe Hernandez. “We estimate cocaine export earnings to increase to $18.2 billion by 2022, not far from oil exports of $19.1 billion last year,” Hernandez said in a note. “The government is…
In a report sent to Rigzone this week, Standard Chartered analysts predicted Hurricane Lee’s effect on oil and gas in the United States. “Its track is forecast to be northward, moving parallel to the US East Coast, but significantly offshore,” the analysts said in the report. “So it shouldn’t affect any oil and gas production facilities, although it could have an impact on refining capacity in the New York area, depending on the storm surge and where it eventually hits land,” they added. Analysts also looked at Hurricane Margot, noting that the storm has turned north in the mid-Atlantic. “As…
Alberta-based Lycos Energy Inc. is acquiring private heavy oil producer Durham Creek Exploration Ltd. (DCEL) for total consideration, before adjustments, of $16.67 million (CAD 22.5 million), consisting of $9.26 million (CAD). 12.5 million) in cash and 2.8 million shares of Lycos common stock at $2.63 (CAD 3.55) per share. Lycos will finance the acquisition through an equity financing of the $18.52 million (C$25 million) purchase agreement, the company said in a press release on Wednesday. The acquisition is expected to close on or before October 16, subject to the completion of the offering and certain customary conditions and approvals, including…
The Japanese JX Nippon Oil & Gas Exploration Corp. has restarted operations at the Petra Nova Carbon Capture, Utilization and Storage (CCUS) project in Texas, which had been closed since May 2020. JX Nippon restarted operations at the Petra Nova project on September 5, the company said in a press release on Wednesday. The Petra Nova facility captures carbon dioxide from flue gases from the WA Parish thermal power plant in Texas. The captured greenhouse gas travels through an 80-mile pipeline to an oil field near Houston for use in enhanced oil recovery operations to increase extraction. The project’s carbon…
Turkey said it is close to completing earthquake damage assessments on a key pipeline that allowed the country to receive crude oil from Iraq and export it before flows were halted. “It is more or less ready and we will start the operation soon,” Energy Minister Alparslan Bayraktar told a press conference on Thursday. His comments add little visibility on when exports will resume through Turkey’s Ceyhan port on the Mediterranean coast. Turkey halted flows through the pipeline in March, after an arbitration court ordered it to pay about $1.5 billion in damages to Iraq for transporting Kurdish oil without…
The consumer price index for all urban consumers (CPI-U) rose 0.6 percent in August on a seasonally adjusted basis, after rising 0.2 percent in July. reported the US Bureau of Labor Statistics (BLS) in a statement posted on its website this week. , adding that over the past 12 months, the all-items index rose 3.7 percent before seasonal adjustment. “The gasoline index was the largest contributor to the monthly increase for all items, accounting for more than half of the increase,” the BLS stated in the statement. “Also contributing to the monthly increase in August was the continuous advance of…
Oil rose for a third straight week as the market continued to tighten due to production cuts by Saudi Arabia and Russia. West Texas Intermediate settled near $91 a barrel on Friday, the highest since November. The International Energy Agency and the Organization of the Petroleum Exporting Countries warned this week that the market would be in deficit until the end of the year, helping to push prices up 3.7% from the close of last Friday Widely watched schedules continue to indicate a supply shortfall. The gap between the two nearest WTI contracts reached 84 cents a barrel in the…