Libya’s state oil company said there has been no disruption to crude output after a storm triggered deadly floods and left at least 5,500 people dead in the North African country. Oil export ports in the east were unscathed by the storm and operated normally, Farhat Bengdara, president of the National Oil Corporation, said in an interview. Amos Hochstein, a senior energy adviser to US President Joe Biden, had earlier told Bloomberg Radio that there had been some cuts after the disaster. Libya had closed eastern export ports during the storm last weekend and reopened them on Tuesday. NOC said…
Author: Automotivedealernews.com
Deepwater Aquila, the new-build ultra-deepwater drilling vessel, has been contracted by a national oil company to work off the coast of Brazil. In its press release, Transocean said the deal has a term of three years and a price tag of $486 million in firm portfolio. The value excludes a mobilization fee of approximately 90 times the contract’s daily rate, Transocean noted, adding that the contract is expected to start in the third quarter of 2024. Transocean has also agreed to acquire the outstanding stakes in Liquila Ventures, a company formed to acquire Deepwater Aquila, from its joint venture partners,…
Companies announced investments in at least 450 new or existing clean energy manufacturing facilities in the U.S. during the nearly three years of the Biden administration, totaling more than $160 billion, the Department said Thursday of Energy (DOE). The figures cover projects in the battery, electric vehicle, offshore wind and solar sectors, the department said in a press release announcing an interactive map to track clean energy investments with localized details. Among the nation’s 50 states, California has the most clean energy manufacturing projects with investments announced since President Joe Biden took office in January 2021, with 52 and a…
Athabasca Oil Corp. has completed the sale of non-core light oil assets in Placid, Saxon and Simonette to an undisclosed private company for $118.6 million (C$160 million) in cash before closing adjustments. The assets in the transaction were Athabasca’s 70 percent operating interest in Placid targeting the Montney shale play, its 30 percent non-operating working interest in Saxon and Simonette targeting the Duvernay play, and other associated non-core assets of Placid Montney, the company said in a press release Thursday. During the first half of the year, assets collectively stood at about 3,000 barrels of oil equivalent per day (boepd),…
The United States Coast Guard (USCG) announced Wednesday that it rescued a tanker crew member from the water 10 miles off the coast of Galveston, Texas. “Watchers at Coast Guard Sector Command Center Houston-Galveston received a distress call on VHF-FM channel 16 at 9:23 a.m. from personnel aboard the tanker Ghibli, stating that a crew member had fell overboard and was not wearing a life jacket,” the USCG. he said in a statement posted on his website. “Watchmen issued an urgent marine information broadcast, diverted an already airborne MH-65 Dolphin helicopter crew from Coast Guard Air Station Houston, and directed…
Motor fuel consumers in the state of Georgia can save up to 35 cents per gallon with the governor’s imposition of a tax moratorium that took effect Wednesday. Gov. Brian P. Kemp declared a state of emergency on Tuesday “due to the 40-year high inflation and negative economic conditions Georgia workers have suffered as a result of Washington, DC’s policies,” as stated in an accompanying press release. the statement As part of the declaration, he has suspended the special fuel tax, which lasts until October 12 with an effective period of 30 days. While the annual consumer price index (CPI)…
Sound Energy has expressed its condolences “to all those affected by the tragic events resulting from the earthquake in Morocco”. According to the latest update posted on the International Federation of Red Cross and Red Crescent Societies (IFRC) website at the time of writing, the earthquake measured 6.8 on the Richter scale , hit central Morocco and killed more than 2,800 people. Sound Energy said its staff and subcontractors based in the country have offered to provide blood and logistical support to treat the injured. Transitional Energy also noted that it has now completed the inspection of its assets located…
CME/NYMEX Henry Hub natural gas futures prices have been relatively tight this injection season and have averaged around $2.60/MMBtu since June, a third or less of what the prices during the same period last year, between $7 and $9/MMBtu. range and below the costs of most natural gas producers. However, this is a much better scenario than it could have been given that the first quarter of 2023 was one of the most bearish in more than a decade and led to a massive storage surplus over the last year that persisted for much of the summer. Since the annual…
Indonesia is attracting strong interest from foreign companies following government efforts to improve tax conditions for production sharing contracts (PSCs). This is what analysts at BMI, a Fitch Solutions company, noted in a report recently sent to Rigzone, adding that international and regional companies, such as Eni, ExxonMobil and Petronas, “are strengthening their commitments to invest in the Indonesia’s upstream sector as the government continues to improve PSC terms to attract investment”. “The government in 2020 revoked a rule that had made the use of a gross distribution scheme mandatory for new or renewed PSCs and introduced a new rule…
Benchmark US crude oil rose above $90 a barrel for the first time since November, the latest milestone in a rise fueled by output cuts from Saudi Arabia and Russia amid a consumption world record This week, the International Energy Agency warned that continued supply cuts by the two OPEC+ leaders are likely to create a “significant supply shortfall” and threaten further price volatility. That report came a day after OPEC said the market faces a shortfall of more than 3 million barrels a day next quarter, potentially the biggest in more than a decade. With prices up more than…