Tsakos Energy Navigation Ltd. (TEN) has reported net income of $237 million for the first half of 2023, nearly five times the same period in 2022, as strong tanker market conditions spurred by the war between Russia and Ukraine “With tanker markets remaining strong, driven mainly by favorable supply and demand fundamentals and favorable trade dislocations caused by the continued war in Ukraine and with no signs of abating, TEN, in the first half of 2023, generated travel revenue of $482.7 million from $366.4 million in the equivalent period of 2022 or an increase of 32 percent,” the Athens-based energy…
Author: Automotivedealernews.com
AeroGulf Services has revealed that one of its helicopters has crashed into the sea off the coast of the United Arab Emirates (UAE). “AeroGulf Services regrets to report that one of our Bell 212 helicopters crashed into the sea off the coast of the United Arab Emirates at 20:07 on September 7, 2023,” said a statement posted on the company’s website on Sunday . “The helicopter was conducting routine training operations between Al Maktoum International Airport and an offshore platform,” the statement added. “The helicopter was carrying two crew members and no passengers on board. Unfortunately, we can confirm that…
Global oil markets are facing a supply shortfall of more than 3 million barrels per day next quarter, potentially the biggest shortfall in more than a decade, as Saudi Arabia extends its output cuts. The latest data released by OPEC shows why the kingdom’s supply squeeze, amid a period of record demand, has pushed oil prices above $90 a barrel in London. Riyadh announced last week that it will extend a further output cut of 1 million barrels a day until the end of the year, even as markets are already tightening. Global oil inventories, which have depleted sharply this…
Repsol has announced that it has signed an agreement to acquire Houston, Texas-based renewable development company ConnectGen for $768 million (€715 million) from global renewable energy development platform Quantum Capital Group, 547 Energy. In a statement published on its website, Repsol assures that the operation represents a new milestone in Repsol Renewables’ strategy to strengthen its position as a global actor in the renewable energy business, “increasing its international footprint and contributing to its goal of 20,000 megawatts installed. renewable generation capacity for 2030”. Repsol also described its purchase in the statement as an important step to accelerate its multi-energy…
Norwegian oil and gas operator DNO has concluded its search for a new CEO with the appointment of Christopher Spencer. Spencer will take over from the outgoing Bjørn Dale, who is stepping down as part of a planned management transition that began last year, DNO explained in a press release. Spencer has been DNO’s Chief Operating Officer since 2021. Prior to joining DNO six years ago, he served as Chief Executive Officer of Rocksource and held various commercial and technical roles at Royal Dutch Shell and BP. He is a chartered engineer with the Institution of Chemical Engineers in the…
McDermott International Ltd announced that it has entered into a transaction support agreement, with more than 75 percent, in the aggregate, of its secured letter of credit providers, funded debt lenders and equity holders, to begin a financial restructuring process . The move is being made to strengthen McDermott’s capital structure, improve its liquidity position and “further position the company for long-term success,” McDermott said in a statement released on your website. Additionally, McDermott disclosed in the statement that it has received $250 million in new capital from a group of its existing shareholders, which it said will support its…
Persist Oil and Gas Inc. and Dienerian Resources Inc. have been merged into one transaction of all shares. Under the deal, Persist’s executive team will lead the combined company, with Dienerian’s backer investment firm Siguler Guff holding half of the board seats, according to a recent joint press release. Siguler Guff also made a preferred equity commitment of approximately $29.4 million (CAD 40 million) to the pro forma combined company. According to Dienerian’s website, the company was acquired and merged by Persist on June 27. The transaction strengthens Persist’s position as an emerging player in southern Alberta’s Mannville Formation oil…
South Sudan needs more investment before it can take over oil fields from private operators and should renew contracts with companies that expire in 2027, according to a national planning body. State-owned Nile Petroleum Corp. “It’s still a small entity” and requires funding to reach the capacity of companies like China National Petroleum Corp. and Petroliam Nasional Bhd., which had planned to take over the licenses as it expanded operations, South Sudan’s National Economic Conference said in a summary of recommendations. Officials met for six days until September 9 in the capital Juba. The NEC also listed the renegotiation of…
Engineering and construction major Saipem has secured two contracts worth a total of $912 million (€850 million) for projects in Ivory Coast and Italy. Saipem said one of the contracts, awarded by Eni Côte d’Ivoire and its partner Petroci, is a Subsea Umbilicals, Risers and Flowlines (SURF) agreement for the development of the Baleine Phase 2 project. The company said in its statement press release that the project is named after the oil and gas field, located off the coast of Ivory Coast in a water depth of 3,940 feet (1,200 meters). According to Saipem, the scope of work includes…
The Permian is in the midst of an NGL infrastructure boom as midsize companies are investing to keep up with strong production growth expected over the next few years, but until these new projects are up and running , NGL pipeline capacity to the Gulf Coast is only going to get tighter. In today’s RBN blog, we look at five pipeline projects under construction or in the planning process that would significantly increase NGL takeout capacity outside the Permian. The surge in U.S. NGL production in the early years of the Shale era was accompanied by a massive build-out of…