Rising bomb prices have already armed Republicans with a new weapon to hit President Joe Biden as they target his climate policies and economic strategy, a harbinger of what’s to come as the election season heats up . Gasoline’s rally to a 10-month high comes amid concerns about a tight oil market, with Saudi Arabia cutting output and Russia cutting exports, along with better-than-expected US economic data ‘I expected. And while fuel costs remained modest through May and June, the recent advance is another reminder of how inflation is eating away at Americans’ wallets. “Americans have been very quick to…
Author: Automotivedealernews.com
Controls technology specialist Proserv has moved to a new dedicated facility in Dammam as it looks to strengthen and expand its customer experience and establish itself as the partner of choice in Saudi Arabia. Proserv said it has invested a significant sum in the bespoke site, located near the headquarters of major national oil company Aramco. The Aberdeen-based company said it is looking to increase its activities within the digital arena in Saudi Arabia, including real-time condition monitoring and industrial automation across the energy landscape, including renewables . The strategy reflects Proserv’s broader global digitization drive in conjunction with various…
Energy Transfer LP (NYSE: ET ) and Crestwood Equity Partners LP (NYSE: CEQP ) revealed in a joint statement Wednesday that they have entered into a definitive merger agreement that will see Energy Transfer acquire Crestwood in an all-equity transaction. The deal is valued at approximately $7.1 billion, including the assumption of $3.3 billion of debt, based on the August 15 closing price, the statement noted. Under the terms of the agreement, Crestwood common units will receive 2.07 energy transfer common units for each Crestwood common unit, according to the statement. The deal is expected to close in the fourth…
A new agreement between Serica Energy and Offshore Helicopter Services UK (OHSUK) means the two will continue their relationship at least beyond eight years. The new contract extension has a term of five years with the possibility of further extensions. Serica will use H175 and S92 aircraft to service its current operations in the North Sea, particularly the Bruce platform, OHSUK said in its press release. In April this year, Ultimate Aviation Group acquired OHSUK. OHSUK was previously acquired by CHC from Babcock International Group in 2021, along with Babcock’s offshore oil and gas operations in Denmark and Australia. Following…
Despite the military escalation between Russia and Ukraine in the Black Sea in recent weeks, the risk profile of the region has not evolved significantly. That’s according to Dryad Global Analyst Noah Trowbridge, who told Rigzone that drifting sea mines remain the main threat to oil and gas tankers in the area. “Tensions have risen since Russia’s withdrawal from the UN-brokered grain deal in July 2023, which allowed commercial exports of food and fertilizer from three key Ukrainian ports on the Black Sea, which led in particular to drone strikes and naval attacks on merchant ships in the Black Sea…
Norway’s DNO ASA has partially restarted production at the Tawke oil field it operates in the semi-autonomous Kurdish region in northern Iraq, although the main export pipeline remains shut. DNO restarted production at Tawke last month and production is averaging around 40,000 barrels per day, according to a company statement. DNO said it had restarted the field to conduct well integrity tests and maintain production due to strong local demand. The nearby Peshkabir camp remains closed. International companies operating in the Kurdish region have been forced to cut production after a payment dispute between Iraq and Turkey cut off the…
Occidental is acquiring all of the outstanding equity in direct air capture (DAC) technology firm Carbon Engineering Ltd. through a wholly owned subsidiary for total cash consideration of approximately $1.1 billion. The transaction will be made in three roughly equal annual payments, with the first at closing, expected before the end of 2023, subject to Canadian judicial reviews, Canadian and US regulatory approvals and other customary closing conditions, Occidental said in a press release on Tuesday. . Upon closing, Carbon Engineering would become a wholly owned subsidiary of Oxy Low Carbon Ventures. Occidental said it has been working with Carbon…
Duke Energy unveiled plans to ensure energy reliability for its customers in South Carolina, focusing on gas-fired power plants, nuclear reactors and renewables as it moves away from coal. Duke Energy Carolinas and Duke Energy Progress have submitted their Integrated Resource Plan (IRP) to the Public Service Commission of South Carolina (PSCSC), according to a press release Tuesday. “Over the next 15 years, electricity use by Duke Energy customers in the Carolinas is projected to increase by about 35,000 gigawatt-hours, more than the annual electricity generation of Delaware, Maine and New Hampshire combined,” said the president of Duke Energy’s state…
Over the past four years, Energy Transfer (ET) has made a number of significant acquisitions, all of which are intended to give the company the additional size and reach it will need to compete in an increasingly consolidated midstream sector. On Wednesday, ET announced one of its largest purchases to date: a $7.1 billion deal to acquire Crestwood Equity Partners, which has extensive gathering and processing assets in the Permian, Powder River and Williston basins, as well as terminals and NGL storage facilities east of the Mississippi. In today’s RBN blog, we look at how the addition of the Crestwood…
ADNOC and the National Central Cooling Company (Tabreed) have completed testing of two geothermal wells in Masdar City in Abu Dhabi. This, according to ADNOC’s press release, is a breakthrough for the first project in the Gulf region to harness geothermal energy. The flagship project is planned to decarbonise the cooling of Masdar City buildings, further diversify the UAE’s energy mix and support the UAE’s National Energy Strategy 2050, which aims to increase renewable energy capacity to 14 GW by 2030, the company said. The project is enabled by ADNOC’s initial allocation of $15 billion towards low carbon solutions and…