Five more energy organizations have backed a letter aimed at improving the mental health of thousands of North Sea workers, the North Sea chapter of the International Association of Drilling Contractors (IADC) revealed in a statement sent to Rigzone on Wednesday . Aker Solutions, Expro, Ithaca Energy, Proserv and EY have pledged to support the move, according to the IADC North Sea Chapter, which is leading it. The companies join Borr Drilling, Dräger, Noble, OPITO, the Port of Aberdeen, Step Change in Safety, Well-Safe Solutions and Wood, in supporting the initiative, the IADC noted. The letter is currently being prepared…
Author: Automotivedealernews.com
Equinor ASA has received the go-ahead from the Norwegian government to proceed with the development of two fields and a well in the Norwegian Sea. The Irpa gas field will be linked to the Aasta Hansteen production field, while the Verdande oil field and the Andvare well will be linked to the Norne field, the state-owned company said in a statement. Discovered in 2009, Irpa has about 124 million barrels of oil equivalent (MMboe). Expected to be drilled to about 4,429 feet, it will be the deepest field on the Norwegian continental shelf, according to the company. Irpa will be…
The Philippine Supreme Court has permanently struck down a tripartite agreement with China and Vietnam for a joint “investigation” of oil in the South China Sea, saying it violates the constitution. The court upheld its decision in January to reject the 2005 Tripartite Agreement for the Joint Marine Seismic Undertaking (JMSU) between Philippine National Oil Co, China National Offshore Oil Corp and Vietnam Oil and Gas Corp, denying the motion of reconsideration of the government. “The assailed decision declared JMSU unconstitutional for allowing wholly owned foreign corporations to engage in the exploration of the country’s natural resources without observing the…
Buoyed by the response to its first bond issue in two years, Petroleo Brasileiro SA is considering issuing more debt this year and is poised to buy assets after spending most of the past decade selling refineries and exploration blocks oil Strong cash generation combined with low production costs puts Brazil’s state oil giant in a comfortable position, Chief Financial Officer Sergio Caetano Leite said in an interview, adding that it’s time for the company to “step up big”. “Petrobras had a divestment program,” he said. “The company has now changed sides of the table.” According to Leite, the new…
The Renewable Identification Number (RIN) has long served as the tool used to force renewable fuels like ethanol and soybean oil into the US gasoline and diesel supply. A creation of the Renewable Fuel Standard (RFS), RINs act as a subsidy that allows the production of renewable fuels that would otherwise not be economically justified. RIN prices are determined by the usual workings of supply and demand, but recently there has been talk in the renewable fuel ecosystem that the prices of a particular variety of RINs could be headed for a crash. In today’s RBN blog, we explain what’s…
The US Navy on Wednesday prevented Iranian forces from seizing two oil tankers near the Strait of Hormuz, AP reported, raising tensions between the countries as they seek to ease relations strained by Iran’s nuclear program and detention of foreign nationals. Iranian forces fired at the tankers, but did not cause casualties or significant damage, the report said, citing US Navy Fifth Fleet spokesman Tim Hawkins. The Iranian ships backed off after the U.S. Navy responded to distress signals in the area, AP said. The move comes days after a tanker truck that the United States had seized for allegedly…
Oil rose as traders weighed production cuts from Saudi Arabia and Russia after a series of low-volume trading sessions. The two OPEC+ cores announced their latest batch of curbs on Monday, with an extension to a supply cut by Riyadh and a new pledge to cut Moscow’s output. Brent settled above $76 a barrel while WTI recovered, catching up with the global benchmark after a US holiday on Tuesday. Brent’s fast spread (the gap between the two nearest contracts) is again a bullish and lagging structure. The move is in line with traders’ reassessment of their expectations for near-term inventory…
John McDonald, the CEO of OPITO, a global not-for-profit skills and safety organization for the energy sector, has announced that he will step down this year, OPITO has revealed. A formal search process for a successor is now underway, the organization said in a statement posted on its website, noting that McDonald has spent more than a decade “leading the organization to through a period of significant change and transformation in the energy industry.” On 12 July 2017, OPITO announced that it had appointed McDonald as CEO “as the organization looks to further drive the international skills agenda for the…
According to the AAA Gas Prices website, the US state with the cheapest regular gas on July 4 was Mississippi, at $2.959 per gallon. Tennessee was the state with the second-cheapest regular gas price on July 4, at $3.067 per gallon, while Louisiana had the third-cheapest, at $3.070 per gallon, the AAA site showed. The US state with the most expensive regular gas on July 4 was Washington at $4.981 per gallon, followed by California at $4.844 per gallon and Hawaii at $4.722 per gallon, the AAA site revealed . The average national average price for gasoline was $3.529 per…
The ambitious expansion of Exxon Mobil Corp. in trading is faced with a thorny issue: whether or not to pay traders millions of dollars in performance-related bonuses. The Texas oil giant is hiring traders and support staff for its new global trading division, but is not currently paying the large cash bonuses tied to trading profits that are common across the industry, according to current and former employees who ask not to be identified. discuss internal company matters. Instead, Exxon traders are paid mostly like the company’s engineers, with regular salaries supplemented by small stock awards for top performers and…