Industry body Offshore Energies UK (OEUK) has launched a new diversity and inclusion (D&I) survey. The survey, which was compiled by OEUK’s D&I Working Group in partnership with Brook Graham, a global consultancy specializing in D&I, will gather feedback on data relating to age, gender, ethnicity, religion, sexual orientation, disability and people’s social mobility. employees of the offshore energy workforce, OEUK highlighted in a statement posted on its site. OEUK’s latest survey is accessible to people working in the UK offshore energy industry in organizations including operator, supply chain and manufacturer communities, the industry body noted. The survey will be…
Author: Automotivedealernews.com
Markets reacted immediately to Saudi Arabia’s announcement of an extension to the production cut yesterday, Rystad Energy Senior Vice President Jorge Leon and Senior Analyst Patricio Valdivieso explained in a trading alert from oil shipped this morning to Rigzone. In that alert, analysts noted that first-month ICE Brent prices rose to $76.5 a barrel, from $74.8 a barrel, “minutes after the announcement.” “In June, Saudi Arabia announced a voluntary cut of one million barrels per day (in addition to the voluntary cut of 500,000 barrels per day announced in April, running from May to December 2023), which it was initially…
United Nations Secretary-General Antonio Guterres on Monday called on governments to set more ambitious steps for the shipping sector to achieve carbon neutrality by 2050. In a statement issued for a meeting of the International Maritime Organization (IMO), the head of the United Nations said: “The industry has seen some progress, but it needs to move much faster to get on track and drive investment and innovation”. The IMO’s Marine Environment Protection Committee (MEPC) meets for its 80th session from Monday to Friday in London this week, with reviews of the sector’s decarbonisation roadmap on the agenda. maritime transport The…
Occidental Petroleum Corp. outperformed the stock market in the week’s opening session, after billionaire Warren Buffett’s company bought nearly 2.14 million shares of the producer last week. The US major closed at $59.21 on Monday, up 0.7 percent from the previous session. The S&P 500 gained just 0.12 percent, the tech-heavy Dow Jones Industrial Average gained 0.03 percent and the NYSE Composite gained 0.27 percent. Occidental traded close to 11.63 million units on Monday, the highest since last week. Berkshire Hathaway Inc. has increased its common units in Occidental to 224,129,192 after last week’s three-day purchase of about $122.1 million,…
Chevron Corp. and its Israeli partners in the Leviathan project have agreed to invest about $568 million for the development of a third pipeline to serve the gas field. The subsea conveyor “will enable the expansion of maximum gas supply capacity from the Leviathan project to INGL’s [Israel Natural Gas Lines Ltd.] transmission system from approx. 1.2 BCF [billion cubic feet] per day at approx. 1.4 BCF per day, starting in mid-2025,” Leviathan majority developer NewMed Energy said in a filing with the Israel Securities Authority on Sunday. NewMed owns 45.34 percent of the 127.41-square-mile Leviathan natural gas field offshore…
The US Department of Energy (DOE) has awarded contracts for 3.2 million barrels of locally produced crude worth more than $230.34 million in another purchase to replenish the Strategic Petroleum Reserve (SPR) after the war-induced releases. These contracts correspond to the invitation announced last month, when the DOE awarded contracts for three million barrels. Macquarie Commodities Trading US LLC took the top bid in the latest purchase at 1.5 million barrels, followed by Shell Trading Co. and Sunoco Partners Marketing & Terminals LP with 600 million barrels each. Atlantic Trading & Marketing Inc. will supply 500 million barrels. These are…
North America again lost rigs week after week, revealed Baker Hughes’ latest rotating rig count, which was released on June 30. By count, North America dropped 10 teams week-to-week, with the United States dropping eight week-to-week, while Canada dropped two over the same time period. The total North American rig count figure now stands at 841, including 674 rigs from the US and 167 from Canada, Baker Hughes’ latest count showed. The U.S. had eight fewer onshore rigs week over week, according to Baker Hughes’ tally, which showed the country dropped six gas rigs, one oil rig and one miscellaneous…
An armada of tankers carrying sanctioned oil around the world is getting younger, bucking a months-long trend of using the world’s oldest and most dangerous ships. Shortly after President Vladimir Putin’s invasion of Ukraine early last year, hundreds of aging tankers were snapped up by a cohort of faceless traders, middlemen and investors to keep Russian oil flowing. By some estimates, the purchases, in addition to ships already carrying crude for Venezuela and Iran, created a dark fleet of more than 900 people. Now, the average age of ships being bought is declining, according to data from VesselsValue Ltd., a…
Malaysia’s state-owned oil and gas company said it has blocked a technical assessment by Norwegian and US classification societies for the carbon storage and shipping units it is developing with Mitsui OSK Lined Ltd. Det Norsk Veritas AS approved a short-haul LCO2 vessel with a capacity of 494,405.33 cubic feet and a long-haul LCO2 carrier that can hold up to 307,237.6 cubic feet. “The other two AiP [approvals in principle] of the ABS [American Bureau of Shipping] are for an 87,000 m3 LCO2 carrier with dynamic positioning system and a 96,000 m3 LCO2 FSO [floating storage offloading unit] for intermediate…
Saudi Arabia will extend its unilateral oil production cut by a month, keeping a supply cap amid lingering fears about the global economy. Its OPEC+ ally, Russia, also announced new restrictions on exports. The kingdom will maintain the reduction of 1 million barrels per day, launched this month in addition to existing restrictions agreed with OPEC+, until August and could extend it further, according to a statement published by the Agency of Saudi Press. The country will pump about 9 million barrels a day, the lowest in several years, sacrificing sales volumes for what has so far been minimal reward…