The U.S. and Israeli war against Iran has been characterised by a series of miscalculations by most of the involved and peripheral parties, but the real danger is the delusion over the scale of the resulting energy crisis.It is delusional of any nation to think that it, or any other country, can emerge as a 'winner' from the conflict, now into its sixth week.The reality is that even with a ceasefire and the resumption of vessel flows through the Strait of Hormuz in the next few weeks…
Global stocks wavered on Tuesday, while oil prices were perched above $110 per barrel as the prospect of escalation in the war in the Middle East and the looming deadline for a deal to be reached kept nervy investors on the sidelines.Markets have been rattled since the U…
The current oil and gas crisis triggered by the blockade of the Strait of Hormuz is 'more serious than the ones in 1973, 1979 and 2022 together', Fatih Birol, the head of the International Energy Agency (IEA), told Le Figaro newspaper.'The world…
Offshore drilling contractor Borr Drilling has secured new contract commitments for three of its premium jack-up rigs, with other rigs in its fleet also preparing for drilling jobs across the world.Borr Drilling secured new contract awards for the rigs Thor…
Dutch FPSO leasing specialist SBM Offshore has completed the final module lifts at Seatrium’s shipyard in Singapore for a floating production, storage, and offloading (FPSO) unit ONE Guyana, which is scheduled for departure to ExxonMobil’s Yellowtail field offshore Guyana in early 2025…
Offshore drilling contractor Borr Drilling has secured contracts for three of its premium jack-up drilling rigs, which will be put to work in Brazil, Malaysia and Gabon.These contract and extensions for Borr Drilling’s Arabia I, Gunnlod and Norve jack-ups cover a total of 1…
Oslo-listed offshore drilling firm Dolphin Drilling has informed that its Blackford Dolphin semi-submersible drilling rig is on transit to India to start the contract with Oil India, following the termination of contract with General Hydrocarbons Limited (GHL) in Nigeria due to payment issues…
China’s state-run China National Offshore Oil Corporation (CNOOC) has through its wholly owned subsidiaries acquired five offshore oil and gas blocks in Mozambique.CNOOC’s subsidiaries have entered into petroleum exploration and production concession…
Yinson Production has closed the limited recourse term loan facility of up to $1.3 billion for the pre and post-delivery financing of the Agogo FPSO, whish is set for deployment on Azule Energy’s development offshore Angola.The financing is provided by a consortium of 13 lenders…
JUB Pacific, a Singapore-based provider of specialized offshore liftboat services, has acquired one of the largest liftboats in Africa, said to be perfectly suited for servicing major players in the oil and gas sector within the Africa region…
Classification society ABS said it has granted an approval in principle (AIP) to OceanSTAR Marine & Offshore Investment Pte. Ltd., for its newbuild floating storage and offloading (FSO) design.The OceanSTAR FSO-01 is a shipshape hull design…
Differentials for some grades of Nigerian crude rose on Friday, while Chinese refiners stepped up purchases of crude from other West African exporters.At least around 35 cargoes of Nigerian crude for loading in June and July have yet to find a buyer…
Malaysia's Sapura Energy said Thursday it had, between December 2022 and May 2023, secured ten contracts worth around 1.4 billion Malaysian ringgit (currently around $303 million) across the Asia Pacific and Atlantic regions.The contracts were secured across its Engineering and Construction (E&C)…
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices.Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May…
ONGC Videsh (OVL) Ltd, the overseas exploration arm of India's Oil and Natural Gas Corp, is looking for exploration and production investment opportunities in Africa and Latin America, such as in Ghana and Surinam, managing director Rajarshi Gupta said…
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