Morgan Stanley expects Brent crude oil prices to advance to $100 a barrel in the second half of this year, with the market heading for a simultaneous 'triple deficit' of inventories, spare capacity, and investment.'The key oil products markets (gasoline, jet fuel, and gasoil/diesel) all show strong crack spreads, steep backwardation, and inventories that have fallen to low levels. None of this signals weakness…
Noble Corp and a consortium that includes Transocean Ltd and Dolphin Drilling are competing to acquire the assets of Seadrill Ltd, the bankrupt offshore oil driller controlled by Norwegian-born tycoon John Fredriksen, people familiar with the matter said on Tuesday…
Taiwan's state-owned refiner CPC Corp has started cleaning up an offshore oil spill caused by a pipeline that cracked during the discharging of oil from a vessel at its Talin refinery, the company's spokesman said on Wednesday.The oil leak occurred on Tuesday at 2:18 a…
In past decades, the UK has established itself as an underwater technology pioneer with 40% of the global market share. The North Sea oil and gas sector has fueled a great deal of this innovation to date. Still, as the energy transition accelerates…
Exports of gasoline and blend stocks from Asia to the United States rebounded in May from April, including two rare shipments from India, to meet rising summer demand in the west, industry sources and analysts told Reuters.Global gasoline demand…
China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s…
U.S. oil giant Chevron Corp lobbied lawmakers and government officials to protect its energy interests in Myanmar during the first quarter, as the administration of President Joe Biden comes under pressure to impose sanctions against the south Asian country’s military junta…
Total faced calls from rights groups on Tuesday to suspend payments on operations in Myanmar following a coup, after the oil group said it was worried about the situation while also highlighting the importance of its business there.The French company…
In 2017, the Brazil National Petroleum Agency (ANP) issued a failure mode alert: stress corrosion cracking (SCC-CO2) triggered by the presence of CO2 in high-pressure pre-salt conditions had been identified as the cause of broken tensile armor wires on a certain flexible pipe installation…
Offshore lifting hoists and chains solutions provider William Hackett has published an industry report aiming to help minimize the risk of Hydrogen Embrittlement (HE) and Stress Induced Corrosion Cracking (SICC). The report includes guidance on material choices used in topside and subsea lifts…
Pipeline repair isn’t a frequent activity but when it is needed it’s a critical activity. New tools are being developed and demonstrated to also make it safer and more efficient, and yet challenges remain, such as higher pressure, deeper water…
U.S. oil giant Chevron Corp has asked employees globally to delete Tencent Holdings Ltd's WeChat from their work phones, following the Trump administration's executive order to ban the social media app, Bloomberg News reported https://bloom…
Indonesia's state oil and gas company PT Pertamina has bought a cargo of Australian North West Shelf (NWS) condensate at a deep discount of $8 a barrel to dated Brent on a cost-and-freight (CFR) basis, three trade sources told Reuters on Wednesday…
It is well known that offshore steel structures are subjected to some of the harshest weather conditions and punishing marine environments, so it makes sense to use a good protective coating from the outset to safeguard those structures from corrosion…
Even after an explosion idled a massive Asian petrochemicals complex, most petchem makers in the region won't up output from current low levels because sluggish demand from China will mean there is no supply gap, industry sources said on Monday…
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