Oil and Gas Archives — Page 5 of 18

March 1, 2023 No Responses

India Bans Oil Tankers Older Than 25 Years

India is ramping up efforts aimed at modernizing its fleet and is reviewing the requirements of the registration and operation of ships to ensure the quality of the Indian flag. As a result, the country is withdrawing trading licenses to...

February 9, 2023 No Responses

FEC Approves N117b For Oil Museum

The Federal Executive Council (FEC) has approved N117 billion for the construction of Oloibiri oil museum in Bayelsa. The Minister of State for Petroleum resources, Mr Timipre Sylva, made this known when he briefed State House correspondents on the outco...

December 3, 2022 No Responses

TotalEnergies To Cut North Sea Investment

French oil giant TotalEnergies has said it will cut North Sea investment by 25% next year after the windfall tax on oil and gas firms in the UK was extended. The company will cut £100m of spending on new wells...

November 25, 2022 No Responses

Oil Muted As Price Cap Proposal Eases Supply Concerns

Benchmark Brent oil edged lower on Thursday while West Texas Intermediate (WTI) crude held steady, hovering in sight of two-month lows as the level of a proposed G7 cap on the price of Russian oil raised doubts about how much...

November 18, 2022 No Responses

Sylva Lauds UTM Offshore, Technical Partners On Nigeria’s First Floating LNG Facility

Nigeria’s quest for energy transition received a huge boost on Wednesday when an indigenous firm, UTM Offshore Limited signed agreements with three technical partners, Kellogg Brown and Root (KBR) UK, Japan Gas Corporation (JGC) and Technip Energies Limited,...

November 9, 2022 No Responses

Daewoo Secures $252m Contract For One LNG Carrier

South Korean shipbuilder, Daewoo Shipbuilding & Marine Engineering (DSME) has secures contract to build one liquefied natural gas (LNG) carrier. The contract, worth $252 million, was signed with an undisclosed shipowner from Oceania on 7 October, DSME said...

November 7, 2022 No Responses

Oil Falls As China Sticks To Strict COVID Policy

Oil prices fell more than 2% at the start of Asia trade on Monday after Chinese officials at the weekend reiterated their commitment to a strict COVID containment approach, dashing hopes of an oil demand rebound at the world’s top crude...

October 6, 2022 No Responses

NLNG Reacts To N18.4b Compensation Reports For Host Communities

The management of Nigeria LNG Limited (NLNG) is evaluating the reported Senate resolution which mandated the company to pay host communities N18.4b compensation within two months. A statement issued on Wednesday by NLNG General Manager, External Rela...

October 5, 2022 No Responses

LNG: TotalEnergies Targets Top Position, Tô Expand Bunker Services

French energy giant, TotalEnergies is ramping up investments in Liquefied Natural Gas (LNG) in a scenario that excludes Russia and is in a ‘very favourable’ position to benefit from the evolution of energy markets as a result of the energy transition....

September 1, 2022 No Responses

Shell Secures $ 1 billion LNG Deal

Shell has sealed ten-year marine Liquefied Natural Gas (LNG) sales and purchase agreement with Israeli container shipping company, ZIM valued at more than $1 billion. According to World Maritime News, the LNG is intended for ten LNG-...

August 25, 2022 No Responses

Oil Prices Rise On Possible OPEC Supply Cuts

Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 59 cents, or 0.6%, to $101.81...

August 16, 2022 No Responses

Oil Prices Tumble As China Economy Stutters

Oil prices slumped nearly five percent Monday on data showing China’s economic recovery stuttering under Covid-19 restrictions and a slumping property sector. Stock markets mostly steadied and the dollar traded mixed as investors welcome signs of cooling US ...

August 15, 2022 No Responses

Saudi Oil Giant Tops Own Record With $48.4b Profit

Saudi oil giant Aramco has broken its own record with a $48.4bn (£39.8bn) profit for the second quarter of 2022. It is a 90% year-on-year increase and marks the biggest earnings for the world’s largest energy exporter since its public...

August 13, 2022 No Responses

NLNG Launches GMoU Phase 2 In Rivers State

Nigeria LNG Limited (NLNG) on Thursday in Port Harcourt launched the second phase of the Global Memoranda of Understanding (GMoU) for its pipeline host communities to actively support community-driven sustainable development. A statement issued by Acting Man...