Category Oil & Gas Blog
Covid-19’s effect on global energy markets has been disastrous. OPEC slashed its oil demand forecast last week, and Goldman Sachs doubled down on its bearish oil take and has cut its oil price target by $10 to $53 for the year, as a result of a “demand shock” that is set to collapse Chinese oil consumption by 20%, or
As natural gas prices across the Atlantic are flirting with their lowest level in more than two decades, European energy traders this week struck a very bearish tone at a giant industry event in Germany’s industrial heartland. The global glut of the fuel has seen prices plunge in the U.S., Europe and Asia as a
Global LNG markets are struggling with a glut of unprecedented levels. International expansion in Australia, Qatar, Mozambique and Egypt, combined with a continuously strong US shale gas export drive, is pushing down prices further. Analysts have warned before that a possible LNG glut could end in tears, but nobody was expecting that the market would
A Russian pipe-laying vessel is on the move in the Far East, feeding speculation that Gazprom PJSC will work out a way to circumvent U.S. sanctions and complete a controversial natural gas link. The ship, Akademik Cherskiy, on Sunday left the port where it had been stationed in Nakhodka on Russia’s Pacific coast. At the
i-Tech 7, Subsea 7’s Life of Field business unit, and Shell International Exploration & Production, Inc, have entered into a collaborative technology agreement to accelerate subsea digitalization, initially for a period of five years from the fourth quarter of 2019. The agreement will help fast-track innovation and streamline the adoption of applied technologies in areas
Petrofac Emirates has been awarded two contracts, together worth around US$1.65 billion with Abu Dhabi National Oil Company in the United Arab Emirates. The engineering, procurement (including novated long lead items), construction, transportation, offshore installation and commissioning contracts are for ADNOC’s Dalma Gas Development Project. The work scope encompasses offshore packages at Arzanah island and
Canadian oil shipments are getting snarled once again as protesters block train lines in the latest setback to the nation’s rail-dependent crude industry that was struck by a blazing derailment just last week. Demonstrations against a Canadian natural gas pipeline shuttered service on the Canadian National Railway Co. network east of Belleville, Ontario, and west
President Donald Trump’s top energy official said he’s confident that Russia won’t be able to complete the Nord Stream 2 gas pipeline in the Baltic Sea — and signaled that the U.S. will press forward with its opposition to the project. Asked about Russian efforts to circumvent U.S. sanctions on the pipeline by completing it
A long-running oil dispute between Russia and Belarus has for the first time threatened to disrupt supplies to Europe. Belarus will start taking crude from its transit pipeline if shipments from Russia are below the agreed 2 million tons this month, state news agency Belta reported Friday, citing President Alexander Lukashenko. That could jeopardize Russian
Scores of climate change protesters from a Swiss branch of the Extinction Rebellion campaign group staged protests against commodity houses in Geneva, occupying the office of Vitol Group, the biggest independent oil trader. About 50 protesters breached the offices of Vitol near the Hotel des Bergues in Geneva on Monday, where they used tape to