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Norway's Labour Calls for Debate on Oil Tax Regime

© thierry / Adobe Stock

Norway should review its generous tax regime on oil drilling because of climate change, the opposition Labour party said on Monday, three weeks before a parliamentary election which opinion polls suggest it is on course to win.   Labour's Marianne Marthinsen, a member of parliament's Finance Committee,

Global FLNG Capex to Total USD 37.6bln

Global Expenditure on FLNG Facilities by Region, 2012-2023. Graph: Douglas-Westwood

 Global Capex on FLNG facilities is set to grow at a 9% CAGR over the 2018-2023 period, with expenditure forecast to total $37.6bn, said Douglas-Westwood report.   Given the strong fundamental drivers – increasing gas consumption due to economic growth, fuel switching, and energy security – the outlook

Asia Tankers-VLCC Rates to Remain Low on Tonnage Glut

File Image: A VLCC Underway in the Suez Canala (CREDIT: Suez Canal)

Around 90 ships charter free for early September loading.   Freight rates for very large crude carriers (VLCCs) on Asian routes will remain under pressure for at least the next month, facing strong headwinds from a glut of tonnage, brokers said.   "There are around 80 to 90 ships available for charter

Latest Gulf of Mexico Auction Signals Offshore Return

© Mike Mareen / Adobe Stock

Major oil producers pushed up high bids at a Gulf of Mexico offshore auction to $121 million on Wednesday, a nearly seven-fold increase from a year ago, as their return to deep water exploration gained momentum.   This compared with $18 million in high bids at the Bureau of Ocean Energy Management's

IBIA Supports Efforts to Ensure Integrity of MFM Systems

Photo: International Bunker Industry Association (IBIA)

 The International Bunker Industry Association (IBIA) believes the benefits achieved from adopting mandatory use of Mass Flow Meters (MFMs) for marine fuel oil deliveries in Singapore must be protected by effective enforcement, and that using approved MFMs to measure quantity being loaded onto bunker

Singapore Revokes Panoil Petroleum's Bunker Licence

Photo: Panoil Petroleum

 The Maritime and Port Authority of Singapore (MPA) has revoked the bunker craft operator licence of Panoil Petroleum, effective 14 August 2017.  Panoil  will no longer be allowed to operate as a bunker craft operator in the Port of Singapore.   "As part of MPA’s on-going regulatory efforts to ensure the safety,

US to Sell 14 Mln Bbls of Crude Oil from Emergency Reserve

The U.S. Department of Energy said on Tuesday it will sell 14 million barrels of crude oil from the nation's emergency reserve in late August.   The sale from the Strategic Petroleum Reserve was expected as it was required under laws signed by former President Barack Obama in 2015 and 2016 to help

Cuban Trade with Venezuela Plunges over Two Years

© Chepe Nicoli / Adobe Stock

Cuban trade with socialist ally Venezuela has fallen 70 percent since 2014 due to the South American oil producer's inability to meet delivery contracts and purchase goods as it struggles with low oil prices and a resulting economic meltdown.   A cash crunch and lower oil supplies from Venezuela have

Transocean to Buy Songa Offshore

(File photo: Songa Offshore)

About 77 pct of Songa shareholders have so far accepted deal.   Transocean, one of the world's biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday.   The deal, which would be mostly paid for in shares and convertible bonds,

Oil Slips on Strong Dollar, OPEC and China Weigh

File Image (CREDIT: AdobeStock / (c) scanrail)

Chinese Demand Falters as OPEC production remains stronger despite promised cuts.   Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer.   Benchmark Brent crude was down 30 cents at $50.

Gazprom Expects No Changes to Key Projects from New US Sanctions

Gazprom said on Monday that new U.S. sanctions against Moscow would not result in the Russian gas exporter having to make changes to key projects, although they could cause delays.   Several provisions of the sanctions law signed by U.S. President Donald Trump earlier this month target Russia's energy sector,

Wison Granted AIP for Its Innovative Floating LNG Storage

Photo provided by Wison Group Holding Limited

 Wison Offshore & Marine announced that it has received Approval in Principle (AIP) from Bureau Veritas  for its newly-developed large-scale Floating LNG Storage and Regasification Terminal.    Featuring scalable storage capacity up to equivalent size of a Q-Max, this is the first large-scale FSRU

Qatargas Delivers First Q-Max Cargo to Thailand

Photo: Qatargas Operating Company Limited

 Qatargas delivered the first Q-Max cargo of Liquefied Natural Gas (LNG) under the long-term Sale and Purchase Agreement (SPA) between Qatar Liquefied Gas Company Limited - 3 (Qatargas 3) and PTT Public Company Limited to the Kingdom of Thailand’s Map Ta Phut LNG receiving terminal. The cargo arrived on board the Q-Max LNG vessel,

Egypt to Cut Down on LNG Imports

Photo: Egyptian LNG

 Egypt is planning to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that began in July, down from the 118 cargoes imported last year.   Reuters reported that Egypt has been trying to speed up the development of recent gas discoveries with a view to halting imports by 2019.

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