China Steps Up Game With 1st ‘Floating Oil Factory’
China has delivered its first smart floating production storage and offloading (FPSO) with land-sea integrated operation system, marking a breakthrough in the countrys application of the digital twin technology. The offshore oil and gas FPSO with a st…
U.S. Crude Trading At Big Discount To Dubai Oil
Heavy trading in Dubai oil has lifted its premium to WTI crude to its highest since late March, a development that could make U.S. crude even more competitive in Asia. More traders have turned to Dubai after Persian Gulf producers such as Saudi Arabia…
Gibson Energy Buys Texas Oil Terminal For $1.1 Billion
Canadian Gibson Energy has struck a deal with Buckeye Partner to buy the South Texas Gateway oil terminal for some $1.1 billion in cash.The deal will give Gibson access to “one of the most competitive liquids terminal and export facilities globally w…
Saudi Aramco Tops Forbes’ List Of 100 Largest Companies In The Middle East
Aramco is the biggest company in the Middle East in terms of sales, revenues, and market value, according to the latest Forbes list for the top 100 companies in the region.With a market value of $2.1 trillion and sales of $604.4 billion, Aramco was an…
Exxon Narrowly Avoids Oil Production Halt In Guyana
An appeals court has suspended an order issued by a lower court that could have seen supermajor Exxon lose its license to operate the Liza-1 offshore well that yields about half of the country’s oil output.According to its contract with the Guyanese …
Head Of UAE Oil Giant Says Fossil Fuel Phasedown Inevitable
The head of the United Arab Emirates state-run oil giant, ADNOC—and incoming COP28 President—said that a fossil fuel phasedown is inevitable. "The phasedown of fossil fuels is inevitable. The speed at which this happens depends on how quickly w…
Argentina’s Oil And Gas Giant To Focus On Vaca Muerta Exports
Argentina’s state oil and gas operator YPF will focus its efforts on bringing crude oil and natural gas exports from the Vaca Muerta shale formation to as high a level as they can reach, according to a senior company executive.“Considering Argentina…
Singapore Detains Record Number Of Oil Tankers As Shadow Fleet Expands
Singapore, a major hub for oil transportation and storage, has detained this year a record-high number of oil and chemicals tankers that have failed to pass inspection—more than the number of detained tankers in the whole decade to 2019.As old tanker…
International Airlines Slam EU For Sustainable Fuel Mandates
The European Union’s behavior is “anti-aviation” because of mandates obliging airlines to use so-called sustainable aviation fuels as a lower-carbon alternative to ht fuel.This is the message that the aviation industry had for the EU at its annual …
Exxon And Chevron Close To Signing Gas Exploration Deals In Algeria
ExxonMobil and Chevron could gain access to Algeria’s vast natural gas resources as the U.S. supermajors are in advanced talks for exploration and production deals in the North African country, The Wall Street Journal reported on Friday, quoting sour…
Oil Sands Major To Slash 1,500 Jobs
Suncor, the Canadian oil sands major, will cut 1,500 jobs this year as it seeks to turn its financial fortunes.A spokesperson for the company said the cuts will affect both employees and contractors, Bloomberg reported. Employees were informed about t…
Saudi-Russia Tensions Growing Ahead Of Key OPEC+ Meeting
Days ahead of the key OPEC+ meeting on June 4, the leading producers in the group, Saudi Arabia and Russia, are at odds about output policy. Riyadh has grown increasingly frustrated with Russia, which apparently hasn’t kept its end of the deal and is…
Indonesia To Curb LNG Exports
Indonesia is set to place caps on exports of liquefied natural gas, adding the commodity to a list of critical raw materials subject to export controls.The purpose of the potential limits is to secure sufficient supply for domestic consumption, Bloomb…
Azerbaijan Boosts Gas Exports To Europe
Amid a slump in EU gas prices, the continent is rushing to diversify its natural gas imports. Oilprice.com wrote yesterday that Russian gas giant Gazprom has seen its 2022 revenue and market share in Europe collapse as a result of Western sanctions. W…
Goldman Sachs Predicts An Oil Price Rally
Goldman Sachs continues to be bullish on crude oil and other major commodities, expecting a rally after the biggest-ever destocking in commodities that is currently underway.Should major economies, including the U.S., avoid deep recessions, the founda…
Qatar: Aggressive Energy Transition Policies To Create Gas Shortages
Qatar has issued a warning to Europe about disruptions in the supply of natural gas as the energy transition policies of governments stifle the investments necessary for keeping Europe flush with natural gas in the next decade.Qatar’s energy minister…