Tag: oil

After a rough few years, the exploration sector is back in the black, Wood Mackenzie says. Namely, explorers' success in 2018 shows a disciplined approach that will continue throughout 2019. As Dr. Andrew Latham, vice president, Global exploration, mentions, the sector will experience a long-overdue recovery. Nevertheless, the exploration sector will continue to be an exclusive club in 2019.

According to Gibson Shipbrokers, Libya is planning to build a new port suitable for VLCCs to berth. The port will aspire to leverage its strategic location for vessels travelling between Asia and Europe through the Suez Canal and to and from the US. VLCCs have not fully loaded in port for more than 5 years because of a build-up in silt at the Es Sider terminal.

Wind-power producer, Iberdrola SA, has said that Big Oil’s embrace of renewable energy is 'more noise' than action. Currently, major oil and gas companies are entering the renewable power sector under pressure from climate-change policy. Nevertheless, Iberdrola Chief Executive, Ignacio Galan has doubts that these actions will turn into reality. 

Energy consumption in Asia, the Middle East, and Africa is grow rapidly, with about 20% growth in each region between 2010 and 2016, according to data in EIA’s International Energy Statistics database. Furthermore, petroleum and other liquid fuels are the main form of energy consumed.

Mustafa Ansari, senior economist at APICORP, explained that until the market starts showing signs of stock drawdowns, oil prices will continue to experience pressure. Namely, the oil price will recover some of its losses and will range between the US$60-70 per barrel range towards the second half of 2019.

IBIA reminds the industry that new regulatory requirements under MARPOL Annex VI, regarding the information to be included in the bunker delivery note (BDN), will enter into force on 1 January 2019. That is why, IBIA provides practical advice and dispel some of the misunderstandings regarding the responsibility of suppliers.

During previous sessions, the Goal-based ship construction standards for bulkers and oil tankers (GBS) were adopted, as well the initial verification of 12 Recognized Organizations. Now, MSC 100 confirmed that the information submitted regarding the maintenance of verification by those ROs aer complying with the Standards.

The US Department of Justice announced that Navimax Corporation was fined with $2,000,000 by a federal district court for violating the Act to Prevent Pollution from Ships and obstructing a Coast Guard investigation. Namely, the company discharged oily waste at sea.

The U. S. Coast Guard continues to respond to a well discharging a mixture of crude oil, gas, and water near Port Sulphur, Louisiana. The U.S. Coast Guard, Hilcorp Energy Co. and the Louisiana Oil Spill Coordinator’s Office have established a Unified Command to properly respond to the situation.

A number of tankers carrying diesel fuel are floating off Taiwan and Southeast Asia, due to the fact that a sudden fall in oil prices kept buyers at bay. This development led rates to their highest since January 2016. Tanker rates also were also benefited by strong Chinese oil exports.