The global offshore rig market is set to tighten in 2024, with the sector predicted to reach as high as 96% marketed utilisation according to analysis from Westwood Global Energy Group. Analysis from Westwood Global Energy Group predicts the overall outlook for the offshore rig market to remain “highly optimistic”, with more availability within the […]
Global Offshore Rig Market Could Reach 96% Utilization In 2024 Read More »
The Nigerian National Petroleum Company (NNPC) Ltd. says there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. The NNPC Ltd, in a statement by its Chief Corporate Communications Officer, Mr Olufemi Soneye, on Wednesday, urged Nigerians to disregard unfounded rumours of increase in the pump price of
THERE WILL BE NO INCREASE IN THE PRICE OF PETROL SAYS NNPC LTD. Read More »
Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession. Brent crude futures for September rose 55 cents, or 0.5 per cent, to $112.18 a barrel at 0650 GMT, after falling over $1 in
Oil Prices Reverse Losses, Gain On Tight Supply Concerns Read More »
Economy Minister Robert Habeck has announced that Germany will move to stage two of its emergency gas plan.It means Europe’s largest economy now sees a high risk of long-term gas supply shortages.“We mustn’t delude ourselves: cutting gas supplies is an economic attack on us said Russian President Vladimir Putin,” Economy Minister Robert Habeck announced on
Germany Triggers Alert Level Of Emergency Gas Plan Read More »
Norway and the European Union will closely cooperate on battery value chains and raw material supply as part of efforts to tackle climate change, they announced during a Norway visit by European Commission Vice President Maros Sefcovic. Sustainable value chains for minerals, metals and batteries help decarbonize the economy, addressing strategic dependencies and boosting jobs
Norway And EU Agrees On Cooperation On Batteries, Raw Materials Read More »
There is a an increase in dual fuel vessel orders are increasing after the low-sulfur fuel oil price hit an all-time high recently. An increasing number of ship-owners are opting for those vessels such as LNG-powered ships in order to meet environmental regulations. This year, the three major South Korean shipbuilders received orders for 154
Increase In Dual Fuel Orders Read More »
U.S. oil rigs rose 13 to 576 this week, their highest since March 2020. While gas rigs gained one to 150, their highest since September 2019. More than half of U.S. oil rigs are in the Permian shale in West Texas and eastern New Mexico where total units this week jumped by eight to 343,
The Rise Of The USA Oil Rigs Read More »
Russia earns $98 billion exporting oil and gas the first in 100 days of Ukraine war. Russia earned 93 billion euros ($98 billion) from fossil fuel exports during the first 100 days of its war in Ukraine, with most sent to the European Union, according to research published Monday 13th July 2022. The top importers
Russia earns $98 billion exporting oil and gas Read More »
Nigerian-based PPP Fluid Mechanics Limited (PPPFM) and Vitol Group from the Netherlands have jointly launched a new bunkering operation in Nigerian waters backed by the Secure Anchorage Area (SAA) West Africa. PPPFM has entered the agreement with Vitol, which is fully licensed by Nigerian Department of Petroleum Resources. The cooperation enables PPPFM to provide bunker
PPPFM and Vitol Team Up on Bunkering Operation in Nigeria Read More »
Both Suezmax and VLCC markets could be hit by downward pressure from sustained outages of Nigerian crude oil, resulting from attacks on oil infrastructure by rebel fighters in the Niger River Delta, according to energy and ship brokerage Poten & Partners. Africa’s largest oil producer has seen its crude oil production and exports slashed as
Tankers Facing Pressure amid Nigerian Oil Export Disruptions Read More »
