Oil prices will average just over $40 this year, the biggest cut to monthly forecasts in a year, as an influx of Iranian barrels hits an already-saturated world market, a Reuters poll showed on Friday.
Oil giant from San Ramon, California, Chevron, today posted a loss of $588 million for the fourth quarter 2015, versus $3.5 billion earnings in the 2014 fourth quarter, hit by a steep decline in crude oil prices. According to Reuters, this is Chevron’s first lost in more than thirteen years. Full-ye
US-based energy giant Chevron said Friday it expects to start production at its US$54 billion Gorgon LNG project in Australia soon. “We made significant progress on our LNG projects in Australia, in particular the Gorgon project where we expect to be producing LNG within the next few weeks,” Chevron
The Sakhalin-2 project is reportedly experiencing production problems at its 9.6 mtpa LNG export facility located on Sakhalin Island, in Russia’s Far East region. A technical “glitch” occurred on January 26 at a gas compressor and the plant is evaluating the impact of the accident on production and
Many offshore flights in Norway have been cancelled or delayed today as the heavy storm – dubbed Tor after a hammer-wielding Norse god – is battering the region. According to data found on Heliport.no, flights from Bergen Airport Flesland to Veslefrikk B, Statfjord C, West Elara and Oseberg A, Troll
The Panamanian-flagged car carrier Modern Express has stabilized and is not taking in water, the French Maritime Authority said. Yesterday evening the 10,454 dwt vessel was drifting in the eastern direction at a speed of 1.3 knots, some 311 kilometers west of La Rochelle, France. The authority said
Sterling Energy plc has decided to relinquish its stake in the Block C-3, offshore Mauritania, after seismic data shows no firm reason to press ahead with exploration. As part of the withdrawal, the company said it would assign its entire 40.5% participating interest in the production sharing contra
Swedish Port of Gothenburg, the largest port in Scandinavia, has handled a total of 820,000 TEUs during 2015, which represent a two per cent fall on 2014, due to a general decline in Swedish container volumes. Magnus Kårestedt, Port of Gothenburg chief executive, said that the container terminal imp
Iranian president Hassan Rouhani is wasting no time while on his European trip, triggered by the lifting of the economic sanctions against Iran earlier this month. Spearheading the Iranian delegation’s trade mission to Europe this week, first in Italy, now in France, Rouhani, first Iranian president
The International Transport Workers’ Federation (ITF) disagrees vehemently with the recent court ruling over the 2002 Prestige oil spill that sentenced Captain Mangouras to two years of prison. “This decision represents the dying gasps of a 14 year old attempt to deflect blame onto the shoulders of
Swedish oil and gas exploration and production company Lundin Petroleum has cut its capex for 2016. In a statement on Friday, Lundin revealed that its 2016 development, appraisal and exploration budget totals $1.08 billion and represents a 26 percent decrease on 2015 capital expenditure. The company
Austrian oil and gas company OMV expects to take a 1.8 billion euros impairment charge due to low oil prices, when it announces its fourth quarter 2015 results in February. “Further reductions in the price of oil and gas, together with increased market volatility have caused us to further review our
The Marine Institute has invited tenders for the provision of cables and connector units for the Galway Bay Marine and Renewable Energy Test Site. The Marine Institute will award a Single Supplier Framework Agreement for a period of 2 years, under which the supplier will deliver one unit of cables a
Sydney-based Origin Energy, the holder of a 37.5 percent stake in the Australia Pacific LNG project, reported a rise in production in the last quarter, while revenue fell due to lower energy prices. During the quarter to 31 December 2015, Origin recorded production of 54.4 PJe, an increase of 63 per
