Wood Mackenzie’s mid-year prediction that only ‘a handful’ of major projects would make financial investment decision (FID) approval in 2015 proved close enough – only a few large upstream developments achieved the green light during the year, Wood Mackenzie, a global energy consultancy provider, sa
Global energy demand will increase 25 percent between 2014 and 2040, driven by population growth and economic expansion, ExxonMobil, an oil and gas major, said on Monday in the 2016 edition of The Outlook for Energy. At the same time, energy efficiency gains and increased use of renewable energy sou
The article has been updated with confirmation from CNR Canadian Natural Resources (CNR) UK Limited has re-started production from its Petrojarl Banff floating, production, offloading and storage (FPSO) vessel in the North Sea following a shutdown caused by a storm. The production was stopped in ear
Overall contracting of new vessels in 2015 dropped by 40% to 1,306 units from 2,162 in 2014, with estimated newbuild investment falling from USD 113bn to USD 69bn, according to Clarksons Research. Investors abstained from newbuild opportunities due to tough market, and the overall newbuilding price
Mexican oil company Pemex has evacuated workers from its Zaap E production platform in the Gulf of Mexico due to a fire outbreak on Friday. According to Pemex, the fire, now extinguished, occurred in the engine room of the platform, located in the Campeche Bay, offshore Mexico. Using three vessels,
Tokyo Electric Power (Tepco) revealed its LNG in December last year stood at 2.05 million tons, 16 percent down from 2.44 million tons during the same month 2014.
Damen Shiprepair Dunkerque carried out renovation and lifetime extension work to oceanographic research vessel ‘Marion Dufresne II’ in 2015, owned by French administration Les Terres Australes et Antarctiques Françaises (TAAF) and managed by CMA CGM. The renovation should extend the vessel’s life fo
Singapore stock exchange on Monday revealed the first trade of the new SGX FOB Singapore SLInG LNG derivatives contracts between Trafigura and Pavilion Gas.
Halliburton’s total revenue in the fourth quarter of 2015 was $5.1 billion, compared to $5.6 billion in the third quarter of 2015. The company posted a net loss for the quarter of 26 million, compared to a gain of $ 905 million in the corresponding quarter of 2014. As a result of the downturn in [&h
The Niedersachsen Ports GmbH & Co. KG has invited tenders for the reconstruction of a harbour area at berth 9.3 in Cuxhaven harbour. The planned area covers approx. 10,000m². The associated handling services in the berth area will include RoRo and LoLo services, cargo and sea freight, and offshore w
Venezuelan minister of petroleum and mining and president of Petróleos de Venezuela, S.A. has rebuffed allegations the country has been selling oil below its production costs. According to a statement shared by the PDVSA, the country’s oil company, minister Eulogio Del Pino said that the average cos
Shareholders of BG Group and Royal Dutch Shell will approve the multi-billion merger of the two energy giants at meetings scheduled to take place this week, according to two polls conducted by LNG World News.
Inspectors of the International Transport Workers’ Federation (ITF) have joined forces with dockers’ and seafarers’ union members in a campaign aimed at checking pay and working conditions on board vessels as part of the first East Asian maritime action week of 2016. The action week will be held fro
Petrobras has shut down production from its floating, production, storage and offloading (FPSO) unit P-31, located in the Albacora field in the Campos Basin offshore Brazil, due to gas and oil leaks. According to Reuters, the incident occurred on Tuesday, January 19. This was the second time in eigh
