Fuel oil is a fraction obtained from petroleum distillation, either as a distillate or a residue. Broadly speaking, fuel oil is any liquid petroleum product that is burned in a furnace or boiler for the generation of heat or used in an engine for the generation of power, except oils having a flash point of […]
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Japan’s JERA has signed a deal with the new operator of the Sakhalin-2 energy project in Russia to maintain long-term deliveries of liquefied natural gas (LNG), a spokesperson for the country’s biggest power generator said on Friday. Russian President Vladimir Putin signed a decree in June taking charge of the project, creating a new legal […]
The United Arab Emirates (UAE) has similar views to Saudi Arabia on the crude oil markets, a source familiar with the UAE’s thinking told Reuters on Friday, as speculation intensifies over whether the OPEC+ group would consider making new cuts to production again. The idea of new OPEC+ cuts, just as the previous round of […]
IMF: The major oil exporting countries in the Middle East are expected to receive an additional $1.3 trillion from oil by 2026. Higher oil prices and ongoing market turmoil are the driving factors behind higher earnings. IMF: Oil and gas exports should use windfall to invest in energy transition. The major oil exporting countries […]
State oil giant Saudi Aramco on Sunday reported its highest quarterly profit since the company went public in 2019, boosted by higher oil prices and refining margins. Aramco joins oil majors such as Exxon Mobil Corp and BP that have reported strong or record-breaking results in recent weeks after Western sanctions against major exporter Russia squeezed an already under-supplied global market […]
ODITC, a joint venture (JV) between Guyana’s Orinduik Development Incorporated, Windsor Technologies, and 3t EnerMech, has become the first organization in the country to be approved to deliver OPITO accredited training to oil and gas workers. The 3t EnerMech Guyana Training Centre of Excellence, developed by ODITC, has been established to support the region’s growing need […]
Rhine water levels continue their decline. Naphtha and LPG could be used as a substitute for natural gas should Europe face a shortage, according to market sources “Industrials are looking at LPG as an alternative to natural gas. That could take LPG off the market then naphtha would become the main feedstock,” a market source […]
FPSO leasing specialist MODEC and Toyo Engineering Corporation have executed a deal to form a joint venture company for the Engineering, Procurement, Construction and Installation (EPCI) business of FPSO vessels. The establishment of the joint venture company, to be named Offshore Frontier Solutions and based in Singapore, is subject to obtaining official permits and approvals […]
Singapore-based shipbuilder Keppel has terminated three construction contracts signed years ago, citing clients’ failure to pay up. The terminated contracts are related to orders made by TS Offshore, Sapura Energy, and Crystal Heights. TS Offshore, in March 2014, ordered a 500 feet water depth N Plus jack-up rig, worth about US$500 million (“TS Jasper Vessel”). In […]
Eni has announced a further “significant” gas discovery, totaling an estimated 1-1.5 trillion cubic feet (Tcf) of gas in place, in its first exploration well drilled in offshore Block 2 Abu Dhabi, United Arab Emirates (UAE). This discovery was made in a deeper zone in the same well that it made an initial gas discovery […]