Author: Rigs & Barge World
Liquefied natural gas shipping costs have surged to their highest level in roughly eight months, driven by reduced vessel availability as more tankers are redirected to Asia amid rising tensions in the Middle East, Reuters reported citing Spark Commodities’ data. On Monday, the data showed that the Atlantic freight rate for LNG carriers equipped with two-stroke engines and a capacity of 174,000 cubic meters, the market’s most common vessel type, was estimated at $51,750 per day, which is the highest level since October 3. Meanwhile, the Pacific freight rate for the same class of ship climbed to $36,750 per day…
US President Donald Trump has appeared to back away from plunging the US into the Israel-Iran war. After days of ratcheting up the tensions in the region through opaque statements hinting that the US was going to enter the fray, Mr Trump released a statement on 19 June that “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next 2 weeks.” Many in the region and in the US let out a collective…
Media release: Vic Government’s rethink on gas ban recognises Victorians want choice | Australian Energy Producers Skip to content Source link
The evaluation of offers for seven new exploration and production blocks under the Egyptian General Petroleum Corporation (EGPC) has been finalized as part of the Ministry of Petroleum and Mineral Resources’ strategy to attract new investments in exploration and production (E&P). Offered via the Egypt Upstream Gateway (EUG), these blocks will bring significant new investments and the drilling of at least 17 new exploratory wells. The North Sitra and the East Sidi Barrani blocks were awarded to Cheiron Petroleum Corporation, with plans to drill four exploratory wells in these two blocks. Meanwhile, the West Kanayis K block was awarded to…
Oxy Oman, a wholly owned subsidiary of U.S Occidental Petroleum (Oxy), has secured a 15-year extension of its Exploration and Production Sharing Agreement (EPSA) for the onshore Block 53 in south-central Oman, where it operates the Mukhaizna field, the largest producing oil field in the country. The extended period of the agreement involves drilling activities and implementing enhanced oil recovery projects across various reservoirs to increase the total estimated recoverables of oil by 800 million barrels (mmbbls). The agreement also entails the utilization of artificial intelligence (AI) to optimize steam flood patterns to boost hydrocarbon recovery. “We are proud of…
The breakout of the Israel-Iran conflict has increased concerns over the security of supply of oil and gas from the Middle East, especially should the US ultimately enter the war. Israel has so far refrained from targeting Iranian oil production and export facilities, and Iran has not sought to pressure Israel’s Western allies through disrupting energy flows from the region. However, the risk of escalation and ongoing GPS interference has already led some shipping firms to reduce their exposure to the Gulf (MEES, 20 June). Analysts still see the risk of Iran seeking to close the Strait of Hormuz as…
The Egyptian General Petroleum Corporation (EGPC) carried out oversight efforts and campaigns across the country through its Central Committee for Monitoring Product Circulation and its geographically dispersed sub-committees to track the movement and circulation of petroleum products and seize any violations or illegal attempts to dispose of or smuggle subsidized products. These efforts were conducted in integration with the Supply Police and agencies of the Ministry of Supply, as part of a comprehensive governmental effort to achieve the highest levels of oversight and discipline within the local market for petroleum product distribution. The committee‘s work relied on integrating field supervision…
As Israel and Iran’s military confrontation enters its second week (MEES, 20 June), one mainstay in the decades old struggle is notably absent: the Iran-backed Lebanese Shia militia Hezbollah. This marks an important change for the region, as Hezbollah has provided a military flank for Iran (and its proxies) in nearly every conflict since its inception in the early 1980s, including the Syrian Civil War, the Israel-Gaza War, and its own wars with Israel. Hezbollah’s apparent neutrality has largely been met with praise in Lebanon, and it may answer the biggest question mark for the country’s nascent government formed earlier…
Sidi Kerir Petrochemicals Company (SIDPEC) obtained international accreditation and published the Environmental Product Declaration (EPD) report for its High-Density Polyethylene (HDPE) product. This achievement strengthens its position as a role model for environmentally sustainable industrial practices. The EPD is an internationally recognized document that provides comprehensive data on a product’s environmental impact throughout its entire lifecycle. This includes everything from raw material extraction to the product’s manufacturing, use, and final disposal. The report includes precise details on energy and water consumption, carbon emissions, and the use of chemical materials, providing complete data on the product’s carbon footprint and environmental impact.…
Prime Minister Mostafa Madbouly led an inspection tour to follow up on developments in preparing the infrastructure at Ain Sokhna port so that the second FRSU to start operations. Madbouly began his tour by inspecting the Energos Eskimo Floating Storage Regasification Unit (FSRU). During his inspection tour, Madbouly reviewed the technically advanced works that Petrojet will be finalising within days . These works are in preparation for operating the FSRU, after which it will be transferred to the Arab Petroleum Pipelines Company (SUMED) port berth in Sokhna. The FSRU has a capacity of 750 million cubic feet of gas per…