Category: Oil & Gas Industry
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Future of the Oil Tanker Industry: Trends and Forecasts
The demand for oil tankers may decrease as early as 2028 due to a gradual decline in demand for fossil fuels such as gasoline and diesel. Consequently, the global oil tanker construction industry will inevitably experience rebalancing, fleet adjustments, and order reductions. Currently, the tanker market is on the rise. Since 2023, it has been…
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TOTALENERGIES TO EXIT GAS FIELD OFFSHORE SOUTH AFRICA IN BLOW TO COUNTRY
TotalEnergies, a major French oil company, has notified South Africa’s petroleum regulator that it plans to exit the 11B/12B offshore gas field, indicating a major setback for the country’s energy industry. Although no formal request has been made yet, a Petroleum Agency SA source has verified the company’s intentions. TotalEnergies found the initial of two…
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Saudi Arabia: The World’s Fourth-Largest Oil Consumer
Saudi Arabia is the world’s fourth-largest oil consumer at 3.7 million b/d, following the U.S., China, and India. According to Bloomberg columnist Javier Blas, if Saudi Arabia does not reduce its oil consumption, the global peak in oil consumption may not occur by 2030. Blas highlights that the IEA forecasts a reduction in Saudi Arabia’s…
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Saudi Arabia has not renewed a 50-year pact with the U.S. to sell oil only for dollars
The famous petrodollar pact between Saudi Arabia and the US, signed in 1974, has come to an end. The so-called “Security Agreement” was signed by Washington and Riyadh on June 8, 1974. It provided for the establishment of two joint commissions – on economic cooperation and on Saudi Arabia’s military needs. The U.S. persuaded the…
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Norway to “Milk” Troll: Equinor’s Major Expansion
Equinor is set to increase production at the Troll field by 7 billion cubic meters per year, according to Reuters. Equinor and its partners will invest $1.13 billion to expand gas production from Troll’s largest offshore field. “Gas from Troll alone meets about 10 percent of Europe’s needs,” said Kjetil Hove, Equinor’s head of exploration…
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Zimbabwe’s Mukuyu gas field ranked as the second-largest field discovered in sub-Saharan Africa in 2023
The largest gas field discovered in sub-Saharan Africa in 2023 was Namibia’s Jonker-1 field. “Having the Mukuyu discovery independently recognized as one of the largest discoveries in 2023 and acknowledged among several multinationals confirms our confidence in the quality and scale of this new gas field in Sub-Saharan Africa,” said Scott McMillan, Managing Director of…
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Guyana has become a major driver of global oil supply growth
Data published by the U.S. Energy Information Administration this week showed that Guyana had the third-fastest production growth rate globally, after the United States and Brazil. Between 2019, when oil production began in the tiny South American country, and 2023, output grew at an average annual rate of 98,000 barrels daily, taking the total from…
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Analyzing the Impact of Sanctions on Russian Oil Tanker Operations
🇷🇺🇺🇸 Endless fascination surrounds the flow of water, the burn of fire, and Bloomberg’s diligent tracking of Russian tankers. Recently, Bloomberg highlighted what seemed a minor tempest, reporting that nearly every Russian oil tanker affected by sanctions has been idle for months. Currently, 40 such vessels are idle, with 21 owned by Sovcomflot. According to…
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Chevron to Exit English North Sea After Over Five Decades
Chevron Corp., one of the largest U.S. oil corporations, has announced its plans to divest its assets in the English North Sea. The American oil giant has operated in this region for more than 55 years, as reported by the Financial Times. This move is part of a strategic shift following a comprehensive review of…
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Guyana Revenue Authority Sues Exxon Mobil Over Alleged $12 Billion Overcharge
🇬🇾 The Guyana Revenue Authority has initiated legal action against Exxon Mobil following claims by a supplier that the company erroneously overcharged for oil well equipment, amounting to approximately $12 billion. Exxon, headquartered in Trinidad, and Ramps Logistics attributed the overvaluation to a technical error, wherein the quoted amount was in US dollars instead of…
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