Category: Oil & Gas Industry
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Record Natural Gas Exports from the U.S. in 2023
๐บ๐ธ In 2023, the United States witnessed a significant milestone in natural gas exports, with a remarkable increase of 10% compared to 2022, reaching a record-breaking 20.9 billion cubic feet per day. More than half of these exports comprised liquefied natural gas (LNG), marking a pivotal moment in the nation’s energy landscape. Notably, LNG exports…
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๐ฌ๐พ Hess Secures Construction Permit for Whiptail Project, Squeezing Out Exxon
Hess has successfully acquired a construction permit for its sixth project within the Stabroek block – Whiptail offshore Guyana. With the backing of local authorities, Hess anticipates a capacity increase of 250 thousand barrels per day by 2027. Interestingly, news surfaced in April regarding ExxonMobil’s interest in investing $12.7 billion in Whiptail. Notably, Exxon operates…
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Middle East conflict escalation to increase global oil prices, Nigeria Budget Office warns
๐ณ๐ฌ The escalation of the ongoing conflict in the Middle East could spike global oil prices and that could result in slowing down economic growth, Ben Akabueze, the Director General of theย Nigerianย Budget Office of the Federation, toldย Sputnik. ๐ฌ”If the conflict escalates, it might have implications for globalย oilย prices, oil markets, and to that extent,” Akabueze said.…
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Breakthrough: Transforming Carbon Dioxide into Fuel
โ Researchers from Massachusetts Institute of Technology and Harvard University have unveiled a groundbreaking method for converting carbon dioxide into formate, a solid fuel with versatile applications. This innovative technology not only addresses carbon emissions but also offers a practical solution for energy production and household heating. Formate, specifically potassium formate, is a widely utilized…
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Energy Concerns Escalate in Texas
๐บ๐ธ The Lone Star State faces mounting energy concerns as the main grid operator issues a warning of a potential power emergency looming next week. Rising temperatures are anticipated to surge demand, potentially depleting backup supplies. In Dallas, temperatures are forecasted to soar to 91ยบF (33ยบC), while Houston braces for 88ยบF (31ยบC) on Wednesday. Typically,…
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Embarking on a New German Venture
๐ฉ๐ช The Bundestag has greenlit a proposal aimed at constructing a 9,700-kilometer “backbone” hydrogen network throughout Germany. This ambitious initiative is projected to require an investment of approximately โฌ20 billion. Notably, around 60% of the infrastructure will repurpose existing gas pipelines. While the state refrains from direct investment, it pledges to furnish businesses with assurances…
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Trafigura’s Head of Oil Retires to Pursue Equestrian Passion Amidst Scandal
๐ฐJosรฉ Larocca, a prominent figure in global commodities trading, has announced his retirement from Olympic show jumping, marking the end of an era in Trafigura Group’s oil division. Larocca’s departure, revealed on April 5, follows an international scandal, yet to be linked to his personal conduct. Larocca, aged 55, held a pivotal role in Trafigura’s…
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Libya Blocks Access to All Oil Fields
๐ฑ๐พ Security guards protesting at Libya’s oil fields have declared the blocking of access to all wells and ports used for oil exportation. As reported by the Al-Wasat portal, this decision comes after the expiration of a 10-day deadline set by the oilfield guards for the Abdel Hamid Dbeiba-led National Unity Government (NUG) to meet…
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UN completes removal of oil from decaying FSO tanker
The UN has completed the transfer of oil from the FSO Safer supertanker offshore Yemenโs Red Sea coast, preventing the immediate threat of a massive spill. The FSO Safer, a floating storage and offloading unit, is located 60 kilometres (37 miles) north of the port of Hudaydah. It has been used for storing and exporting…
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Italian Mastermind of $21 bln Oil Smuggling Ring Arrested Near Athens
The petroleum products allegedly originated from Latin America and transactions were made in Asian ports An Italian citizen living in Greece was arrested in the upscale seaside Athens district of Varkiza on charges of leading an international oil smuggling ring valued at around โฌ21 billion euros in illegal profits. According to reports by โTo Vimaโ,…
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