Tag: Oil & Gas Industry
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Feature: Conex Oil Liberia; Recent Developments
Conex Oil Liberia is a relatively new player in the Liberian oil market, having acquired the assets of Total Liberia in 2020. While there might not be a wealth of recent news specifically about Conex Oil Liberia, there are some key developments worth noting: Key Points:Acquisition of Total Liberia: This was a significant move that…
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Turkey to start search for oil and gas in Somalia, minister says
Turkey and Somalia have signed an agreement under which the Turkish state company TPAO will conduct seismic surveys on three blocks in Somalia, Turkish Energy Minister Alparslan Bayraktar announced. “We believe that Somalia has very important oil and natural gas resources in the offshore area. We have signed our agreement in 3 blocks in the…
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Shell joins chase for ‘big prize’ off South Africa’s west coast
Shell is seeking government permission to drill up to five ultra-deep offshore wells off the west coast of South Africa, a draft scoping report from independent environmental consultancy SLR showed on Tuesday. The oil major plans to drill exploration and appraisal wells in the area as energy companies shift their focus south of Namibia, where…
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ANGOLA ENVIRONMENTAL SERVICES JOINS ANGOLA OIL & GAS (AOG) 2024 AS SILVER SPONSOR
Angola plans to increase oil production to 1.1 million barrels per day (bpd) until 2027, thereafter maintaining output at this level. To support production growth, the country is promoting investment in exploration, with several drilling campaigns planned across both on- and offshore acreage. As upstream drilling progresses in Angola, waste management company Angola Environmental Services…
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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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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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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
๐ท๐บ๐บ๐ธ 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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