Tag: Oil & Gas Industry
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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
๐ฌ๐พ 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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Venezuela Expands Oil Trade to Cryptocurrency amid U.S. Sanctions
๐ป๐ช In response to renewed U.S. oil sanctions, PDVSA is increasing its utilization of digital currency for oil and fuel transactions. The U.S. Treasury Department recently set a deadline of May 31 for PDVSA’s customers and providers to conclude transactions under a general license that remains unrenewed due to electoral reform issues. Since last year,…
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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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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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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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Namibia oil discovery outlook
๐ณ๐ฆ๐ข Namibia and South Africa are two of the worldโs most unequal societies in terms of income and wealth distribution, with Gini index scores of 59.1 and 63, respectively. Together with Zambia, they are three members of the Southern Africa Development Community (SADC) among the four most unequal countries globally. โช๏ธThe recent oil discovery in…
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Uganda future oil projects
๐บ๐ฌ๐ข Uganda has launched its first drilling rig to develop the Kingfisher oil field. On Jan. 24 first four oil rigs were commissioned. Starting drilling is a pivot point for the country that is planning to get first oil output in 2025 after a long delay. โช๏ธThe Kingfisher project is expected to boost Uganda’s oil…
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Italian PM Meloni secures $8 billion Libyan natural gas deal during Tripoli visit
๐ฎ๐น๐ค๐ฑ๐พ Italyโs prime minister held talks in Libya on January 28 with officials from the countryโs west-based government focusing on energy and migration. During the visit, Italyโs state-run energy company, ENI, signed an $8 billion deal with Libyaโs National Oil Corporation to develop two Libyan offshore gas fields. The agreement involves developing two offshore fields…
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Libya to investigate claims oil smuggling is fuelling Sudan civil war
Authorities to launch inquiry into allegations of mismanagement at countryโs national oil corporation Libyan authorities have said they will investigate allegations of wholesale mismanagement in the countryโs National Oil Corporation, with officials telling the Guardian rampant smuggling is helping to fuel the civil war in Sudan. Mohamed al-Menfi, the chair of the presidential council, will…
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