On last Friday’s anniversary of its revolution, Libya’s oil industry had been in chaos for six years. Large oil companies active there – ConocoPhillips, Hess and Suncor among them – have stopped including it in their forecasts.
British ambassador to Egypt John Casson and UK trade envoy Sir Jeffrey Donaldson attended the first ever Egypt Petroleum Show (EGYPS), which is the largest oil and gas industry event to take place in North Africa, with the participation of over 40 British companies from English and Scottish trade missions, exhibiting strong British representation in all the panel discussions.
ExxonMobil awarded Pason Systems with the first global license of its patented Drilling Advisory System. The agreement will accelerate the technology’s commercialization and combines the expertise of Pason in drilling data and the experience of ExxonMobil in drilling surveillance and optimization
ABB has signed a project-specific agreement to provide safety and automation systems for Statoil at the Johan Castberg oilfield off the coast of Norway.
Dongming Petrochemical, an independent Chinese refiner, said it has halted crude purchases from the US and turned to Iranian imports amid escalating trade tensions between Beijing and Washington.
Azerbaijan has long been seen as a strategic gateway to vast oil and gas resources in the Caspian region and a source of energy security for Europe but has yet to live up to its promise as a bulwark against the influence of Russia and OPEC in the region.
Hamburg-based bunker supplier Bomin Group is working on securing exclusive rights to market some of the new 0.5% sulfur bunker fuels at its physical supply locations from 2020.
World oil indexes prices have demonstrated rather volatile fluctuations during the week: fears of the escalating U.S.-Chinese trade war and increased production by Saudi Arabia and Russia pulled against concerns over supply disruptions from Venezuela and Libya as well as the looming sanctions on Iran. However, despite a significant draw in U.S. inventories by nearly 13 million barrels, fuel indexes fell on Jul.11 as Libya restored production and the U.S. softened its stance regarding Iranian oil sanctions. At the moment there are some signs that the market is recouping some of heavy losses from the previous session.
When taking a glance at the performance of investments in stocks, currencies, and commodities — which is compiled by the Wall Street Journal for the second quarter of 2018 — one is struck by the fact that all of the top five performers were commodities. Lean hogs took the top honors, followed by crude oil.
The country’s liquefied natural gas (LNG) imports jumped 20 per cent year-on-year in the first half of this year on strong growth in demand, S&P Global Platts said.