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Brazil: Petrobras receives $45M in Vitol Corruption Settlement
Brazilian state-run oil company Petrobras said that it had received 232.6 million reais ($44.65 million) on Tuesday in a settlement with Swiss energy trading firm Vitol, which was implicated in a sprawling national corruption probe.Petroleo Brasileiro SA, as Petrobras is formally known…
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Oil Slips, Set for 20% Annual Drop in Tumultuous 2020
Global crude prices slipped on Thursday and lost more than a fifth of their value in volatile trade in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and slammed fuel demand.Still, Brent and U.S. crude benchmarks have more than doubled from April's decade lows.
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Oil Prices Jump 5% on OPEC+ Output Talks, Iran Tension
Oil prices climbed nearly 5% on Tuesday after news that Saudi Arabia will make voluntary cuts to its oil output, while international political tension simmered over Iran's seizure of a South Korean vessel.Brent crude futures rose $2.51, or 4.9%, to settle at $53.60 a barrel. U.S.
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Japan Faces LNG Shortage Amid Supply crunch, Cold Weather
JERA, Japan's biggest electricity generator and the world's largest buyer of liquefied natural gas (LNG), is operating gas- power plants at lower rates as it runs down inventories amid rising heating demand as temperatures drop.The company joins other Japanese power generators reducing run rates on their gas plants as they compete with LNG buyers a
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Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S.
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Rosneft Buys Huge Arctic Oilfield
Russia's Rosneft said on Monday it had bought the rights to a huge oilfield in the Taymyr peninsula in the Arctic, as it…
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Geothermal Energy: A New Life for Old Offshore Oil Wells?
Old offshore oil wells could be turned into geothermal energy producers under a plan by a new consortium. The group, The…
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Great Ships of 2020: Seri Everest, World’s Largest Ethane Carrier
Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd.
Latest news
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LNG Shipping Rates from US Surge to Record Highs
The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite…
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China's Ban on Australian Coal Forces Trade Flows to Realign
China's effective ban on imports of Australian coal is forcing a realignment of flows between the world's two biggest importers…
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With "Sustainability at the Heart", Hempel Aims to Double Revenue by 2025
Hempel announced an ambitious strategy to double its revenue by 2025, with a strong focus on innovation and digitalization.Hempel…
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Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects…
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Eco Wave Power Commences Grid Connection Works in Israel
While wave power is still in its infancy relative to offshore wind in the renewable power space, several companies are making…
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Saudi Cuts Drive Oil to 11-month High
Oil prices were steady on Thursday after hitting fresh 11-month highs on a fall in U.S. stockpiles and in the wake of a pledge…
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US Energy Execs See Capital Spending Rising in 2021
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021…
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CNOOC Leads First LNG Group Purchasing on Shanghai gas exchange
Chinese state-owned China National Offshore Oil Corp (CNOOC) has led the first group purchasing order for liquefied natural…
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Fire at Rosneft's Far East Refinery Contained
A fire at a secondary unit at an oil refinery owned by Rosneft in Russia's far eastern city of Komsomolsk-on-Amur has been contained…
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Safeway Wins W2W Deal with Heerema to Support Huge Taiwan Offshore Wind Farm
Safeway won a contract from Heerema Marine Contractors (HMC) to supply a Safeway Seagull type motion compensated gangway…
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Video: The Floating Production Market Faces Headwinds, But Opportunities Exist
There are around 200 offshore oil and gas projects currently being planned for development using a floating production system…
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U.S. drillers Add Oil and Gas Rigs for 4th week in a Row
U.S. energy firms this week added oil and natural gas rigs for a fourth week in a row as producers keep returning to the…
Offshore Oil & Gas
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Autonomous Offshore Power Trials Get Underway off Hawaii
With the advent of autonomy on and under the water, part of the value proposition is the ability to stay at sea, on station…
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Chevron Posts Q3 Profit
Chevron on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited…
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GIEK Doubling Down on Offshore Wind
Tasked to provide the financial power to help Norwegian companies export their wares to the world, Wenche Nistad, CEO of…
Shale Oil & Gas
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Shale Pioneer Chesapeake Energy Files for Bankruptcy
Chesapeake Energy Corp filed for Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy…
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Shell Restarts Operations in Vaca Muerta Block
Oil company Royal Dutch Shell Plc said on Tuesday it had resumed activities at its Bajada de Añelo block in Argentina's Vaca Muerta area after seismic
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Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers…
LNG
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MacGregor Inks Deal to Supply LNG Bunker Barge Hose Handling Cranes
MacGregor received an order from Fincantieri Bay Shipbuilding to supply two fixed boom cranes that will handle the hoses on a new 5…
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LNG to FSU Conversion Completed at Sembcorp
Ship managers Synergy Group converted a 1992-built, 126,000 cubic meters capacity Liquefied Natural Gas (LNG) carrier into…
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Sakura Leader: New LNG-fueled Pure Car Carrier Enters Service
Mitsubishi Shipbuilding Co., Ltd. completed installation of the first unit of an LNG (liquefied natural gas) fuel gas supply…
Renewables
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Australia's Iron Ore Giant Fortescue Plans 235GW Green Energy Drive
Australian mining magnate Andrew Forrest outlined ambitious plans on Wednesday to build a renewable energy business, aiming…
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Norwegian Businesses See Rise in Wind Industry Orders
Onshore wind companies provided the largest revenue stream for the Norwegian renewables industry from sales of equipment…
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World's Largest Wealth Fund Cites Paucity of Good Green Energy Deals
While societal, political and corporate pressure continue to push innovation on renewable energy, the world's largest wealth…
Technology
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Alphabet Winds Down Makani
Alphabet, Google's parent company, announced that it is calling it quits on its efforts to build and monetize its Makani…
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CMA CGM Joins Energy Observer in Hydrogen Project
French shipping giant CMA CGM is joining forces with Energy Observer within a project focusing on testing the potential of…
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Toshiba Delivers Fuel Cell System to Ship
The provider of energy industry solutions Toshiba Energy Systems & Solutions Corporation (Toshiba ESS) announced that the…
Legislation
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KPMG Flags Oil Trader ZenRock's Questionable Deals
ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed…
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China Grants Zheijang First Private Fuel Export License
China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private…
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Libya's NOC to Lift Force Majeure at Es Sider Oil Port
Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing…
