The construction of the Penguins FPSO for Shell's namesake field in the UK North Sea has reportedly been completed in China.CGTN, the China Global Television Network website, on Thursday, shared a video of the completed Penguins FPSO, and said the 118-meter-tall cylindrical FPSO, constructed by the Chinese Offshore Oil Engineering Co., Ltd.
A damaged oil pipeline component that disrupted output at several offshore U.S. Gulf of Mexico platforms was repaired late Friday, a Louisiana official said, with producers moving to reactivate some of the halted production.A failed flange connecting two onshore pipelines operated by Shell Plc in Louisiana leaked an estimated two barrels of oil.
U.S. crude shippers are exporting huge amounts of oil to meet strong demand from Europe following Russia's invasion of Ukraine and subsequent sanctions against Moscow. In coming years U.S. oil may find even more buyers overseas, but that could test the capabilities of U.S. export infrastructure.How much crude does the United States typically export?U.S. crude exports averaged 3.
The global oil and natural gas markets are contending with rebounding energy demand on top of supply disruptions from Russia’s invasion of Ukraine. As a result, activity and business sentiment in the floating production sector have seldom been stronger. Brent crude has been trading above $100 over the past three months
Houston-based Industrial Service Solutions (ISS) announced Thursday it is seeking bids from U.S. shipyards to build up to four hulls for what will become North America's first fully-electric towboats.The zero-emissions vessels, which will be constructed for New York-based Zeeboat and available for charter from 2025, will run entirely on battery power
The voluntary shunning of Russian commodities by Western buyers, or self-sanctioning, was expected to start hitting exports of crude oil, liquefied natural gas (LNG) and coal from April, but there are already signs that flows are weakening.Russia's invasion of neighbouring Ukraine has prompted numerous Western companies to withdraw from their investments in Russia and scale back or halt their
U.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices."We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.
Oil prices spiked to their highest levels since 2008 on Monday as the United States and European allies weighed a Russian oil import ban and delays in the potential return of Iranian crude to global markets fuelled supply fears.In the first few minutes of trade Brent crude reached $139.13 and U.S. West Texas Intermediate (WTI) hit $130.
Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.The oil industry has been gripped by acute risk aversion in the finance and shipping sectors after several nations including the United States sanctioned
Oil tanker rates are soaring globally as traders scramble to cope with jitters over possible disruption in Russian supplies, as well as war risk premiums for ships plying the Mediterranean region following Moscow's invasion of Ukraine.Shipowners are also grappling with higher fuel costs after oil prices soared nearly $2 per barrel on Friday, with Brent back above $100.
Oil prices surged to seven-year highs on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by frigid U.S. weather and ongoing political turmoil among major world producers.Brent crude rose $2.16, or 2.4%, to settle at $93.27 a barrel having earlier touched its highest since October 2014 at $93.70.U.S. West Texas Intermediate crude ended $2.
A series of four fully-electric, zero-emissions towboats announced this week are set to become the first built in North America as vessel owners and operators continue to explore new avenues to decarbonize.The new towboats, designed to support cleaner container transport in America's ports and inland waterways, will be built for New York-based Zeeboat and available for charter from 2025.