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Club update on piracy and armed robbery in West Africa

The club has noticed a worrying trend of an increase in acts of piracy and armed robbery occurring in West Africa, in particular in the Gulf of Guinea. In its report from January to June 2019, the International Maritime Bureau (IMB) reported that globally, 78 incidents of piracy and armed robbery against ships were reported compared to 107 for the same period in 2018. However, although the number of reported incidents were down globally, the Gulf of Guinea region accounted for 43% of the reported incidents, 73% of the reported ...

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PROSTEP presents OpenPDM Ship connector for ShipConstructor

The shipbuilding experts from PROSTEP, a PLM consulting and software company, will be presenting two new integration scenarios based on their open integration platform OpenPDM Ship at the ShipConstructor EMEA Conference 2019 https://veranavis.com/shipconstructor-emea-conference-2019/. OpenPDM Ship facilitates the integration of SSI’s Autodesk-based ship development solution ShipConstructor with other CAD and PDM systems. The SSI User Conference is being held from 30 September to 2 October 2019 at the Marriott Hotel in Lisbon, Portugal. In close cooperation with SSI and SSI’s European distribution partner NDAR (Nick Danese Advanced Research), PROSTEP has created ...

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Qatar Petroleum books the full LNG regasification capacity of Zeebrugge LNG terminal in Belgium up to 2044

Affiliates of Qatar Petroleum and the Belgian independent natural gas transport company Fluxys Belgium signed a long-term agreement for LNG unloading services at the Zeebrugge LNG Terminal. Under the agreement, Qatar Terminal Limited (QTL) -a subsidiary of Qatar Petroleum- will subscribe to the full capacity at the terminal from the expiry of the existing long-term unloading contracts and up to 2044. The transaction follows a competitive evaluation process as well as the approval of the Belgian regulators. QTL is already a party to an existing agreement under which approximately 50% ...

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OPEC Big Guns Ship More Oil Even as They Fret Over Prices

OPEC’s Middle East oil exporters boosted crude supplies to their highest level in four months in August, even as the group’s biggest producer Saudi Arabia said that it won’t tolerate a continued slide in prices and is considering all options. Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Iran, which together account for about three quarters of OPEC’s entire production, shipped an average of 15.73 million barrels a day of crude and condensate in August, tanker tracking data compiled by Bloomberg show. That was an increase of 736,000 a ...

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U.S. LNG grabs 10% market share as Jan-Aug exports equal 2018 volumes

U.S. exports of liquefied natural gas (LNG), negligible just three years ago, now amount to 10% of the global market and at 22 million tonnes so far this year are equal to the total volumes pumped out in 2018, Refinitiv data showed. The data, comprised of tracked individual journeys made by LNG tankers from supply source to destination, also showed LNG production hit an all-time high last month of 31 million tonnes. As global volumes grow, Qatar, for years the world’s largest LNG supplier, lost market share to Australia, which ...

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EU wheat exports gather pace in latest week, Romania continues to lead

Wheat exports from the EU continued to gather pace in the latest week of the 2019-20 marketing year (July-June) taking the total for July 1-September 2 to 3.9 million mt, up 20% on the year, the EU Crops Market Observatory data showed. The EU shipped 397,455 mt of wheat in the week ended September 2 compared with 360,959 mt shipped a week earlier, according to the data released Monday. Romania remains the bloc’s top exporter, with wheat shipments hitting 1.4 million mt in the marketing year-to-date period. France, which is ...

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Venezuelan oil exports fall to lowest level in 2019 as U.S. sanctions bite -data

Venezuela’s oil exports fell in August to their lowest level in 2019, internal reports and Refinitiv Eikon data showed, hurt by a halt in purchases by the nation’s second largest customer, China National Petroleum Corp (CNPC), following tougher U.S. sanctions. Overall exports of crude and refined products by state-run oil company Petroleos de Venezuela (PDVSA) and its joint ventures declined last month to some 770,000 barrels per day (bpd) from 992,565 bpd in July and 1.13 million bpd in June, according to revised data. Last month, China’s state-run CNPC canceled ...

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Nigeria’s Crude Oil Exports to China Hit 3m Barrels

Nigeria’s crude oil exports to China have received a boost with a Very Large Crude Carrier (VLCC) of Nigerian crude seen bound for China, marking the Asian country’s biggest month of buying from Nigeria in years. Reuters reported that a VLCC, Athenian Success, was bound for Lanshan after loading Akpo and Egina grades in the last few days. The nearly 3 million barrels of Nigerian exports to China in the last 30 days was the highest since 2015. China’s petrol exports in July surged 75 per cent from a year ...

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Woodside offers first Vincent crude cargo after long suspension-sources

Woodside Petroleum has offered the first Vincent crude cargo for export since production resumed at the $1.9 billion Greater Enfield project off western Australia, two trade sources with direct knowledge of the matter said. Output at the Vincent field, located 50 km (30 miles) offshore Exmouth, Western Australia, had been suspended since May 2018 for expansion work. The 550,000-barrel cargo was offered to load over Sept. 26-30 from the Ngujima-Yin floating production storage and offloading vessel (FPSO) on a free-on-board basis in a tender due to be closed on Wednesday, ...

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EU Farmers Are Getting Fed Up With Rapeseed as Bugs Chew Crops

British farmer Charles Matts just harvested the worst crop of his life at one of the best times to sell it. Rapeseed futures in Paris have jumped 9% from a low in early March. Yet Matts, like many growers across Europe, had little to sell after pests this summer chewed through half the rapeseed at his Northamptonshire farm. Even with the higher prices, farmers are debating whether to keep growing the difficult crop as the next planting period begins. Rapeseed, easily spotted with its bright yellow flowers in summer, is ...

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Analysis: US crude inventories likely lower last week as refiners maintain high runs

US crude inventories are expected to have declined last week, continuing a trend that largely been in place since early June as refiners maintained high runs, an analysis by S&P Global Platts showed Tuesday. US crude inventories have tightened 57.7 million barrels to 427.8 million barrels since the week ending June 7, narrowing the surplus to the five-year average to just 1.5% from 8.4%, US Energy Information Administration data shows. For the week ending August 30, analysts surveyed by Platts were looking for stocks to fall another 3 million barrels, ...

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Oil prices nudge up, but economic worries loom

Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, after three days of losses on fears about a weakening global economy. Brent crude was up 15 cents, or 0.26%, at $58.41 a barrel by 0850 GMT, while U.S. West Texas Intermediate futures gained 24 cents, or 0.44%, at $54.18 a barrel. U.S. data released on Wednesday showed manufacturing activity contracted in August for the first time in three years, while euro zone activity shrank for a seventh month. Global ...

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Upstream Renaissance For The UK Offshore Sector

As tens of thousands oil and gas professionals gather in Aberdeen for the biannual SPE Offshore Europe conference & exhibition, the UK offshore scene is poised for a timely comeback. Rystad Energy expects a new wave of UK field development projects to be sanctioned towards 2022. The independent energy research and consulting firm forecasts that final investment decisions (FIDs) could be reached on as many as 38 new UK offshore projects over the next three years, representing $22.6 billion in greenfield expenditure if UK prospective resources live up to expectations. ...

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A Natural Gas Glut Grows in Europe and Prices Hit 10-Year Low

Natural gas prices in Europe are set to fall further below their lowest in a decade as suppliers show few signs of scaling back abundant deliveries. Inventories are near capacity weeks earlier than usual and are being flooded with more fuel coming both from tankers and pipelines. While producers have reduced some flows with repairs and maintenance at gas fields and processing plants, the benchmark price for gas in the Netherlands is struggling to recover from a crash below 10 euros ($11) a megawatt-hour earlier this summer. “In September, gas ...

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Global Stocks Advance on Politics, Central-Bank Hopes

Global stocks were broadly higher, as political developments around the world and hopes for central-bank action countered a series of economic data that gave further evidence of a global slowdown. The biggest rise came in Hong Kong, where stocks jumped amid reports that the city’s Chief Executive Carrie Lam was going to formally withdraw the extradition bill that sparked monthslong demonstrations that have hurt the territory’s economy. The Hang Seng Index rose 4.3% Wednesday, on pace for its biggest one-day gain since November. Other blue-chip indexes in Asia also advanced, ...

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