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Maersk Drilling awarded one-well extension for drillship with TotalEnergies

TotalEnergies E&P Suriname, Suriname Branch has exercised an option to add the drilling of one additional well in Block 58 offshore Suriname to the work scope of the drillship Maersk Valiant. The contract extension is expected to commence in January 2023, in direct continuation of the rig’s current work scope, with an estimated duration of 100 days. The contract value of the extension is approximately USD 24.7m, including integrated services provided and a fee for the use of managed pressure drilling. Maersk Valiant is a high-specification 7th generation drillship with ...

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EU considers more action to tame energy prices, fix liquidity squeeze

The European Commission is working on more measures to tame sky-high gas prices and support energy firms facing a liquidity crunch, and may lay out its plans to EU countries next week. The European Union’s executive last week proposed emergency energy measures, including bloc-wide windfall profit levies on energy firms. EU countries are now negotiating the proposals and aim to approve them at a meeting of EU ministers on Sept.30. While those negotiations are happening, the Commission intends to publish an update on Sept.28 on further measures it is exploring, ...

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Shipping Giant Maersk Offers Support For Rep. Lowenthal Bill To Clean Up Massive Emissions-Generating Maritime Shipping Industry

Congressman Alan Lowenthal (CA-47), today, announced that Maersk, one of the largest container shipping lines in the world and a major terminal operator at the Port of Los Angeles, has given its support to the Congressman’s legislation aimed at zeroing out pollution from all ocean shipping companies that do business with the U.S. Congressman Lowenthal’s bill, the Clean Shipping Act, aims to clean up the shipping industry, which on its own produces more emissions than all but five individual countries in the world. The legislation will also protect the health ...

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Underwriters supporting move to offshore renewables

After a series of quiet and rather uneventful years for the upstream energy market, recent macroeconomic and socio-political developments have once again put upstream energy center stage. Energy supply still heavily depends on hydrocarbons sources. Energy security concerns have forced western economies to find new providers and energy transition requires the whole sector to think in new innovative ways. In this context, offshore energy underwriters are key enablers and drivers for the rapid shift to sustainable energy, according to Frank Streidl, chairperson of the International Union of Marine Insurance (IUMI) ...

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Representatives of the Dutch port of Moerdijk visit the port of Bilbao on account of their flourishing trade in container traffic

A delegation from the Dutch port of Moerdijk has visited the facilities of the Port of Bilbao, where a meeting was held with representatives of the Port Authority with a view to strengthening ties and deepening commercial relations. The new service launched by W.E.C. Lines in January 2021 has meant that the volume of container traffic between the two ports has increased. The weekly service, with fixed departure and arrival days, covers most combinations within a week. As a result, W.E.C. Lines provides a reliable logistics service to enable goods ...

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Eastward gas flows via Yamal-Europe stop, flows via Ukraine stable

Eastbound gas flows via the Yamal-Europe pipeline to Poland from Germany stopped on Thursday, whereas Russian gas flows via Ukraine remained stable and the Nord Stream 1 pipeline remained shut. Exit flows at the Mallnow metering point on the German border fell to zero between 0600 CET and 0700 CET from 735,506 kWh/h an hour earlier, data from pipeline operator Gascade showed. Nominations, or requests for gas, to Poland at Mallnow stood at 243,833 kWh/h on Thursday, almost unchanged from the previous day, but remained lower than the 1,057,141 kWh/h ...

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Oil (and gas) change: game-changing corporate energy transition strategies

Even under the most aggressive energy transition scenario, the world will need oil and gas until 2050. That said, we all realise the need to lower our carbon footprint to slow and limit the effects of climate change. This is particularly true for the high-emitting oil and gas industry, not least when it comes to Scope 3 emissions. Oil and gas companies have a unique opportunity – and responsibility – to facilitate the energy transition. It’s becoming increasingly clear that they must rise to the challenge if they are to ...

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APAC Governments Intervene as Crude Soars

The rapid rise in crude oil costs, driven by geopolitical tension and post-pandemic demand recovery, has increased the import cost burden of net oil-importing APAC countries. Taiwan and South Korea have the highest crude oil import reliance among the countries that Fitch Ratings covers, of close to 100%, followed by India, with above 80%, and China, with more than 70%. Crude oil prices have retreated from recent highs, but they are likely to stay elevated yoy for the remainder of 2022. Regional refining margins, especially for gasoline, slid on a ...

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Which companies received most crude from U.S. emergency reserve?

Refiners Valero Energy Corp and Marathon Petroleum Corp have received the most crude oil from the U.S. government’s energy reserves, the latest data from the Department of Energy showed. The Strategic Petroleum Reserve (SPR) distributions have helped lower fuel prices, ease a supply crunch after Russia’s invasion of Ukraine and pare energy inflation ahead of midterm elections in November. But the releases have drained the reserve to 427.2 million barrels at the end of last week, the lowest in about 38 years. The Department of Energy has proposed to replenish ...

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Oil and gas viewed as needed in green shift

As the need for energy grows, oil and gas will continue to remain a significant part of oil-producing countries’ energy mix so as to ensure global energy security, experts say. Sultan Al Jaber, the United Arab Emirates’ special envoy for climate change and minister of industry and advanced technology, said the UAE was seeing record growth in renewables. But while wind and solar accounted for most of the new power generation capacity last year, he said this still only comprises 4 percent of today’s energy mix. “A successful energy transition ...

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Loopholes in EU shipping proposals risk undermining green shipping projects

35 progressive European maritime businesses call on EU policy-makers to close loopholes in their draft climate laws for shipping or risk undermining the industry’s clean transition. In a joint industry-NGO letter published by Transport & Environment today, the companies demand EU legislators lower the gross tonnage threshold to 400 GT and include offshore and service vessels in the Emissions Trading System (EU ETS), FuelEU Maritime and Monitoring, Reporting and Verification (MRV) proposals. Closing these loopholes would help ensure that investments made in green technologies for smaller vessels are protected and ...

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MABUX: Downward changes to prevail in Global Bunker market on Sep. 22

MABUX World Bunker Index (as index calculated on current prices for 380 HSFO, VLSFO and MGO in the main world hubs) demonstrated slight irregular changes on Sep. 20: 380 HSFO – USD/MT – 518.76 (-3.88) VLSFO – USD/MT – 785.84 (-2.21) MGO – USD/MT – 1 114.70 (+12.37) 380 HSFO fuel grade, according to MDI (comparison MABUX MBP Index (market bunker prices) vs MABUX DBP Index (MABUX digital bunker benchmark)), were undervalued on Sep. 21 in all selected ports. The underestimation premium was registered as: Rotterdam – minus $106 (minus ...

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UK logistics woes to intensify on strike action at ports

Several UK ports are expected to see walkouts over the next few weeks as a result of industrial action, with strike action underway at the Port of Liverpool and set to come into effect at the Port of Felixstowe next week. Port of Liverpool operator Peel Ports Group confirmed in a statement that members of Unite the Union employed at the site’s container operations will go on strike from the start of this week as a result of a pay dispute, with the industrial action expected to last from 19 ...

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Egypt’s Suez Canal fee hike won’t have a ‘massive’ impact on trade flows, analyst says

Egypt announced on Saturday that it will raise transit fees in 2023 for all types of vessels passing through the Suez Canal. According to a statement released by the Suez Canal Authority, transit fees for tankers passing through the canal will rise by 15%. The increase for dry bulk carriers and tourist ships is 10%. The fee hikes will take effect on Jan. 1, 2023. “The increase is inevitable and a necessity in light of the current global inflation rates,” the authority’s chief, Osama Rabiee, said in the statement. He ...

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China is top market for Oman crude in August

China accounted for 84 per cent of Oman’s total crude exports of 26 million barrels in August 2022, a slight decrease of 0.9 per cent from the previous month, the Ministry of Energy and Minerals said in a report. India was the next leading market with a share of 10 per cent, followed by Japan (4 per cent) and Thailand (2 per cent). The average total production of crude oil and oil condensates in the Sultanate of Oman for the month of August 2022 amounted to about 1.09 million barrels ...

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