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Gulf Oil News

14 Nov 2022

Fortunes Return to the Sea as the Wind Blows Offshore

© Cavan / Adobe Stock

The results of fortunes and failures are often described as a “perfect storm”. The COVID pandemic, domestic inflation, labor issues and current geopolitical events have brought that description to a peak. A promise of a “new normal” emerged post pandemic, with a vision of alternative energy, alternative fuels and alternative supply chain logistics to help toward solving some of the problems, heralding a world of change with reduced emissions, government support and the end of fossil fuels as we know them in energy and marine operations.With those promises came big movements in the U.S.

12 Sep 2022

US Seeks to Restore Safety Rules Sparked by Gulf Oil Spill

(Photo: U.S. Coast Guard)

The Biden administration on Monday proposed offshore drilling safety measures that it said would help prevent oil spills and protect workers and the environment.The proposal aims to restore safety provisions put in place by the Obama administration in 2016 following the fatal 2010 BP Deepwater Horizon spill, the worst in United States history.The Trump administration had revised the rules in 2019 to reduce what the oil and gas industry said was a financial burden.The Interior Department…

09 Jun 2022

Ship Fuel and Lube Costs Are Skyrocketing

© jsp / Adobe Stock

The $300 billion bunkering market is at a critical juncture due to the double whammy of the geopolitical crisis and the uncertainty surrounding the regulatory framework pertaining to the decarbonization of the shipping industry.“Bunkering has been hit from the trickledown effect of the sanctions against Russia, and this of course has had a serious impact on prices. Pre-war, the global prices were around $750-$850 per ton, and now we are looking at prices above $1,000,” said Alexander Prokopakis…

22 Nov 2021

ADNOC Weighs IPO of Logistics, Marine Services, and Shipping Unit

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC L&S) has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.A deal could follow after testing investor appetite and market conditions, they said.ADNOC declined to comment when contacted by Reuters on Sunday.Gulf oil producers are looking at sales of stakes in energy assets…

06 Oct 2021

California Lawmakers Look to Ban Offshore Drilling after Spill

Crude oil is shown in the Pacific Ocean offshore of Orange County, Oct. 3, 2021. / Official U.S. Coast Guard photo.

Democratic members of Congress from California seized on the oil spill off the state's coast to promote federal legislation to ban all offshore oil drilling, as investigators searched for what caused the pipeline to burst.About 3,000 barrels (126,000 gallons) of crude oil spilled into the Pacific Ocean, killing wildlife, soiling the coastline, and forcing officials to close beaches in several cities in Orange County, just south of Los Angeles. The spill follows dozens of incidents in the Gulf of Mexico following Hurricane Ida, which slammed into the U.S.

14 Sep 2021

Oil Output, Vessel Traffic Halted as Nicholas Lashes Texas

© JACoulter / Adobe Stock

Hurricane Nicholas on Tuesday took another swipe at U.S. Gulf Coast energy facilities, cutting offshore oil and gas output gradually recovering from the last storm and disrupting power to onshore pipeline, gas and chemical plants.Royal Dutch Shell halted production its Perdido offshore oil platform due to heavy winds, and U.S. liquefied natural gas producer Freeport LNG said processing at its Texas coast facility was halted, likely due to a power outage.Power losses briefly cut Colonial Pipeline's main gasoline and diesel lines out of Houston…

31 Aug 2021

Floods, Outages Slow Oil Companies' Efforts to Restart after Hurricane Ida

Credit: NOAA.gov

Widespread flooding from Hurricane Ida and power outages slowed efforts on Tuesday by energy firms to assess damages at oil production facilities, ports, and refineries.Nearly all of Louisiana lost electrical power on Monday after one of the most powerful hurricanes to hit the region downed transmission lines and flooded communities. Coastal areas were swamped by a storm surge so great it reversed the flow of the Mississippi River.Analysts said it could take two to three weeks to restart producing platforms and fully resume output at Louisiana refineries.

20 Apr 2021

Libya's NOC Declares Force Majeure on Port of Hariga Exports

Credit: NOC

Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country's central bank.Daily lost income "may exceed 118 million dinars ($26 million)", NOC said in its statement.The port was expected to load about 180,000 barrels per day (bpd) in April, on board six tankers, according to a loading schedule.Libyan oil output hit 1.28 million bpd in March…

19 Jan 2021

RSC Bio Solutions Grows Its Team and Distribution

RSC Bio Solutions announced team expansions in several key geographic areas, as well as expanded distribution coverage. Hideki Tominga and Alhareth Shahen are joining as business development managers, Thomas TO is joining as a Technical Business Consultant, and Miranda Lo and Cherl Minot are coming on board in customer support functions. David Simpson has been promoted to lead global business development activities for the marine and offshore division.“We are proud to be playing a leadership role in developing innovative solutions to address the accelerating challenges heavy equipment and maritime operators face today,” said Mike Guggenheimer, President and CEO of RSC Bio Solutions.

09 Oct 2020

Hurricane Closes 92% of Gulf of Mexico Oil Output in Biggest Shutdown in 15 Years

Credit: Nasa

A strengthening Hurricane Delta dealt the greatest blow to U.S. offshore Gulf of Mexico production in 15 years, halting most of the region's oil and nearly two-thirds of its natural gas output.An already large and powerful storm, Delta could intensify further on Friday as it churns through the Gulf's prime oil-producing area. Its winds reached 120 miles per hour (195 kmh), according to the National Hurricane Center.Delta has shut 1.67 million barrels per day, or 92% of the Gulf's oil output…

23 Sep 2020

First Tanker to Load Crude at Libya's Hariga Port Since January

An oil tanker is expected to load crude at Libya’s Marsa el-Hariga terminal this week, the first since a blockade by eastern forces in January slashed the OPEC member’s oil production to a trickle.The Delta Hellas tanker will enter Libya’s Hariga port on Wednesday and load 1 million barrels of oil from the port’s storage, the Arabian Gulf Oil Co which operates the port said in a statement.Eastern Libyan commander Khalifa Haftar said last week his forces would lift their eight-month blockade of oil exports, which depressed the OPEC member’s production down to around 100,000 barrel per day (bpd).Trading arm of China’s Sinopec , Unipec- which prior to the blockade was one of the main lifters of Mesla and Sarir crude grades from the terminal- booked the tanker, two trading sources said.Unipec

02 Jan 2020

Gulf Oil Marine and Azurtane Partner

Photo: Gulf Oil Marine

Now that the fuel sulphur regulations have come into force from January 1, 2020, charterers and operators will begin to feel the pressure to reduce greenhouse gas (GHG) emissions.Gulf Oil Marine has partnered with marine technology firm Azurtane to help customers monitor and manage energy usage and emissions compliance.The change in fuels resulting from the 2020 0.5% sulphur regulations has meant a step change in marine lubricant performance requirements.Gulf Oil Marine has been evaluating and testing lubricants that can improve engine efficiency and lower emissions.

07 Nov 2019

U.S.-led Naval Coalition Opens Command Center in Bahrain

© Alejandro / Adobe Stock

The U.S.-led naval coalition in the Gulf, established in response to a series of attacks on oil tankers, opened a command center in Bahrain on Thursday, the U.S. Fifth Fleet said in a statement.The attacks heightened the risk of disruption to Gulf oil exports shipped through the Strait of Hormuz. The United States blamed the attacks on Iran. Tehran denied the accusations.The coalition is known as the International Maritime Security Construct (IMSC). Bahrain is also home to the Fifth Fleet.(Reporting by Maher Chmaytelli; Editing by Alison Williams)

24 Oct 2019

Brazil to Lead in Global FPSO Deployments

Brazil continues to drive global floating production storage and offloading vessels (FPSOs) deployment with 21 planned and announced FPSOs during the period 2019 to 2025, according to GlobalData.Brazil is expected to deploy a total of 11 planned and ten announced FPSOs by 2025. The crude oil production capacity of these upcoming FPSOs is expected to be 2.5 million barrels per day (mmbd) during the outlook period. In Brazil, FPSOs are being deployed to develop hydrocarbons in the Santos and Campos basins.Brazilian state-controlled oil, natural gas and energy giant Petroleo Brasileiro (Petrobras) is expected to deploy six planned and nine announced FPSOs by 2025.

01 Oct 2019

Iran building oil pipeline to terminal outside Gulf

© alexyz3d / Adobe Stock

Iran is building a $1.8 billion oil pipeline to its port of Jask outside the mouth of the Gulf, the country's oil minister said, as part of plans to protect its exports against potential problems in the region and to boost shipments of Caspian oil.Iran has been planning since at least 2012 to set up the terminal on the Gulf of Oman, just outside the Strait of Hormuz.Tehran has threatened to block the vital Gulf oil shipping route during its standoff with the United States, after Washington last year withdrew from Iran's 2015 nuclear deal with world powers and reimposed sanctions…

26 Sep 2019

Rouhani Expects UK Tanker Held in Iran to be Released

Iranian President Hassan Rouhani said on Thursday he expected the British-flagged oil tanker Stena Impero, seized by Iran in July, to be released after the completion of legal procedures in his country."The tanker is going through the final court proceedings. I predict that it will be released," Rouhani said at a news conference in New York during the United Nations' annual gathering of world leaders.The ship's owner, Stena Bulk of Sweden, said on Wednesday the vessel was still being held in Iran despite the lifting of a detention order on the tanker by Tehran.Stena Bulk said it was not in negotiations with Iran and was not aware of…

14 Jun 2019

U.S. and Gulf Allies Face Task Protecting Oil Shipping Lanes

©  / Adobe Stock

The United States and its allies may need to to start escorting commercial vessels to prevent further attacks in Gulf oil shipping lanes, Gulf sources and experts said.Even then, the conventional naval and air capabilities of Western and Gulf powers tasked with policing vital commercial waters may be of limited use against the asymmetric warfare tactics suspected in recent operations, including naval mines.Six tankers have been hit in the past month in two attacks near the Strait of Hormuz…

13 Jun 2019

DHT and Heidmar Halt New Bookings to Mid-East Gulf

(Photo: DHT Holdings)

Oil tanker owners DHT Holdings and Heidmar have suspended new bookings to the Mid-East Gulf, three ship brokers said, following suspected attacks on two oil tankers in the Gulf of Oman on Thursday.DHT has a large fleet of Very Large Crude Carriers (VLCCs) and Heidmar has a wide range of oil tankers.

10 Oct 2018

Marine Lubricants Market to Reach USD 3.3 Bln by 2024

The global marine lubricants market is anticipated to expand a robust CAGR of 4.17% during the forecasts period 2016 - 2024, says a study.According a recent study done by Transparency Market Research marine lubricants market which was valued US$2.3 bn is predicted to touch US$3.3 bn by the end of assessed period.On the basis of type of product, the global marine lubricants market is segregated into bio-based oil, mineral oil, and synthetic oil. Of these, the demand for mineral oil is high and is likely to remain like this during the forecast period owing to cost benefits that are provided. This is expected to become the most lucrative segment.Geographically, Asia Pacific is anticipated to hold a robust share attributing to increasing demand for marine lubricants.

05 Sep 2018

US Gulf Oil Output Takes a Hit from Storm

(Photo: NOAA)

Tropical Storm Gordon forced a cut of 9.36 percent of crude oil production in U.S.-regulated areas of the Gulf of Mexico, slightly more than Tuesday, the U.S.

10 Aug 2018

Gulf of Mexico Lease Sale to Test Response to Trump-era Regulations

(File photo: Shell)

A federal auction of exploration leases in the Gulf of Mexico next week will test energy companies' appetite for acreage after the Trump administration left royalty rates for deepwater parcels unchanged, bucking an industry call to lower them.The U.S. Gulf of Mexico has faced waning interest in recent years as competition stepped up from other basins globally, as well as from onshore shale basins and Mexico's waters in the Gulf.Oil companies had lobbied for lower royalty payments for deepwater acreage because of the projects' high cost and long lead time before production can begin.

30 Jul 2018

Why is Saudi Arabia Halting Red Sea Oil Shipments?

© nicolagiordano / Adobe Stock

Saudi Arabia announced last week it was suspending oil shipments through the Red Sea's Bab al-Mandeb strait after Yemen’s Iran-aligned Houthis attacked two ships in the waterway.To date, no other exporters have followed suit. A full blockage of the strategic waterway would virtually halt shipment to Europe and the United States of about 4.8 million barrels per day of crude oil and refined petroleum products.Western allies backing a Saudi-led coalition fighting the Houthis in Yemen expressed concern about the attacks, but have not indicated they would take action to secure the strait.

09 Jul 2018

OP/ED: The 2020 Sulfur Cap – Growing Pains or Mass Hysteria?

Kathy J. Metcalf, President & CEO at the Chamber of Shipping of America

At the stroke of midnight on January 1, 2018, the global shipping industry will be expected to comply with the IMO agreed upon 0.5% sulfur cap for bunker fuels with few waivers available.For vessels which have installed scrubbers, higher sulfur fuels may continue to be used. IMO’s recent agreement on the ban of carriage of non-compliant fuel assures that cheating will not be allowed providing that port states integrate this ban into their respective port state control inspection programs.All that said…

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