The Korea Times reported that shipbuilders who were enjoying solid sales have also secured an additional growth engine for further expansion rising oil prices. With oil prices hitting record highs, offshore oil exploration has picked up, leading to strong demand for drilling rigs and for the conversion of oil tankers into floating-production, storage and offloading (FPSO) vessels. The unit price of Dubai crude oil, South Korea’s benchmark, rose to a record high of $71.13 in August, an increase of $1.64 from a month earlier, according to data from the National Statistical Office (NSO). The statistics agency added that it is the first time for oil import prices to exceed $70 a barrel. Industry sources said oil prices have quadrupled since 2002. Samsung Heavy Industries has at least four LNG carriers on order, and is optimistic about more contracts for LNG carriers over the next three years on healthy demand Source: Korea Times
Denmark's government estimates its budget would lose 7.5 billion Danish crowns ($1.1 billion) if oil prices remained around $50 a barrel, according to a document submitted by the finance minister to a parliamentary committee. That figure, which takes into account the positive financial impact from lower oil prices, represents 0.4 percent of gross domestic product (GDP) and would push the budget deficit to 2.9 percent, close to the European Union's 3.0 percent cap.
The Clinton administration said that oil prices have soared to "dangerously high" levels, and crude oil could be sold from the nation's emergency stockpile if already-tight supplies are disrupted by Y2K computer problems at the end of the year. Energy Secretary Bill Richardson sent to the White House contingency plans for selling oil from the Strategic Petroleum Reserve if necessary. The reserve, created after the 1970s Arab oil embargo
U.S. import prices fell in February for an eighth straight month, weighed down by declining costs for petroleum and a range of other goods, but the pace of decline is slowing as the dollar's rally fades and oil prices stabilize. The Labor Department said on Friday import prices slipped 0.3 percent last month after a 1.0 percent decrease in January. Import prices have decreased in 18 of the last 20 months, reflecting a robust dollar and plunging oil prices.
Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria. Oil saw its biggest one-day bounce since 2009 on Thursday, with North Sea Brent and U.S. light crude rising more than 10 percent. U.S
U.S. payroll, jobs data may support oil prices; demand outlook improving. Crude oil futures edged up on Friday, building on the week's gains, as traders and analysts eyed U.S. jobs data which could give further momentum to rising prices. Brent futures rose 19 cents to $37.26 a barrel as of 1203 GMT, after settling 14 cents higher in the previous session. The crude benchmark is set to end the week with a gain of more than 5 percent.
Iran's finance minister believes sanctions against his country could cause the oil price to reach US$ 160 per barrel "We must pay close attention when we speak of oil revenues and sanctions against oil sales, who are the winners and the losers of such sanctions?" Shamseddin Hosseini told CNN's "Fareed Zakaria GPS" in a recently broadcasted interview. Eighty percent of Iran's foreign revenues are derived from oil exports
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for 7 out of 8 months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot) was
Share prices in Oslo rose in August for the sixth consecutive month, and can thus show for positive share price movements for seven out of eight months so far this year. While the All Share Index gained another 2.4 percent in August, the Shipping Index was a little behind with a 1.4 percent increase. Shipping and Offshore shares are up 43.2 percent for the year. The oil price continued to rise in August. For the first time since October 1997 North Sea oil for immediate delivery (Brent spot)
The Group delivered a profit of USD 778m (USD 1.5bn) negatively impacted by the lower oil price and lower average container freight rates, down 51% and 19% respectively compared to the same period last year. The return on invested capital (ROIC) was 7.6% (12.7%). The underlying profit was USD 662m (USD 1.3bn). “The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container
Norway's Statoil was the second top bidder for 13 oil exploration leases in the U.S. Gulf of Mexico and won six licences offshore Britain, it said on Thursday, in a sign it may be looking to boost reserves after slashing costs. "The importance of oil companies' ability to replenish
China's offshore oil and gas producer CNOOC Ltd reported its worst annual result since at least 2011, with revenue from its core oil and gas business tumbling 17 percent last year, but it expects to raise output 2017 as oil prices rebound.
Shipping and oil company A. P. Moller-Maersk on Wednesday reached an agreement with the Danish state that means it will pay less tax on its North Sea oil and gas activities through 2025. The deal, which has been under negotiation for months
Shipping confidence held steady in the three months to end-February 2017, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. In February 2017, the average confidence level expressed by respondents was 5
Oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy at the weekend, blaming a prolonged slump in the energy industry, Reuters reported. Ezra has been facing hostile actions from creditors at home and abroad as it struggles to recover from a
Tsakos Energy Navigation (TEN)'s growth has continued unabated in 2017 with the delivery of one VLCC, the Hercules I, one aframax tanker the Marathon TS and the shuttle tanker Lisboa, currently all under long-term employment to solid counterparties.
MidEast, West Africa rates diverge; oil output curbs in Iraq and West Africa could weigh on tanker market. Freight rates for very large crude carriers (VLCCs) are likely to remain under pressure with hire rates from the Middle East to Asia tracking lower in the face of excess tonnage in
Oslo-listed oil services firm Subsea 7's Chief Financial Officer Ricardo Rosa told an energy conference in Oslo he sees gradual market recovery as oil prices stabilize, and the outlook for subsea project awards increasing within the next 12 months.
The European Parliament rejected a call to ban Arctic oil and gas exploration on Thursday, in a symbolic vote seen as a barometer for future moves by Brussels to regulate to protect the region. Lawmakers who back the ban, which had drawn the ire of Norway
In recent years, the speed with which newbuild vessels have entered the market has amplified the subsea vessel demand/supply imbalance, says a report by Douglas-Westwood London. This has been further exacerbated by sustained low oil prices
Royal Dutch Shell PLC has officially shelved its plans to build the Prince Rupert LNG project, which had been planned for Ridley Island in British Columbia. However, it is still considering the potential of its other West Coast LNG option.
CERAWeek has exposed all the contradictions at the heart of OPEC’s attempt to rebalance the oil market without rekindling the shale boom or conceding too much market share to rivals. The oil industry conference in Houston started with a celebration of higher prices
Vessel oversupply will continue to plague the offshore industry this year as a record total of 465 offshore support vessels (OSV) are expected to be delivered in 2017, according to VesselsValue. Beginning with the drop in oil prices and then lower demand for offshore research projects
Algeria's state energy company Sonatrach will renew a deal with French gas and power group Engie to supply 10 billion cubic meters of LNG per year, a source at Sonatrach told Reuters on Wednesday. The signing ceremony will take place in France, likely before the end of March
Norway's Folketrygdfondet 2016 return up on higher oil and salmon price Norway's domestic state pension fund Folketrygdfondet said its 2016 return increased to 7.1 percent from 7.0 percent in 2015, increasing the market value to 212.3 billion Norwegian crowns ($25.12 billion).