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Oil And Gas Prices News

22 Sep 2022

Incoming Shell Boss Aims Fire up Renewables Drive

Shell's incoming Chief Executive Wael Sawan. Copyright Miquel Gonzalez; Photographic Services, Shell International Limited.

Shell's incoming Chief Executive Wael Sawan is set to accelerate the group's drive to build its renewable energy business, including through a possible "transformative" clean power acquisition, company and industry sources said.Sawan will from January take on a firm with a strong balance sheet after a surge in oil and gas prices, but whose renewables capacity has lagged peers like TotalEnergies and BP as green issues come increasingly into vogue. Shell aims to halve its greenhouse gas emissions by 2030 and to become a net-zero emitter by 2050…

10 Aug 2022

LNG Traders Absorb Huge Losses After Supply Outages

Major energy traders are taking hundreds of millions of dollars in losses as they scramble to plug a liquefied natural gas (LNG) supply gap after several outages hampered efforts to fill European storage ahead of the winter heating season.Unplanned disruptions at LNG plants in the United States, Nigeria and Australia have wrong-footed traders, including BP and Shell, forcing them to pay inflated costs for alternative supplies.In a market already struggling to meet global demand for natural gas after Russia sharply reduced pipeline supplies into Europe, the lost LNG cargoes which can be transported by ship, have pushed global prices sharply…

30 Jun 2022

Stolt-Nielsen Says 2022 Q2 Profit Best Since 2007

Credit:Ianaré Sévi/Wikimedia Commons - CC BY-SA 3.0

Norwegian chemical tanker owner Stolt-Nielsen on Thursday reported a second-quarter net profit attributable to shareholders of $58.6 million, with revenue of $689.1 million. This is an increased compared with a net profit of $52.3 million, with revenue of $606.2 million, in the first quarter.Niels G. Stolt-Nielsen, Chief Executive Officer of Stolt-Nielsen Limited, said the second quarter net profit was the company’s highest since 2007."The second quarter continued where the first quarter ended with growing demand and a shrinking orderbook for new ships…

25 May 2022

LNG Prices Could Stay High for a Few Years, Woodside CEO Says

Woodside CEO Meg O'Neill  - Credit: Woodside

Woodside Energy Group, Australia's top independent natural gas producer, sees liquefied natural gas (LNG) prices staying high for a few years as the market adjusts to supply disruptions after sanctions on Russia for its Ukraine invasion."With the invasion, we are seeing the world try to move away from Russian hydrocarbons and that means that demand for LNG from places like Australia is up," Woodside Chief Executive Meg O'Neill said."We do expect ... prices to remain elevated for the next year…

28 Apr 2022

World Energy Reports: Gas Supply Fears Drive Interest in FSRUs in Europe

Credit: Karel/AdobeStock

Fears of gas supply interruptions due to Russian gas export constraints are driving interest and demand for floating regasification terminals, with contracting activity for oil and gas floaters also being quite active, World Energy Reports said in April 2022 Floating Production Systems Report. Tensions in East Europe and Covid outbreak in China continue to rattle the energy sector. Oil prices remain above $100, despite efforts to lower prices by releasing crude from strategic reserves…

03 Sep 2021

Off the Boil: LNG Tankers Burn More Oil as Gas Prices Soar

© Anatoly Kolodey / Adobe Stock

Liquefied natural gas (LNG) tankers are burning more dirty fuel oil than normal after the price of their super-chilled cargo soared above that of oil, trade and shipping sources said.LNG tankers often use some of their cargo, stored in liquid form at minus 163 degrees Celsius, for power, as a small portion tends to evaporate or "boil off" during transit and needs to be removed from the tanks anyway to avoid a build up of pressure.Older LNG tankers run on steam turbines that burn a combination of fuel oil and boil-off gas…

05 Aug 2021

SBM Offshore Eyes Offshore Wind Project Opportunities

Chief Executive Bruno Chabas. Photo copyright SBM Offshore

Oil and gas services company SBM Offshore on Thursday reported a better than expected decline in core profit for the first half of 2021 as it looks to develop floating offshore wind projects.After reducing spending sharply in the face of a pandemic-induced demand collapse, major energy companies have profitted from surging oil and gas prices that have fed into investment budgets, buoying SBM's results.The Dutch company's first-half earnings before interest, tax, depreciation and amortisation (EBITDA) were down 4% at $501 million, beating the $477 million expected by analysts in a company-provi

28 Jul 2021

LNG Price Recovery Spurs Spending in Race against Carbon Targets

Illustration - An offshore platform in Qatar - Credit: Qatargas

The investment outlook for liquefied natural gas (LNG) has improved this year but project go-aheads will not match the bonanza of 2019, as the fight against climate change clouds the prospects for gas demand growth longer term.Renewed optimism as the industry emerges from the pandemic, rapidly rebounding oil and gas prices and a better economic outlook is building confidence in short and long term LNG demand in Asia and spurring companies to look at new LNG projects, most of which were shelved last year when prices slumped.However, they need to take into account the ever tighter carbon emissio

18 Jun 2020

Van Oord to Lay Off 500 Employees

Image Credit: Van Oord

Dutch offshore and dredging contractor Van Oord said Tuesday it would lay off 500 people, citing effects of COVID-19 on its business.Van Oord said: "As a company operating on a global scale, COVID-19 is having a major impact on our business. Market conditions in the dredging industry are under pressure and the volatility in oil- and gas prices also triggers a decrease of offshore field services. Consequently, we face a decline in our turnover and a deterioration of our results,"As a result, the company said it expected to reduce its workforce by 500 people.

12 May 2020

ESVAGT Delays Investments, Cuts Salaries

Image Credit: ESVAGT

Danish offshore vessels owner ESVAGT will cut executive and staff pay, and delay investments in response to the low oil prices and the COVID-19 pandemic.Peter Lytzen, the CEO of the company that provides emergency response and rescue vessels (ERRV) and service operation vessels (SOV), said, "Our oil and gas business is challenged in two essential areas of the current situation.""The fact that oil storage is full and oil and gas prices are low means that no investments are being made in well drillings. This has an impact on the ERRV spot market, which is a considerable part of our business.

11 Feb 2020

Upstream Sector Leads O&A M&A in 2019

A latest research revealed that the upstream sector accounted for the bulk of mergers and acquisitions (M&A) in the global oil and gas industry in 2019, generating some high-value transactions during the process.According to GlobalData's theme report, ‘M&A in Oil and Gas – 2020’, the acquisition of Anadarko Petroleum by Occidental Petroleum in April 2019 for a purchase consideration of US$57bn was the highlight of oil and gas M&A activity last year, says GlobalData, a leading data and analytics company.Ravindra Puranik, Oil & Gas Analyst at GlobalData, said: “In 2019, the upstream sector, more specifically the US shale plays, witnessed the highest deal activity in the oil and gas industry.

08 Dec 2019

Offshore: OSV Market Report

Photo courtesy Ulstein Group/Marius Beck Dahle

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

01 Aug 2019

MOL Group On Track to Meet 2019 Guidance

Hungarian international oil and gas company MOL Group delivered an EBITDA of USD 1.15bn in H1 2019, exactly half of the full-year 2019 guidance.Upstream EBITDA was 10% lower in H1 2019 at USD 553mn, as higher volumes were more than offset by lower oil and gas prices. The segment remained the largest free cash flow generator of the Group. Average daily hydrocarbon production was 111.8 barrels of oil equivalent per day (boepd) higher by 2% year-on-year.Downstream Clean net income EBITDA amounted to USD 403mln in H1 2019, 18% lower year-on-year. Materially weaker refining macro put pressure on EBITDA.Consumer Services EBITDA growth remained double-digit in local currencies…

21 Jan 2019

US Oil and Gas Industry Confidence Surges

Senior oil and gas professionals in the United States are among the world’s most confident about the outlook for the sector in 2019, as companies prepare for significant increases in capital expenditure (capex) over the coming months.According to a new research published by DNV GL, 85% of sector leaders in the US are optimistic about the industry’s growth prospects in the year ahead, up sharply from 60% in 2018. This compares with three quarters (76%) reporting confidence among respondents globally.Full of confidence, and buoyed by favourable government energy policies, the majority (71%) of senior oil and gas professionals in the US agree that more large…

20 Apr 2018

​Semco Maritime Generated Positive Operating Results in 2017

Photo: Semco Maritime

Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…

14 Feb 2018

Asia's Soaring Gas Demand Beckons New LNG Projects

Global LNG imports rose by 20 percent in 2017; new demand emerges across South, Southeast Asia. Soaring gas demand from China, India and Southeast Asia is sucking up an LNG supply glut previously expected to last for years, opening opportunity for new production from East Africa to North America that had been deemed part of the overhang. Trade flows in Eikon show global liquefied natural gas (LNG) imports have risen 40 percent since 2015, to almost 40 billion cubic metres (bcm) a month. Growth accelerated in 2017, with imports up by a fifth, largely due to China, but also South Korea and Japan. Asia's LNG market has been glutted since 2015, following massive development that began in the early 2000s.

21 Mar 2017

US O&G Industry Reaps the Benefits of International Trade

© Alexandre / Adobe Stock

Rising exports have thrown a lifeline to U.S. shale producers and refiners, giving them an additional outlet at a time when the domestic market has been at risk of becoming saturated. The United States exported record quantities of natural gas, propane, gasoline, distillate fuel oil and light crude last year while continuing to import the heavy oils needed by its refineries. Gas exports increased by almost 30 percent in 2016 and have more than tripled in the last decade, limiting the build up of unused gas and supporting prices in recent months despite the warmest winter on record.

21 Feb 2017

Nakilat Profit slips

Nakilat announced its financial results for the year ended 31 December 2016, with a net profit of QR 955 million achieved compared to QR 984 million in 2015. The earnings per share attained in 2016 was QR 1.72 compared to QR 1.77 in the same period last year. The Board of Directors has decided to convene the ordinary general assembly on Sunday March 12th, 2017. Nakilat’s Board of Directors commended the company’s resilient financial results despite the challenging market conditions, which clearly reflects the strength and stability of the company’s commercial position. Nakilat’s long-term contracts continue to underpin the company’s strongfinancial performance.

14 Apr 2016

Total, KOGAS Extend Cooperation on LNG

Korea Gas Corp, the world’s biggest importer of LNG, has struck deals with French giant Total to extend its reach into the liquefaction sector, reports Reuters. Total has pledged to press forward with investment in LNG despite the downturn in oil and gas prices and has signed a new agreement with South Korean utility company Kogas to explore mutual opportunities across the LNG value chain. The agreement is designed to jointly identify and pursue opportunities to develop the LNG market in Asia and in new importing countries, Total said in a statement. Total chief executive Patrick Pouyanné said the company would be "willing to invest in new projects tomorrow" and remains committed to a long-term approach. "Total should invest when oil and gas prices are low," he said.

27 Apr 2016

Nigeria's LNG Export Falls

Babs Omotowa, Managing Director and Chief Executive Officer of Nigeria LNG Limited (NLNG), has raised alarm over Nigeria’s dwindling investments in Liquefied Natural Gas (LNG), according to a report in Thisday. He noted that with no new investments, Nigeria would possibly drop from her current position of the 4th world’s largest exporter of LNG to 10th position by 2020. NLNG had earned $90 billion revenue since 1999 and that it has elevated Nigeria to number four exporter of LNG in the world, after Qatar, Malaysia and Australia. Omotowa, however, said with no new investments to support Nigeria’s position in the global LNG market, the country’s position would possibly drop to 10th by 2020. NLNG posted a 36.6% drop in its revenue in 2015 due to declining oil and gas prices.

08 Sep 2016

Investment Cuts Slow Rebound for Offshore Oil Services -Bourbon

Photo: Bourbon

French oil services company Bourbon said on Thursday that any rebound in oil and gas prices will take a while to reach companies in the offshore marine sector because of deep cuts in investments during the prolonged oil downturn. Bourbon, whose fleet of about 513 vessels provides offshore services for oil and gas companies, said its net loss in the first half widened to 104.3 million euros ($117 million) compared with a net loss of 19.2 million in the same period a year ago. Adjusted revenues fell 21 percent to 599.2 million compared with the first half of 2015, the company said.

17 Oct 2016

Nakilat Delivers Steady Performance in Q3

Nakilat has announced its financial results for the third quarter ended 30 September 2016, where the Company’s net profit reached QR 749 million compared to QR 757 million for the same period last year. The Board of Directors stated that the company’s strategic long-term charters for its LNG vessels and the strong LPG vessels performance have ensured the continuous strong financial profitability despite the current market conditions of fluctuating oil and gas prices and the slowdown in ship repair and building activities. The board also reaffirmed their steadfast commitment to Nakilat's growth and development strategy, in line with Qatar’s National Vision 2030. Nakilat Managing Director Eng.

31 Oct 2016

ICS Applauds IMO Roadmap for Enissions Reduction

Peter Hinchliffe (Photo: ICS)

The International Chamber of Shipping (ICS) has applauded the agreement, last Friday, by the IMO Marine Environment Protection Committee (MEPC) to develop a comprehensive Roadmap for addressing CO2 emissions from international shipping – with initial CO2 reduction commitments to be agreed by IMO by 2018. However, ICS says the IMO Road Map will go much further than the Paris Agreement. “The final stage of the Road Map to be enacted by 2023 should establish a global mechanism for ensuring that these IMO CO2 reduction commitments will actually be delivered.” said Peter Hinchliffe.