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Target Oil News

27 Nov 2023

COP28 Puts Spotlight on Methane Pledges

Source: Global Methane Pledge

Delegates at this year's U.N. COP28 climate summit are anxious to boost the world's climate change agenda with concrete plans for clamping down on the second-most prominent greenhouse gas – methane.While more than 150 countries have promised since 2021 to slash their methane emissions 30% from 2020 levels by 2030 under the U.S.- and EU-led Global Methane Pledge, few have detailed how they will achieve this.What is needed now is to turn those pledges into urgent action – with financial…

11 Apr 2016

Pirates Kidnap Six Crew from Tanker off Nigeria

Six Turkish members of a cargo ship's crew have been kidnapped by pirates off the coast of Nigeria, a spokesman for the Nigerian navy said on Monday. The crew members of the merchant tanker M/T Puli were abducted some 90 miles from the coast at around 1:30 a.m. (0130 GMT) on Monday, navy spokesman Chris Ezekobe said. "Six crew members were abducted. They included the captain, the chief officer and chief engineer," Ezekobe said. The spokesman said the navy was going to board the vessel to speak to other crew members. Last month, Nigeria and Equatorial Guinea agreed to establish combined patrols to bolster security in the Gulf of Guinea. The gulf is a significant source of oil, cocoa and metals for world markets, but pirates pose a threat to shipping companies.

16 Mar 2016

Nigeria, Equatorial Guinea Sign Maritime Security Agreement

Nigeria and Equatorial Guinea signed an agreement to establish combined patrols to bolster security in the Gulf of Guinea, which has been plagued by piracy in the last few years, a spokesman for Nigeria's president said on Wednesday. Garba Shehu said the agreement, which comes amid the backdrop of a rise in pipeline attacks in the oil-producing Niger Delta region of Africa's biggest crude producer, was signed late on Tuesday by Nigerian President Muhammadu Buhari. Pirate attacks in West Africa's Gulf of Guinea, a significant source of oil, cocoa and metals for world markets, pose a threat to shipping companies. Pirates target oil tankers, usually wanting hostages for ransom and to sell stolen fuel.

19 Oct 2014

Maduro Says Venezuela's 2015 Budget to Put Oil at $60

Venezuela's 2015 budget will be based on a target oil price of $60 dollars per barrel, President Nicolas Maduro said on Friday night, but he repeated expectations that prices will recover. Venezuela routinely underestimates oil prices when planning its budget to permit more spending later with fewer budget restrictions. The OPEC country's 2014 budget proposal also put oil prices at $60 dollars. Oil has dropped more than 25 percent since June on strong supply, signs of weak demand growth and indications that key oil producers, particularly Saudi Arabia, have a limited appetite to cut output to bolster prices. U.S. November crude settled at $82.75 on Friday.

21 Nov 2013

EnerMech Sets $452 Million 2014 Sales Target

Valves repair, manufacturing and servicing is one of EnerMech’s six global business lines.

Oil and gas services group EnerMech Ltd. has predicted 2014 turnover will increase to more than £280 million ($452m), a jump of £80 million ($129m) on the current year’s forecast and double the £144 million ($232m) revenue recorded in its 2012 annual accounts. The Aberdeen-based company’s 2012 group accounts showed an £11 million ($17.7m) profit (EBITDA) on revenue which grew 41% from £102 million ($165m), and it expects 2013 EBITDA to break the £20 million ($32m) barrier. The mechanical engineering specialist reported that in the same period its U.K.

30 Oct 2006

Oil and Gas Explorer Prepares for $23m Float

Gas and petroleum exploration company L&M Mining expects to launch its initial public offering to raise $23.2m this month. The plan is that the new company, floated on 20c shares, will be dual-listed on the New Zealand and Australian stock exchanges by the end of November. L&M is the largest and most aggressive of all the "junior" exploration companies in New Zealand, not only in oil and gas, but also in promoting the vast southern lignite resource as a potential petrochemical source. It has five permits covering Otago and Southland containing an estimated 2 billion tonnes of lignite, a separate venture from the proposed float. While juniors historically stake a prospect and undertake drilling to work up estimates of the target oil…