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.
Shipping Companies Recognized for Efforts to Save Whales
NOAA presented awards to 13 global shipping firms for their commitment in helping prevent ship collisions with whales off the coast of California.The companies participated in a Voluntary Speed Reduction initiative by slowing their ships to speeds of 10 knots (about 11.5 mph) or lower while transiting vessel traffic lanes outside the Golden Gate during whale feeding season, from May through mid-November.The national marine sanctuaries of North-central California - Greater Farallones…
Hoegh LNG to Supply FLNG Terminal to Australian Import Project
Norway's Hoegh LNG has won a tender to supply a floating LNG import terminal for a consortium aiming to import liquefied natural gas to Australia's east coast from 2020 in a push to boost local supply.Australian Industrial Energy, a consortium that includes Japan's JERA and Marubeni Corp, said on Monday it signed an agreement giving it the right to lease one of Hoegh LNG's floating storage and regasification units (FSRU), to be docked at Port Kembla.The project needs approvals from the state of New South Wales, which is evaluating the proposal on a fast track as "critical state significant inf
Plans for Another South Australia LNG Import Plant in the Works
A private firm is looking to import liquefied natural gas (LNG) to South Australia starting in 2020, around the same time as two other proposed import projects, looking to fill a supply gap as domestic gas gets sucked into LNG exports.Venice Energy, set up by former BHP Billiton executives, plans to submit a development application to the South Australian government within the next month to park a floating storage and regasification unit (FSRU) in Port Adelaide, Managing Director Kym Winter-Dewhirst said.If regulatory approvals come through by March, construction could begin by June 2019, he told Reuters in an interview. The project would be funded partly by Venice's owners…
ExxonMobil Considers Importing LNG to Australia
ExxonMobil Corp, southeastern Australia's biggest gas supplier, is considering importing liquefied natural gas (LNG) to help plug a looming gas shortage from 2021 and protect its market share.The move would compete with plans by both Australia's no.2 energy retailer AGL Energy to start importing LNG by 2021 and a consortium involving Japan's JERA to start imports from 2020.ExxonMobil is also stepping up exploration off the coast of Victoria and considering developing a gas field called West Barracouta close to an existing field…
AGL Decision on LNG Import Terminal Expected in FY2019
AGL Energy Ltd, Australia's biggest power producer, expects to make a final investment decision on the country's first liquefied natural gas (LNG) import terminal in the financial year of 2019, a company official said on Friday.The A$250 million ($189 million) project will consist of a leased floating storage and regasification unit (FSRU) and jetty at Crib Point in the southeastern state of Victoria. The terminal will handle up to 130 to 140 petajoules a year, or 2.6 million tonnes of LNG, by 2020 or 2021."We are working to progress the project to a final investment decision in the financial year 2019 and are on track to do that," said Phaedra Deckart…
Kutubu Light Crude Oil Exports to Resume in Spot Trade
Sales of Kutubu Light crude oil cargoes will resume in the Asia spot market in July after a major earthquake in Papua New Guinea shut production from late February to early April, three industry sources said on Monday.While production at the facility resumed in early April, producers of the light crude oil have been trying to meet previously committed cargoes to buyers which had been delayed due to the earthquake, one of the people said.The sources declined to be identified because they were not authorized to speak with media.The July-loading program will be the first time since February that Kutubu Light crude will be fully available in the spot market…
Gorgon LNG Faces Scrutiny on Delayed Carbon Capture Project
The state of Western Australia has ordered an inquiry into a delay in burying carbon dioxide emissions at Chevron Corp's Gorgon liquefied natural gas (LNG) project, which could lead to a change in conditions on the project.The state approved the $54-billion Gorgon project in 2009 on the condition that at least 80 percent of carbon dioxide released in its gas processing operations over a five-year rolling average period would be buried."It has become apparent there needs to be a clearly defined start point for the commencement of the five-year rolling average…
Papua New Guinea LNG Project Resumes Exports
A liquefied natural gas (LNG) tanker has left Papua New Guinea laden with the first export cargo of the supercooled fuel since the country's giant LNG project resumed production after a major earthquake triggered a shutdown in February, Thomson Reuters Eikon shiptracking data showed on Monday. The tanker's destination wasn't immediately clear, but the resumption of shipments could put pressure on spot LNG prices, traders said. ExxonMobil Corp restarted output at the project near the capital Port Moresby a fortnight ahead of schedule, its Australian partners said late last week.
Exxon Mobil buys LNG to Chill Papua New Guinea Project
ExxonMobil Corp has bought a liquefied natural gas (LNG) cargo to keep its Papua New Guinea plant cold after a powerful earthquake triggered a production halt last month, several trade sources said on Monday. The cool-down cargo could be a first step toward restarting LNG production at the facility ahead of schedule or it may simply be needed to maintain operational readiness, traders said. Stopping the liquefaction process which condenses gas into a liquid at minus 162 degrees Celsius causes LNG plants to warm up…
Shale Growth could Overwhelm U.S. Refiners, Fuel Exports
Rising U.S. shale oil production will overwhelm the nation's refining capacity, with three-quarters of the additional oil produced in the United States by 2023 shipped to Europe and Asia, according to a new study by consultancy Wood Mackenzie. The research points to the continued impact of U.S. shale on global markets and the mismatch between domestic refining capacity and rising crude output. The oil could bottleneck at U.S. Gulf Coast ports unless new infrastructure is built, researchers said. U.S.
Colonial Pipeline Demand at 2-Month Nadir
Demand to ship gasoline on Colonial Pipeline has sunk to a two-month low as Gulf Coast supplies are increasingly being exported or sent to the Midwest rather than to the New York harbor, three sources familiar with the matter said on Wednesday. Colonial Pipeline Co, the largest U.S. fuel network, has consistently allocated space for at least the past two months, meaning demand has exceeded capacity on the pipeline. But it would not ration space on its main gasoline line for the next five-day shipping cycle, known as "Cycle 2," the sources said, which suggests lower demand.
Australian Supply Crunch Squeezes LNG Exporters
Spot LNG exports in government's cross-hairs; ConocoPhillips, Origin, Shell now in the firing line. The Australian government on Monday warned that the country's east faced a worse-than-expected natural gas shortfall in 2018, but the competition watchdog said the gap could easily be filled by diverting uncontracted exports to the local market. It is now up to the government to decide by Nov. 1 whether to pull the trigger on its Australian Domestic Gas Security Mechanism, which…
Vietnam Renews India Oil Deal In Tense South China Sea
Vietnam has extended an Indian oil concession in the South China Sea and begun drilling in another area it disputes with China in moves that could heighten tensions over who owns what in the vital maritime region. The moves come at a delicate time in Beijing's relations with Vietnam, which claims parts of the sea, and India, which recently sent warships to monitor the Malacca Straits, through which most of China's energy supplies and trade passes. Vietnam granted Indian oil firm ONGC Videsh a two-year extension to explore oil block 128 in a letter that arrived earlier this week, the state-run company's managing director Narendra K. Verma told Reuters.
Guyana-Venezuela Border Spat Flares after Exxon Find
Guyana's new government on Monday attacked a decree by Venezuelan President Nicolas Maduro which it said seeks to annex Guyanese maritime space in the wake of an oil discovery. The dispute between the South American neighbors goes back to the early 19th Century and has resurged after an offshore oil discovery by ExxonMobil Corp last month. The decree creates a theoretical new "defense" zone offshore that would, in Venezuela's eyes, leave the former British colony with no direct access to the Atlantic. "Guyana rejects this illegality which seeks to undermine our development through the exploitation of our natural resources offshore," added the statement.
Anglo American seeks compensation from Venezuela
Anglo American is seeking compensation from Venezuela at a World Bank tribunal over the 2012 cancellation of mining concessions by late president Hugo Chavez's government. The World Bank's International Center for Settlement of Investment Disputes (ICSID) said on its website the claim was introduced on Thursday, but gave no more details. Venezuela faces more than 20 international compensation cases in disputes largely stemming from the 1999-2013 Chavez era. He died from cancer in 2013, with a protege, Nicolas Maduro, winning election to replace him. The best-known cases are multi-billion compensation claims by ExxonMobil Corp and ConocoPhillips over nationalizations.
Jones Act Tankship Chartered at Record Daily $100,000
ExxonMobil Corp has agreed to renew its charter agreement for the 337,000-barrel 'Overseas Cascade' at an unprecedented $110,000 a day, nearly a 50 percent increase from its previous rate for the same ship this summer, reports Reuters, citing shipping sources. The century-old Jones Act, explains Reuters, requires all vessels operating between U.S. ports to be U.S.-built, U.S.-owned and U.S.-crewed in order to protect the U.S. commercial maritime industry. ExxonMobil had been reletting the Overseas Cascade from Brazilian state-run oil company Petrobras for over a year…
ExxonMobil in Talks with Possible LNG Buyers
ExxonMobil Corp. has started marketing gas from its planned liquified natural gas project in to potential buyers. Discussions with buyers began this month, according to a representative from the company who told the South East Asia Australia Offshore Conference in . ExxonMobil is marketing the gas on behalf of project partners, which include Oil Search Ltd. (OSH.AU). Source: Dow Jones
Oil Product Ships Disrupted In French Fos Strike -Port
Strike action at 's state-administered Autonomous Port of Marseille, which encompasses the oil terminals of Fos-Lavera, continued to disrupt activity there, with 19 oil and gas vessels affected, the Tuesday. The Lavera terminal is closed, the port said in a statement, adding the Fos terminal is working, albeit slowly. Five ships are being unloaded at the Fos petroleum terminal, the said. The port said the 24 vessels included 11 tankers of refined petroleum products; seven crude oil tankers; one gas tanker; four ships containing chemicals and one container ship. Workers are organizing the strike action to protest a government privatization plan.
Exxon Chief Backs More Access to Offshore Acreage
ExxonMobil Corp supports legislation that would give companies greater access to offshore U.S. oil and gas acreage, chief executive officer Rex Tillerson said. Two bills that would open up potential oil and gas reserves are being debated in the US Congress. A House of Representatives bill that would end a decades-old moratorium on drilling in federal waters is better than a Senate proposal, which opens tracts only in one section of the Gulf of Mexico, Tillerson said. Tillerson spoke at an Organization of Petroleum Exporting Countries seminar in Vienna on the importance of technology in meeting world energy demand. The conference, which is being held in Vienna’s Hofburg Palace…
Qatar Commits to $13 billion LNG Project
Persian Gulf emirate Qatar will invest about $13 billion to boost liquid natural gas production by 40 percent, according to a Monsters and Critics report. Qatar Petroleum and ExxonMobil Corp. jointly formed Ras Laffan Liquefied Natural Gas Co., or RasGas, to supply a soon-to-be built LNG re-gasification terminal on the U.S. Gulf of Mexico coast. Recently, RasGas let contracts for an expansion of Ras Laffan Industrial City facilities that will process natural gas from Qatar`s giant North Field, according to the report. Among those contracts is one awarded to Fluor Corp. for engineering, procurement and construction management in the building of six LNG trains. The Fluor contract has a potential value of about $1 billion. Source: Monsters and Critics