Iran, Saudi supply worries offset U.S. supply growth

Iran, Saudi supply worries offset U.S. supply growth

While the U.S. sprung into action to offset oil deficits, prices took an upward spike in a rather cautious trade on Tuesday, fuelled by brewing concerns over impending U.S sanctions on Iran and rising tensions with ally and top oil exporter Saudi Arabia. Tensions have not been unconnected to missing writer Jamal Khashoggi, whose disappearance, U.S. Senator Lindsey Graham believes, was orchestrated by defacto ruler of Saudi Arabia Prince Mohammed bin Salman, in what Graham notes could seriously jeopardize relations between both nations moving forward. President Donal Trump has stated the willingness of the Saudi crown prince to launch a...

Lukoil signs MOU with Uzbekneftegaz

Lukoil signs MOU with Uzbekneftegaz

LUKOIL Overseas and Uzbekneftegaz, the national holding company, have started the supply of gas from the Khauzak area (Bukhara Region of the Republic of Uzbekistan) within the framework of implementation of the PSA for the Kandym-Khauzak-Shady-Kungrad project. The President of Lukoil, Vagit Alekperov and Uzbekneftegaz’s acting chairman of the board, Bahrom Ashrafhanov signed a memorandum of understanding to develop cooperation and share experience in the implementation of geological exploration in the Republic of Uzbekistan’s territory. The start of the gas supply is the most important stage of the implementation of the Khauzak gas field development project. As of today, five...

EMGS mobilizes vessel for potential acquisition contract

EMGS mobilizes vessel for potential acquisition contract

This new acquisition is expected to take place in Q3 2016 and will become part of the EMGS multi-client library. Christiaan Vermeijden, CEO of EMGS, said he was pleased that such a 3D controlled-source electromagnetic (CSEM) survey continues to add value to the exploration efforts for hydrocarbons in the Barents Sea. The survey will take place in South America with an expected duration between 1 to 2 months. EMGS said this might encourage other customers to take advantage of the vessel being active in the area, however, the company did reveal the name of the vessel. Subject to the contract...

Offshore Wind Conference 2018

Offshore Wind Conference 2018

A new dawn is upon us at Offshore Wind. Are you ready for it?  Offshore Wind 2018 (OWC 2018) opens up opportunities for the preparation of new industry standards with several sessions covering the requirements of what lies in front. Update NL The solid acclaimed policy of the Netherlands, which has international backing, which is concern with the development of offshore wind has prompted zero-subsidy bids for projects taking place after 2020. The Climate Agreement is the latest development in the Netherlands, with a plan to build twice as much offshore wind turbine after 2023. Further, in that regard, more...

Crude set for weekly loss as supplies allay Saudi tensions

Crude set for weekly loss as supplies allay Saudi tensions

Russia has begun discussions with Exxon Mobil Corp. on possible new oil and gas projects, potentially creating a dilemma as the U.S. government mulls more sanctions against the country. The talks could lead to increased cooperation between the U.S. energy giant and state-run Rosneft PJSC, Russian government officials said, asking not to be named discussing confidential information. Several options have been prepared for Exxon, including in natural gas, refining and chemicals, none of which are currently subject to American sanctions, two officials said. Exxon abandoned most of its joint ventures with Rosneft earlier this year amid a previous round of...

Railroad CEO sees boom-time oil loads as pipeline pinch roils Canada

Railroad CEO sees boom-time oil loads as pipeline pinch roils Canada

TransCanada Corp’s decision this week to scrap its $12 billion Energy East pipeline and delays to other export pipeline projects look set to increase producers’ reliance on costly crude-by-rail to bring barrels to market. The run-up to oil-shipment levels last seen four years ago, when Canada’s benchmark crude price reached almost $90/bbl, comes as producers endure record discounts for their crude because of a dramatic lack of pipeline space. Western Canada Select crude is trading in the $20s now, with the discount to the U.S. benchmark widening to $50/bbl last week, the most on record in Bloomberg data stretching back...

Titan Torque invests in the future with state-of-the-art EnerQuip torque machine

Titan Torque invests in the future with state-of-the-art EnerQuip torque machine

The company has taken delivery of a new torque machine, used for the make-up of tools in the drilling sector, made by fellow Aberdeen firm EnerQuip. It is thought to be the largest machine of its kind in Europe. Bruce Jepp, director at Titan Torque , said: “The introduction of the new unit to our operations reflects our optimism about the strength and resilience of the market over the coming years. It significantly broadens our service offering. “We are now able to manage operations that were previously beyond our capabilities. From a business perspective, it positions us to capitalise on...

UTEC extends surveying capabilities with new autonomous underwater vehicle launch and recovery system

UTEC extends surveying capabilities with new autonomous underwater vehicle launch and recovery system

UTEC Survey is one of the largest global independent surveying companies providing services across many industrial sectors including Oil and Gas, Energy, Renewable, Telecommunications, Civil Engineering, Construction, Petrochemical, and Minerals. Our focus is to provide our customers with high quality, cost-effective, leading edge technology solutions for offshore, onshore, and subsea project needs. Our wide range of survey services including offshore positioning and construction support, dimensional control surveys, metocean, geophysical and AUV surveys, geotechnical sampling and consulting services, laser scanning, 3D modeling and iSITE asset management portal offering differing levels of data interaction. Through our expanding network of office locations including...

Houston Ducks Unlimited to host inaugural legacy gala

Houston Ducks Unlimited to host inaugural legacy gala

Ducks Unlimited’s 75th Anniversary will be remembered by many as the year the single-event fundraising record was broken… four times! Last February, DU’s New York City chapter kicked off the organization’s 75th anniversary celebration at the historic Waldorf-Astoria Hotel in Midtown Manhattan. Hosting a crowd of more than 600 attendees, chapter chairman Michael Witter and his committee secured $1.2 million and set the bar for what would be a historic year by surpassing the all-time fundraising record for a single DU event. Not long after, in March, DU’s Blackhawk chapter in Danville, California, upped the ante with a $1.4 million...

Saudi Arabia Cancels 45-Year Taboo With Threat to Use Oil as a Weapon

Saudi Arabia Cancels 45-Year Taboo With Threat to Use Oil as a Weapon

If threats are anything to go by, Saudi Arabia may just have breached a long-standing orthodoxy of dissociating oil from oil politics. Following recent developments, Riyadh made statements that came across as a veiled threat to deploy the Kingdom’s oil wealth in a political warfare –  an unprecedented turn since the Arab embargo in 1973 that galvanized the first and unarguably paradigm shifting oil crisis. On Sunday, Saudi Arabia, global leaders of oil exports, said it would make an even more consequential, retaliatory move should punitive measures be sanctioned on the nation over the disappearance of Jamal Khashoggi – the...