Political risk “difficult new contributor” to nat cat losses: PCS The role political risk plays in relation to natural catastrophes losses requires much more consideration by the (re)insurance community, a new report by PCS has highlighted. As Delta approaches the US, a new report…
World oil demand will plateau in the late 2030s and by then begin to decline, the Organisation of the Petroleum Exporting Countries (OPEC) said in its 2020 World Oil Outlook. OPEC said on the 9th October that the plateau and subsequent decline would be…
Poland’s antitrust watchdog has slapped a $7.6 billion fine on Gazprom PJSC over the Nord Stream 2 pipeline, opening a new front in the bitter political battle over the natural gas project. The surprise move on the 7th October raises a whole set of legal…
Noble Corporation has announced that the ultra-deep-water drillship Noble Tom Madden has been awarded approximately 6.5 years of additional contract term under the Commercial Enabling Agreement (‘CEA’) with ExxonMobil for work offshore Guyana. The Noble Tom Madden was previously contracted until mid-February 2024 and…
A group of the world’s largest companies with shipping activity will for the first time assess and disclose the climate alignment of their shipping activities. The group includes Shell, Total, Ørsted and major other charterers of shipping services. United Nations agencies estimate the…
Deep Casing Tools (DCT) and regional partner EFTECH have run three more Turborunner tools for Shell Sarawak. The programme, commissioned in 2018, covered horizontal well completions in six new wells to ensure that TD could be reached. All work was performed from the Velesto…
Angola’s National Oil, Gas and Biofuels Agency (ANPG), ExxonMobil, and Sonangol have signed three agreements extending prospecting and exploration activities to Namibe basin, an unexplored area offshore Angola. The agreements increase the exploration area over 17,800 sq km in the previously unexplored maritime zone….
Ampol’s Lytton oil refinery in Brisbane is facing permanent closure despite a recent federal government proposed A$2.5 billion fuel security package for the refining industry. The Lytton plant has recorded a A$82 million loss for the September quarter bringing its total losses to A$141…
The UK Oil and Gas Authority (OGA) has announced that it has awarded a carbon dioxide appraisal and storage licence to Eni UK Limited. Under the licence, which will cover an area located within the Liverpool Bay region of the East Irish Sea, Eni…
Russian oil and gas company Lukoil and Kazakhstan’s state-owned company KazMunayGas (KMG) have signed an agreement for future obligations on the Al-Farabi Project in the Kazakh Sector of the Caspian Sea. The agreement between the two companies was signed by Lukoil President Vagit Alekperov…
