The Supreme Court of Canada is hearing a controversial case this week concerning who is responsible for cleaning up toxic industrial sites when a company goes bankrupt. At stake is potentially billions of dollars in environmental clean-up costs. And entities ranging from governments to…
Fugro will start work this spring on a US$40-million contract from Guangzhou Marine Geological Survey (GMGS) to investigate gas hydrate potential on the northern continental slope of the South China Sea. This is Fugro’s fifth gas hydrate field research program for GMGS: the two…
Spain’s Repsol has agreed to sell its 20 percent stake in Gas Natural to CVC Capital Partners for €3.82 billion (US$4.69 billion), a move which could allow the oil major to restart investment after years of debt reduction. Repsol will sell the stake to…
Explorers are once again testing the waters in their search for oil, according to Transocean Ltd, the world’s biggest offshore rig contractor by market value. Drillers worldwide are forecast to boost new commitments for all types of offshore work by 140 percent this year,…
A search for gas off Cyprus will benefit all the ethnically divided island’s citizens and will continue as planned despite Turkey’s efforts to interfere, the Cypriot president said on the 21st February. President Nicos Anastasiades said in a statement that any potential wealth generated…
Mozambique LNG1 Company, the jointly-owned sales entity of the offshore Mozambique Area 1 partners, has entered into a long-term LNG sale and purchase agreement (SPA) with Électricité de France (EDF). Under the off-take agreement, the partners will supply 1.2 MMt/yr of LNG (from two…
CGG GeoConsulting and the Petroleum Corporation of Jamaica (PCJ) have announced the discovery of two independent live oil seeps from different parts of the island of Jamaica. This significant find marks the first documented occurrence of ‘live’, or flowing, oil from onshore Jamaica and…
Eco (Atlantic) Oil & Gas has provided an operations update on its Orinduik Block offshore Guyana. Eco (Atlantic) Guyana Inc, the company’s subsidiary, currently holds a 40% Working Interest (‘WI’), and Tullow Oil, Operator, holds a 60% WI. Highlights: Eco and Tullow have identified…
By 2040 the world could be powered by the most diverse fuel mix ever, with oil, gas, coal, and renewables each accounting for a quarter of the world energy. This is according to 2018 edition of BP’s Energy Outlook published on the 21st February…
The latest discussions between OPEC and its oil-producer allies concluded that the supply glut is dissipating at a faster pace than previously anticipated, say people familiar with the matter. After about four years of surplus, the global market will finally rebalance in the second…
