Malaysian billionaire Ananda Krishnan dies at 86
His private investment firm announced that Ananda Krishnan died at age 86. He had a wide range of business interests, from oil and natural gas to telecommunications. The cause of death has not been determined. The tycoon avoided publicity, but became known internationally in the mid-1980s after he helped fund the Live Aid concert organised by rock star Bob Geldof. He started out as a young businessman by setting up a consultancy. Later, he ventured into the oil trading sector and gambling.
Mozambique's election is likely to be tense, with the ruling party winning.
Mozambique will vote on Wednesday, in a highly charged general election that is likely to result in victory for the ruling Frelimo party, which has governed this Southern African nation since its founding in 1975. Four candidates are in the running to replace President Filipe Nyusi who is leaving office after two terms. Daniel Chapo is the favourite, a 47-year-old lawyer who is a popular choice among businessmen and seen as a new face for the party.
Battery-Electric Surge: ESS Scales Up in Maritime
Ask the right government department in any G7 state and you’ll find funding to put battery power for your vessel. Beyond funds, new battery makers and system integrators are ironing out safety issues, and a growing number of giga-sized cell factories offer hope that costs will fall for marine energy storage, as ESS choice grows. Efforts are also underway to recycle rare earth elements and to augment or greenify staggeringly high plant electricity inputs.
HMP Buys Two 'Eco-friendly' VLCCs
The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development financial institution, and the National Bank of Fujairah (NBF) signed a five-year $108 million debt finance facility with Hartree Maritime Partners, LLC (HMP), the shipping affiliate of Hartree Partners, a global energy and commodities firm, with the aim to help boost maritime sustainability.The facility, in which APICORP acted as the Mandated Arranger and Facility Agent…
Exxon Suspended from Climate Advocacy Group It Helped Form
Exxon Mobil Corp was suspended from advocacy group Climate Leadership Council (CLC) that looks to make policies to address climate change, the CLC said on Friday.The move comes a little over a month after an Exxon lobbyist said the company supports a carbon tax publicly because the plan to curb climate change would never gain enough political support to be adopted.
Vysus Group Acquires Promaps Technology
Engineering and technology consultancy Vysus Group has acquired Norwegian based software firm, Promaps Technology.This is the first acquisition for Vysus Group, which was itself created recently following a strategic carve-out from Lloyd’s Register.As for Promaps Technology, the company was established in 2017 in Bergen, Norway. It has developed software that allows grid owners and operational teams to accurately monitor and predict disruption in electricity grid systems.
NOIA Elects Cobb, McCarroll to Board Leadership Roles
The National Ocean Industries Association (NOIA) Board of Directors has elected Galen Cobb, Vice President of Industry Relations of Halliburton, as Chairman and Matt McCarroll, President & CEO of Fieldwood Energy, as Vice Chairman for the 2020-21 term. Cobb and McCarroll were confirmed in their positions during a virtual Board Meeting today.NOIA President Erik Milito said, “As the offshore industry continues to navigate unprecedented energy uncertainty…
Santos Acquires ConocoPhillips’ Northern Australia Interests
Santos announced it has acquired ConocoPhillips’ northern Australia business with operating interests in Darwin LNG, Bayu-Undan, Barossa and Poseidon for US$1.39 billion plus a $75 million contingent payment subject to FID on Barossa.Matt Fox, ConocoPhillips executive vice president and chief operating officer, said, “While we believe the Darwin LNG backfill project remains among the lower cost of supply options for new global LNG supply…
Qatar Invests in US Midstream Crude firm
Qatar's sovereign wealth fund Qatar Investment Authority (QIA) has purchased a significant stake in US-based Oryx Midstream Services, the largest privately held crude midstream provider in the Permian Basin.The stake was acquired from an affiliate of Stonepeak Infrastructure Partners. Oryx serves clients in the Permian Basin.Additionally, QIA has pledged to invest in the development of Oryx alongside Stonepeak. The total investment by QIA will be $550m.Since its founding in 2013…
The Fundamentals of AI in Oil and Gas
The oil and gas industry has cutting-edge technology when it comes to the processes of drilling for oil, but when it comes to invoicing and scheduling crews and equipment, the technology is rather basic. On top of the antiquated technology for administration work, the oil and gas industry faces challenges of working in unconnected environments and complex pricing of their products and services.When taking into consideration these challenges…
Dutch-Aussie Team Targets Safer Blade Lifting
Dutch maritime contractors Van Oord and heavy lifting and transport specialist Mammoet are cooperating with Australian start-up Verton to design a new lifting method for installing wind turbine blades.The technology specialist was scouted after being selected to participate in the maritime innovation platform PortXL in Rotterdam.The cooperation is seeking to develop a way to shorten the installation cycle times and make installation safer for operators.
Greek PM May Seek Sanctions Against Turkey in Gas Row
Greece and Cyprus will push their EU partners to penalize Turkey, including the possible option of sanctions, if Ankara is verified to have started drilling for gas west of Cyprus, Greek Prime Minister Alexis Tsipras said on Sunday.The discovery of lucrative energy reserves in the eastern Mediterranean has drawn into sharper focus long-standing tensions between Turkey and the Greek Cypriot government.A Turkish drill ship has been anchored west of Cyprus since May.
Oil Falls Near 2% as U.S.-China Trade War Intensifies
Oil prices slipped nearly 2 percent on Tuesday, on track to fall to their lowest levels in over a month as renewed doubts over U.S.-China trade talks stoked concerns over global growth and demand even though U.S. sanctions on Iran and Venezuela tightened supply and helped stem losses.Brent futures were down $1.36, or 1.9 percent, at $69.88 a barrel by 10:39 a.m. EDT (1439 GMT), while U.S. West Texas Intermediate crude was down $1.14…
Revenue Leakage: A Cost of Doing Business or Ripe for Change?
Talk to any business leader in the oil and gas industry and they’ll likely tell you that revenue leakage is an unfortunate cost of doing business. It’s no secret, it’s just something that happens. And most CFOs don’t know that there are solutions that can help them save their companies tons of money, and who doesn’t want that?But this usually requires the implementation of new technologies, not something that the majority of oil and gas professionals often embrace.
BP Dishes Greater Tortue Ahmeyim Contracts
Oil major BP has awarded subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment contracts to services providers McDermott International and Baker Hughes, a GE company (BHGE), for the Greater Tortue Ahmeyim natural gas project, located offshore Mauritania and Senegal.The Tortue/Ahmeyim gas field is located offshore on the border between Mauritania and Senegal, and contains an estimated…
Oil Dips on U.S. Manufacturing Data
Oil prices reversed course on Friday, falling 2 percent as bearish U.S. manufacturing data stoked concerns over global energy demand growth.The ISM manufacturing activity index in February sank to the lowest since November 2016, and was below expectations.U.S. West Texas Intermediate futures fell $1.11 to $56.11 a barrel by 11:15 a.m. EST (1615 GMT). The contract had earlier hit a high of $57.88.Global benchmark Brent crude futures for May fell $1.26 to $65.05 a barrel…
Oil Steady, Supported by OPEC Cuts
Record U.S. output, exports offset some of OPEC's cuts.Oil prices were broadly steady on Friday as surging U.S. supply and concerns of a global economic slowdown were offset by falling OPEC output.International Brent crude futures were at $66.39 per barrel at 1231 GMT, up 8 cents from Thursday's settlement.U.S. West Texas Intermediate (WTI) crude oil futures were at $57.38 per barrel, up 16 cents."Oil prices are finely balanced in today's trading session…
Oil, Gas Majors Join Blockchain Consortium
A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas Blockchain Consortium.The OOC Oil…
Singapore MPA, Société Générale Join LNG Advocacy Group
The liquefied natural gas (LNG) advocacy group SEA\LNG has announced the appointment of Paul Taylor representing Société Générale and Capt M. Segar representing MPA (The Maritime and Port Authority) of Singapore as Directors of SEA\LNG Ltd.Following elections last December, Tahir Faruqui and Xavier Pfeuty also join the SEA\LNG Board as new directors representing Shell and Total Marine Fuels respectively.Welcoming them to the Board…
Motive Offshore Appoints Brebner as Finance Director
Motive Offshore Group, which is headquartered in Boyndie, Aberdeenshire, has seen a record turnover for 2018 and is set to exceed its projected 20% increase on the previous year.To support founding directors James Gregg and Dave Acton with their ongoing growth strategy for the business, John Brebner has joined the management team as finance director as Motive plans to start on the acquisition trail in 2019.Brebner, who has been a non-executive director on Motive’s board since February last year…
