EnergyWatch

Oil & Gas

Ineos executives relocate to tax haven

Jim Ratcliff, majority share holder and founder of chemical multinational Ineos, which purchased Danish utility Ørsted's oil and gas fields, is among the UK's richest individuals.

Europe to import more LNG from the US

The US wants to export more LNG to Europe, and the continent is prepared to accepted it, provided the price is competitive, says the EU Commission president according to Bloomberg.

Trafigura to build large oil terminal in Texas

Swiss-based commodity trader Trafigura has filed for permission to build a terminal in Texas which can be used by the largest oil tanker vessels. The project will facilitate the growing export of US crude oil.

Analysts see USD 90 oil price after Iran sanctions

While the oil price has already increased significantly this year, offshore companies and carriers may be the ones who benefit most. According to the founder of US Energy Aspect, Amrita San, US sanctions against Iran will push up prices from the beginning of November.

Trade war hits US export of LNG and crude oil

An unintentional consequence of US President Donald Trump's trade war on China is that China proposes to impose tariffs on the import of LNG and crude oil from the US, according to Reuters.

Shipowners accuse OW Bunker of acting in "bad faith"

A number of shipowners wants a US court to determine whether OW Bunker continued to sell oil even though senior management knew the company was beyond recovery. If determined, it could open up for damage claims in the US, says lawyer.

The oil and gas industry is prepared to enter another huge market

The market for decommissioning offshore oil and gas rigs as well and wind farms is emerging, and several operators are now starting to negotiate agreements and enter contracts, tells partner and attorney at Danish law firm Poul Schmidt, which provides legal council to the industry.

Maersk lowers expectations for full-year result

Maersk lowers its expectation for the full-year result for 2018 due to, among other issues, high fuel costs. The company also reveals some of the financial details of its half-year report to be published Friday 17 August.

Prosafe lands deal with Cosco for problem rigs

Accommodation rig company Prosafe has settled a large deal with Cosco's yard in Qidong, which provides some financial buffering for Prosafe and will halt repeated delays of hotel rig deliveries.

Subsea 7's bottom line close to halved in Q2

The Luxembourg-based offshore carrier saw its bottom line decline significantly in the second quarter with fewer finished projects and lower prices. The number of new orders in the market has increased, however, says CEO Jean Cahuzac.

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