Author: omc_admin
About a year ago, I presented a hypothetical but instructive scenario regarding offshore operations in the frigid, remote waters of the North Sea. Recall: A seal ruptures on a subsea control module, halting production. The nearest replacement is thousands of miles away. In situations like this, equipment failure can mean days or even weeks of costly downtime. But it’s not just output that’s at stake: personnel safety, operational risk and environmental exposure are all heightened. It was exactly this kind of challenge that inspired the development of the first edition of API Standard 20S, Additively Manufactured Metallic Components for Use…
Shares were mostly lower in Asia on Tuesday, trading in a narrow range after U.S. markets were closed Monday for the Memorial Day holiday. U.S. futures were and oil prices slipped. Data on consumer confidence and housing prices were due out later on Tuesday. In Tokyo, the Nikkei 225 lost 0.2% to 37,451.60 after the governor of the central bank said he anticipated raising interest rates in coming months due to inflationary pressures.Bank of Japan Gov. Kazuo Ueda said in a speech that Japan was facing pressure from rising food prices, with rice prices doubling in the past year. Inflation…
(Bloomberg) – A boom in sales of drilling rights in western Canada’s oil heartland of Alberta is fading as U.S. President Donald Trump’s trade war and OPEC+ production increases hammer crude prices. The average price paid to lease oil sands lands for development tumbled to C$771 per hectare this year, according to provincial data. That’s down 18% from last year’s average, which was the highest since 2007. For lands outside of the oil sands, the price has fallen 25%. The slumping land prices are an early sign the Canadian drilling boom spurred by last year’s completion of the…
(Bloomberg) – Oil fluctuated as the market weighed easing trade tensions against the outlook for rising OPEC+ supply. Brent traded below $65 a barrel, erasing earlier gains. U.S. President Donald Trump extended the deadline for higher tariffs on the European Union, triggering a global relief rally. But crude prices remain under pressure as OPEC and its allies consider another bumper output hike. “Commodity markets have responded as expected to Trump delaying tariffs on the EU,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “The OPEC+ meeting is clearly also a focus given the risk of another bumper…
According to analysts at GSC Commodity Intelligence – “we are witnessing a fundamental repricing. Gold is firmly cementing its status as the only safe-haven the world trusts. One that doesn’t come with a Central Bank, a deficit or a downgrade risk”. The age of debt is cracking and the age of Gold is beginning. Gold Is No Longer A Hedge – It’s The Trade of The Decade Amid this growing uncertainty, Gold has re-emerged not just as a hedge, but as a monetary alternative. Central banks added more than 1,100 tonnes to their reserves in 2024 – the highest on…
US President Donald Trump said his administration’s talks with Iran over the weekend were “very good,” as he pushes to limit the Islamic Republic’s nuclear program. “We had some very good talks with Iran yesterday and today, and let’s see what happens,” Trump told reporters on Sunday at the Morristown Airport in New Jersey on his way back to Washington. “I don’t know if I’ll be telling you anything good or bad over the next two days, but I have a feeling I might be telling you something good.” US and Iranian officials held talks in Rome on Friday. The…
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Nicolas Maduro has solidified his power over Venezuela following this weekend’s regional and parliamentary election, which his ruling party said it won in a landslide, while the opposition called for a boycott of the vote and claims turnout was below 15%.Maduro, who has ruled the country with the world’s largest crude oil reserves since 2013, could incur even more sanctions from the United States on the oil industry and state oil firm PDVSA.Venezuela’s electoral council, which is dominated by Maduro loyalists, said that the ruling United Socialist Party of Venezuela, PSUV, won governorship in 23 out of the 24 states.…
Oil production has started from the fourth development phase of the Mero field off the coast of Rio de Janeiro, Brazil, in the pre-salt area of the Santos basin. The field is operated by Petrobras (38.6%), with TotalEnergies and Shell Brasil each holding 19.3% working interest. Launched in August 2021, this new phase called “Mero-4” will connect 12 wells to the new Alexandre de Gusmão FPSO (Floating Production, Storage and Offloading) unit, with a production capacity of 180,000 barrels of oil per day (bpd). This project has been designed to minimize greenhouse gas emissions, with reinjection of the…
The world is full of complex issues. Ordinary people cannot follow every one of them in their daily lives. Sometimes time is limited, and sometimes knowledge is. That is likely why academics and experts are needed. As professionals, they can devote their time and expertise to tackling difficult challenges. One such challenge is North Korea’s denuclearization. It is a difficult and complicated matter. But there is someone who has explored this subject with passion, expertise, and perseverance for a long time. My review of existing studies shows that Dr. Chan Young Bang, an esteemed expert on North Korea who leads…