Author: omc_admin

China is not buying LNG on the spot market despite a seasonal increase in demand for electricity for air-conditioning, Bloomberg has reported, noting traders had been hoping for a price jump in spot LNG. It seems, however, from China’s perspective, spot LNG is already quite expensive.“We expect that China’s LNG imports will remain weak in the second half of the year, amid subdued demand, higher piped gas imports and an uncertain macroeconomic outlook,” International Energy Agency gas analyst Gergely Molnar told the publication.Meanwhile, natural gas deliveries via pipeline from Russia are set to jump by 25%, the report also said,…

EnerMech Limited has secured a three-year contract with Dana Petroleum Limited for Offshore Shutdown Support Services for the Triton floating, production, storage, and offloading (FPSO) vessel. The fixed-term contract includes a couple of two-year extension options, EnerMech said in a media release. The Triton FPSO is located approximately 120 miles east of Aberdeen in the North Sea. EnerMech noted Dana Petroleum has operated the Triton FPSO since 2012, playing a key role in the region’s energy landscape since oil production began in 2000. Under the agreement, EnerMech will incorporate its own System Integrity Management (SIMPro) software. This technology offers complete…

EU markets regulator the European Securities and Markets Authority (ESMA) announced the release of a new thematic note aimed at guiding market participants including issuers and fund managers on its expectations for sustainability-related claims, and avoiding greenwashing risks in investor communications. Marking the first in a series of thematic notes, the new publication focuses on ESG credentials, or claims made primarily in retail investor-focused communications such as references to qualifications, labels, ratings, certificates, which ESMA said “can be misleading in several ways. For instance, by overstating the significance of having a given label, of receiving an ESG award, of being…

Offshore drilling services provider Valaris Limited has secured more work for two of its units. The company said in a media release it has secured a 940-day contract extension for drillship Valaris DS-16, starting in June 2026. It has also secured a new 914-day contract for drillship Valaris DS-18, expected to start in the mid-fourth quarter 2026, with Anadarko Petroleum Corp., a wholly-owned subsidiary of Occidental, in the Gulf of America. The combined addition to the contracted revenue backlog is approximately $760 million, Valaris said. “We’ve secured approximately $1.9 billion in new contract backlog so far this year, reflecting solid…

Petroliam Nasional Berhad (Petronas) has formalized several key agreements with the Sabah government, focusing on the responsible development of the state’s energy resources. Petronas said in a media release the event marked a significant milestone in Sabah’s energy growth with the official handover of the Sabah Gas Strategy, a project led jointly by Petronas and the state government. Guided by the Sabah Joint Coordination Committee, the strategy was crafted by a Joint Task Force including Petronas, SMJ Energy Sdn. Bhd., Sabah Energy Corp. Sdn. Bhd., the Energy Commission of Sabah, and the Ministry of Industrial Development and Entrepreneurship. Petronas added…

BP Plc signed an accord with Libya’s National Oil Corp. to study reviving two huge oil fields in the African nation.  The focus on Libya, one of Africa’s largest oil producers and a member of the Organization of the Petroleum Exporting Countries, comes as the company has pivoted away from its failed low-carbon strategy to focus more on fossil fuels.  The memorandum of understanding provides a framework to assess a range of technical data and work together to evaluate opportunities, the UK energy giant said Tuesday in a statement.  “This agreement reflects our strong interest in deepening our partnership with…

Exxon Mobil signaled on Monday that lower oil and gas prices could cut its second-quarter earnings by about $1.5 billion from the previous quarter’s level.The earnings snapshot from the largest US oil producer is closely watched for clues on how the broader oil sector will fare when companies begin releasing quarterly results in a few weeks.Benchmark Brent crude prices averaged $66.71 per barrel during the April to June quarter, an 11 per cent decline from the previous quarter, as more crude supply from the OPEC+ group of producers weighed on prices. US natural gas prices declined 9 per cent from…

Chevron is preparing for a quick finalization of the Hess Crop. Acquisition, even as the two still await the decision of the arbitration court on Exxon’s right to first refusal on Hess’s stake in the Stabroek Block in Guyana.Reuters reported the news, citing unnamed sources and “an industry analyst”, who said that Chevron was even working on severance packages for some Hess employees who would be let go after the tie-up.Yet for that to happen, the International Chamber of Commerce needs to rule in Chevron’s favor. The dispute that the ICC ruled on earlier this month but has yet to…

Exxon Mobil Corp. and QatarEnergy have made another natural gas discovery in Block 10 offshore Cyprus, the presidential office said Monday. “The ‘Pegasus-1’ well, located about 190 kilometers offshore southwest of Cyprus, indicated approximately 350 meters of gas-bearing reservoir”, the presidency said in an online statement after meeting with ExxonMobil officials. The well was drilled by Valaris DS-9 in 1,921 meters (6,302.49 feet) of water, according to the statement. “Further assessment will be required in the coming months to evaluate the results”, the statement added. This is the second discovery in the block, which, according to ExxonMobil, spans 635,554 acres…

BELGRADE, Serbia (AP) — A severe hail storm ripped trees and roofs in Croatia on Tuesday while hundreds of fires raged in neighboring Serbia following a period of extremely hot weather in parts of the Balkan region. A brief but powerful storm hit Croatia’s Adriatic Sea port of Split during the morning on Tuesday. High winds and hail damaged the roof of the city’s soccer stadium and caused a ferry to slip its moorings at the port which then hit two other vessels, one of which sank. At least three people were injured in the storm, and material damage across…