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A New Role for Service Providers Amidst Energy Upheaval

In today’s energy industry, things are moving fast. The upheaval brought about by COVID-19 and exacerbated by the Russia-Saudi Arabia oil price war has been so profound that the International Energy Agency (IEA) has described the situation as “a once in a century event for energy demand”. This is supported by current IEA predictions which suggest a 6% drop in global energy demand in 2020 – seven times worse than the plunge in demand that followed the 2008 recession.Amid what the IEA has dubbed a “dismal” year for fossil fuels, the one bright spot is the performance

Image Credit: China Geologic Survey (File Photo)

Chinese Seismic Vessel Seen Moving Near Malaysia Amid Rising South China Sea Tensions

Asian Maritime Transparency Initiative (AMTI) said China has maintained a near-constant presence in Luconia Shoals, off the coast of Malaysia’s Sarawak state on Borneo.Last year, at least one China Coast Guard vessel spent weeks in waters close to an oil rig in a Vietnamese oil block, operated by Russia's Rosneft, while the Haiyang Dizhi 8 conducted suspected oil exploration surveys in Vietnam's EEZ. (Reporting by Rozanna Latiff in Kuala Lumpur and James Pearson in Hanoi; Additional reporting by Joseph Sipalan and A. Ananthalakshmi in Kuala Lumpur, Ain Bandial in Bandar Seri Begawan

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Offshore Drilling: It’s Going to Get Worse Before It Gets Better

month. Many are predicting a prolonged downturn in the oil market but there remains much uncertainty over its duration and depth. COVID-19 is having a catastrophic impact on oil demand and how long the various travel bans and lockdowns continue is anyone’s guess. In the meantime, Saudi Arabia and Russia’s fallout over oil production has released more supply into the market, and even a reconciliation there will not be enough to reverse the damage caused by the many millions of barrels a day of demand being taken out of the market. History tells us that eventually, the markets will recover but

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As Oil Crisis Deepens, Hedge Funds Sense a Turnaround

high prices in 2008, 2011 and 2018, and extreme lows in 1986, 1998 and 2008, lasted briefly in each case, usually just a few weeks or a couple of months.In this instance, extreme low prices have made most of the U.S. shale industry loss-making, prompting pressure from the White House on Saudi Arabia and Russia to end their volume war.The rapid accumulation of crude and fuel stocks along the supply chain threatens to overwhelm available storage capacity and bring production to a halt through a combination of ultra-low prices and capacity constraints.By the end of last week, the White House had described

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U.S. to send envoy to Saudi Arabia to Stabilize Oil Prices

the global oil market, officials said on Friday, as the U.S. scrambles to deal with a price crash so deep that regulators in Texas considered curbing production there for the first time in nearly 50 years.Oil prices have lost more than half their value in the last two weeks as Saudi Arabia and Russia kicked off a price war and the coronavirus pandemic destroyed demand. U.S. oil now trades at less than $23 a barrel.The crash has shocked the oil industry as a pact among OPEC and non-OPEC producers to cooperate imploded, triggering a production free-for-all.The United States is sending a special

(Photo: Allseas)

Allseas: No Plans to Resume Nord Stream 2 Work

Swiss-Dutch company Allseas Group said it has no plans to resume laying pipes for Russia's Nord Stream 2 gas pipeline project, Russian state news agency TASS reported on Monday.Russia said it has its own vessel to complete the construction of the Nord Stream 2 gas pipeline to Germany after Washington placed sanctions on the project.(Reporting by Andrey Ostroukh, editing by Louise Heavens)

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Allseas Suspends Nord Stream 2 Work

Swiss-Dutch company Allseas said last week it had suspended its pipe-laying activities in the Nord Stream 2 Russia-to-Germany natural gas pipeline in anticipation of U.S. President Donald Trump's signing of a defense policy bill."In anticipation of the enactment of the National Defense Authorization Act (NDAA), Allseas has suspended its Nord Stream 2 pipelay activities," the company said in a statement dated Dec. 21."Allseas will proceed, consistent with the legislation's wind down provision and expect guidance comprising of the necessary regulatory, technical and environmental

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Orca-1 is Largest Gas Discovery of the Year

analyst on Rystad Energy’s upstream team.Offshore continues to dominate exploration in 2019, both in terms of the number of discoveries and the volume of resources unearthed. Boosted by the find, Mauritania now ties Guyana for the second most discovered volumes this year, trailing closely behind Russia with 1.5 billion boe.“This type of significant discovery, along with the projects lined up, could help establish the African nation as a major player and exporter in the industry,” Shenga remarked.The Orca-1 was drilled about 7.5 kilometers from the crest of an anticline. This is reported

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LNGC Containment Market to Reach $16Bln By 2025

in the region. The U.S. is conventionally the key LNG supplier at the global landscape and is a crucial market for LNG carrier containments.Europe ranked third in the LNG carrier containment market in 2018 globally, due to the regional presence of developed economies of Germany, the UK, France, and Russia, growing preference for a clean source of energy, and rising environmental awareness among the regional population.The Middle East and Africa held a notable share of the global market for LNG carrier containment in 2018. The region historically has ample sources of natural gas and has contributed

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