By Paul Burkhardt (Bloomberg) --Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of exploration in a frontier area. The Odfjell Deepsea Stavanger has left Bergen in Norway for the southern tip of Africa, Africa Energy Corp., Total’s partner in the project, said Thursday. While drilling work has dropped off … [Read more...]
Dry Bulk Shipping is Shrugging Off COVID-19. For Now
By Firat Kayakiran (Bloomberg) --The cost of moving commodities like coal and iron ore across the world’s oceans is surging as China lifts cargo purchases. Whether the rally will withstand the economic aftershocks of the coronavirus is a thornier question. Rates for giant capesize ships climbed to almost $31,000 a day on Wednesday, almost certainly the highest for the time … [Read more...]
Saudi Arabia Makes Good on OPEC+ Oil Cuts
(Bloomberg) -- Saudi Arabia seems to have made good on its promise to cut oil production by a record amount in June. Observed Saudi crude exports for this month fell to 5.7 million barrels a day through June 29, the lowest since Bloomberg began tracking the flows at the start of 2017. That compares with 6.2 million a day in May. It’s a reduction equivalent to more than seven … [Read more...]
Norway’s $2.6 Billion Carbon Capture Bet Could Help Save the Planet
By Akshat Rathi (Bloomberg) -- Plentiful reserves of fossil fuels and rich seams of valuable minerals are no guarantee of national health, wealth or happiness. The “resource curse” has blighted many countries: Venezuela and the Democratic Republic of Congo, for example, have suffered from years of graft, civil unrest and poverty. After discovering oil in the 1960s, Norway … [Read more...]
Samsung Heavy, Bloom Energy Partner to Develop Zero-Emissions Cargo Vessels
By Dimitra Kessenides and Kyunghee Park (Bloomberg) --Samsung Heavy Industries Co. and Bloom Energy have announced an agreement to develop cleaner power for ships by jointly designing fuel cell-powered vessels that will reduce carbon emissions and help improve air quality. The plan is to initially develop eco-friendly vessels that carry liquefied natural gas and will be … [Read more...]