By David Wethe, Dawn McCarty and Olivia Rockeman (Bloomberg) --Chesapeake Energy Corp., the archetype for America’s extraordinary shale-gas fortunes, filed for bankruptcy, becoming one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global lockdown. The Oklahoma City-based company filed for Chapter 11 protection from creditors in U.S. … [Read more...]
Offshore Drillers Still Seeking Recovery Enjoyed by Shale
By Bailey Lipschultz (Bloomberg) -- While oil drillers in U.S. shale basins are starting to see business come back, their offshore brethren will have to wait for prices to surge well above $60 a barrel. U.S. offshore operators like Diamond Offshore Drilling Inc. and Atwood Oceanics Inc. are down more than 15 percent in the last month, as companies focus on onshore … [Read more...]
MHI Secures Orders for Next-Generation LNG Carriers to Transport U.S. Gas
Tokyo-based Mitsubishi Heavy Industries said Wednesday it has secured two orders from Japanese clients to build next-generation LNG carriers to transport U.S. gas. MHI says that one LNG carrier each will be delivered to two joint ventures that Chubu Electric Power Co. has established with Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line), … [Read more...]
Aker Evaluating Jones Act Investment Strategy
Aker ASA controlled Converto Capital Fund is looking at ways to restructure or possibly merge American Shipping Company ASA and Aker Philadelphia Shipyard as it looks to capitalize on booming U.S. shale production and a strong Jones Act market. Converto is the principle shareholder in both AMSC and Aker Philadelphia, and is 99.8% owned by Aker ASA. Aker said in a … [Read more...]
Alaskan Crude Exported to South Korea Aboard U.S.-Flagged Tanker
By Jonathan Leff and Meeyoung Cho NEW YORK/SEOUL, Sept 30 (Reuters) - The first U.S. export of Alaskan crude to South Korea in more than a decade set sail at the weekend, according to a company source and shipping data, marking another milestone as booming shale oil output forces domestic drillers to seek new customers. The Suezmax Polar Discovery loaded at the Valdez … [Read more...]