Westwood Global Energy Group’s Post

Offshore support vessel (#OSV) owners are being affected by inflation and interest rate rises, although this is being offset by increasing demand, fleet utilisation and charter rates. Many of the issues, challenges and opportunities owners face will be debated during what is expected to be a lively industry-leading panel at Riviera’s Offshore Support Journal Conference, Asia #OSJAsia2024 held in Singapore, 17-18 September 2024. On the panel will be Tidewater managing director for Asia Pacific, Joanne Ang, Britoil Offshore Services head of subsea in Asia Pacific, Ernest Loh, MMA Offshore executive general manager for vessel services Stuart Edgar and Arus Jaya Oil & Gas managing director Vivek Khabya. They will share their view of the issues impacting their businesses as the #offshore #energy sector rides the upturn of a supercycle; how owners fare in a market of tight supply and high charter rates; coping with high inflation and limited access to finance; recruiting and retaining seafarers for growing #vessel #fleets; and navigating the #energy transition and #decarbonisation. Contact me for more information on this industry-leading event. Continued: https://lnkd.in/eWmh5faV

Myerson raises a crucial point highlighting the UK's heavy reliance on oil and gas, with a significant portion being imported. The decision on domestic production versus importation carries substantial implications, not only for energy security but also for economic and environmental factors. #ithacaenergy #ithaca #eni #oilandgas #ukenergy #northsea

📢Offshore Upstream News 🌍 Seatrium Limited Strikes Pioneering Partnership with TMS Cardiff Gas Ltd. for Eco-Friendly LNG Carrier Refits 💡 This partnership is set to revolutionize the Liquefied Natural Gas (LNG) carrier industry with a comprehensive refit and upgrade program for 17 LNG carriers in Singapore, aimed at enhancing sustainability and efficiency in maritime logistics. ✴Key Features of the Partnership: ▶Innovative Collaboration: The companies will engage in joint planning, information exchange, and experience sharing, setting new standards for collaboration in the maritime industry. ▶Sustainability and Efficiency: The heart of this partnership lies in its commitment to Quality, Health, Safety, and Environment (QHSE) standards, alongside ambitions for cost efficiency and adherence to delivery schedules. These objectives are crucial for high-quality LNG carrier maintenance and operations. ▶Comprehensive Refit Program: The contract encompasses extensive refits across 17 LNG carriers, marking a substantial investment in the future of eco-friendly and efficient maritime transport. Read the full article here: https://lnkd.in/diuhjtiP Don't miss our next 5th Edition of Shallow and Deepwater Mexico from October 8 to 10, 2024 in the Oil Capital of Mexico, Ciudad del Carmen, Campeche. #energy #upstream #oilandgas #oilandgasindustry #gulfofmexico #deepwater #onshore #offshoremx #offshoremxnews

📍#LNGShippingDeals 📍 ✅ Norwegian #Ocean #Yield has marked its entry 🎯 into the liquefied natural gas trade through a buy-in 🤝 into France’s #Geogas #LNG. ✅ The deal provides an indirect interest 🖋 of up to 34% in the LNG carrier owner, France LNG Shipping. ✅ The outfit, 50/50 owned 🤝 by Japan’s #NYK and #Geogas #LNG, has six 6️⃣ modern 174,000 cu m vessels on the water, with another two 2️⃣ units delivering in 2024 and 2025. ✅ Four additional 4️⃣ newbuilds, delivering in 2027, are expected to be novated to the company at or around the closing of the transaction, which Ocean Yield estimates will take place in the second half of 2024. ✅ All ships have already been contracted 💰 to European energy companies for 10 years on average or 14 years if extension options are exercised 📅. ✅ At the end of the first quarter 📅, Ocean Yield’s fleet counted 👉 64 wholly and partly owned vessels and vessels under construction, mostly in the three largest shipping segments. 📌 Source : Splash247 #lng #lngindustry #lngshipping #maritime #accidentinvestigation #safety #management 

🌊 Exciting Development in Offshore Energy! 🌊 Excited to announce the successful completion of the acquisition of the FPSO Polvo from BW Offshore for $50 million. This strategic move marks a significant milestone as the vessel prepares for redeployment at the promising Maromba field off the coast of Brazil. 🛠️ About FPSO Polvo: Originally serving in Brazil’s Polvo field, this vessel has completed 14 years of robust production. After its demobilization in 2021, it is now set for extensive refurbishments in China, gearing up for its next big mission. 🔍 Maromba Field Development: Having acquired interests from Petrobras and Chevron in 2019 for $115 million, the development plan for Maromba includes an initial three-well drilling campaign with the first oil expected in 2025 and a subsequent campaign of three more wells in 2027. At peak, the field is anticipated to produce between 30-40,000 barrels per day. 📈 Vessel Capabilities: The FPSO Polvo is equipped with a storage capacity of 1.2 million barrels, and upon completion of upgrades, will have an oil production capacity of 65,000 barrels per day and a water treatment capacity of 75,000 barrels per day. This acquisition not only enhances the asset base but also strengthens the commitment to sustainable and efficient energy production. A big thank you to everyone involved in making this complex transaction a success! #EnergyIndustry #OffshoreDrilling #FPSO #SustainableEnergy #OilAndGas #BWenergy #MarombaField #InnovationInEnergy

#HotOffThePress - Wärtsilä, in partnership with Chevron Shipping Company LLC, plans to convert one engine on six of Chevron Transport Corporation Ltd.’s LNG Carriers from dual-fuel (DF) to spark gas (SG) operation. The conversions are intended to reduce greenhouse gas emissions by lowering methane slip in support of Chevron Shipping’s broader efforts to reduce the carbon intensity of its operations. This marine industry first was made possible after two years of collaboration between the companies. "This innovative project represents a notable step forward on the road to advancing lower carbon fleets. Wärtsilä has an extensive track-record in reducing methane slip from LNG-fuelled engines, not only as newbuild solutions, but also through retrofitting existing installations.” - Roger Holm, President of Wärtsilä Marine & Executive Vice President at Wärtsilä Corporation. For more information 👉 https://ow.ly/laYy30sGGTF #PressRelease #sustainability #decarbonisation

#HotOffThePress - Wärtsilä, in partnership with Chevron Shipping Company LLC, plans to convert one engine on six of Chevron Transport Corporation Ltd.’s LNG Carriers from dual-fuel (DF) to spark gas (SG) operation. The conversions are intended to reduce greenhouse gas emissions by lowering methane slip in support of Chevron Shipping’s broader efforts to reduce the carbon intensity of its operations. This marine industry first was made possible after two years of collaboration between the companies. "This innovative project represents a notable step forward on the road to advancing lower carbon fleets. Wärtsilä has an extensive track-record in reducing methane slip from LNG-fuelled engines, not only as newbuild solutions, but also through retrofitting existing installations.” - Roger Holm, President of Wärtsilä Marine & Executive Vice President at Wärtsilä Corporation. For more information 👉 https://ow.ly/w3Ux30sGZ3u #PressRelease #sustainability #decarbonisation

🚢 Exciting News in the LNG Industry! 🚢 BW Group has made a significant move in the LNG market by acquiring two TFDE LNG carriers from Stena Bulk. This acquisition marks a strategic step forward for BW Group, reinforcing its position as a key player in the global LNG transportation sector. The addition of these two vessels underscores BW Group's commitment to enhancing its fleet and expanding its capabilities in serving the growing demand for LNG transportation, particularly in the dynamic Asian market. With LNG emerging as a crucial component of the global energy transition, this acquisition aligns perfectly with the industry's increasing focus on cleaner energy alternatives. These TFDE LNG carriers bring state-of-the-art technology and efficiency to BW Group's fleet, enabling the company to deliver reliable and cost-effective solutions to its customers while also contributing to sustainability efforts through cleaner energy transportation. As the world continues to move towards a more sustainable energy future, investments and developments in the LNG sector play a pivotal role. The acquisition of these LNG carriers by BW Group exemplifies the industry's proactive approach towards meeting evolving energy needs while also addressing environmental concerns. Congratulation to BW Group on this milestone achievement and look forward to witnessing the positive impact these acquisitions will have on the LNG industry and beyond. #LNG #EnergyIndustry #BWGroup #Sustainability #EnergyTransition #LNGTransportation #CleanEnergy #AsiaLNG #TFDELNGCarriers #StenaBulk

#HotOffThePress - Wärtsilä, in partnership with Chevron Shipping Company LLC, plans to convert one engine on six of Chevron Transport Corporation Ltd.’s LNG Carriers from dual-fuel (DF) to spark gas (SG) operation. The conversions are intended to reduce greenhouse gas emissions by lowering methane slip in support of Chevron Shipping’s broader efforts to reduce the carbon intensity of its operations. This marine industry first was made possible after two years of collaboration between the companies. "This innovative project represents a notable step forward on the road to advancing lower carbon fleets. Wärtsilä has an extensive track-record in reducing methane slip from LNG-fuelled engines, not only as newbuild solutions, but also through retrofitting existing installations.” - Roger Holm, President of Wärtsilä Marine & Executive Vice President at Wärtsilä Corporation. For more information 👉 https://ow.ly/Kgbe30sGBVa #PressRelease #sustainability #decarbonisation

#HotOffThePress - Wärtsilä, in partnership with Chevron Shipping Company LLC, plans to convert one engine on six of Chevron Transport Corporation Ltd.’s LNG Carriers from dual-fuel (DF) to spark gas (SG) operation. The conversions are intended to reduce greenhouse gas emissions by lowering methane slip in support of Chevron Shipping’s broader efforts to reduce the carbon intensity of its operations. This marine industry first was made possible after two years of collaboration between the companies. "This innovative project represents a notable step forward on the road to advancing lower carbon fleets. Wärtsilä has an extensive track-record in reducing methane slip from LNG-fuelled engines, not only as newbuild solutions, but also through retrofitting existing installations.” - Roger Holm, President of Wärtsilä Marine & Executive Vice President at Wärtsilä Corporation. For more information 👉 https://ow.ly/5mX330sGBpp #PressRelease #sustainability #decarbonisation