Iran’s private banks have reportedly laid the groundwork for setting up a joint bank with their counterparts in Iraq. Yahya Al-e Es’haq, head of Iran-Iraq Chamber of Commerce, is quoted as saying that the bank would operate under the regulations of central banks of…
The Lebanese Petroleum Administration (LPA) could launch Lebanon’s second offshore licensing round next month. This follows approval last May by the Council of Ministers to start preparations for the round. Speaking at the company’s Explorers Seminar in London last week, Jevon Hilder, Spectrum…
Westwood has identified a total of 199 exploration wells drilled across the UK continental shelf (UKCS) over the past ten years, in its report, UK Offshore Exploration Performance 2008-2017. The wells, drilled by 117 companies, targeted 26 plays and discovered 1.5 Bboe of commercial…
The International Energy Agency has moderated its global oil demand outlook, according to its October Oil Market Report. IEA now forecasts a growth of 1.3 million b/d for 2018 and 1.4 million b/d for 2019, respectively, a reduction of 110,000 b/d for both years from…
Lloyd’s commits to paying claims in ‘no deal’ Brexit Lloyd’s is working on transferring all European Economic Area (EEA) business to Lloyd’s Brussels before the end of 2020 via a Part VII transfer. In the event that the UK leaves the European Union before…
Lloyd’s Market Association Taps Ascot’s CEO Brooks as Chairman Andrew Brooks, chief executive officer of Ascot Underwriting Ltd, has been appointed the next chairman of the Lloyd’s Market Association (LMA), with effect from the 1st January 2019. Mr Brooks, who has served on the…
Woodside Energy Ltd has awarded KBR the Concept Definition engineering contract for the two gas floating production storage and offloading (FPSO) facilities for the proposed Browse to North West Shelf Development offshore Western Australia. “We are delighted to be awarded the Concept Definition engineering…
Malaysian FPSO specialist Bumi Armada has reportedly acquired a Very Large Crude Carrier from Ship Finance International. The sale of the VLCC was announced on the 1st October by the owner Ship Finance International, however, SFI at the time did not say who the buyer…
The Basra Oil Company (BOC) reportedly plans to increase production from 3.2 to 5 million barrels per day over the next seven years. According to Platts, BOC director Ihsan Ismaael told the CWC Basra conference in Istanbul that the increased production would be sustained…
A colour developed by Egyptians thousands of years ago has a modern-day application as well – the pigment can boost energy efficiency by cooling rooftops and walls and could also enable solar generation of electricity via windows. Egyptian blue, derived from calcium copper silicate,…
