Forced Pay-outs of Pandemic Claims Risk Insurers’ Financial Stability: Regulators Forcing retroactive pay-outs to cover business disruption losses resulting from the coronavirus pandemic could ultimately put financial stability at risk, global insurance regulators have said. Disputes over cover for businesses struggling to stay afloat…
Chubb appoints Guney Celik as regional head of marine for Eurasia & Africa Global (re)insurer Chubb has announced the appointment of Guney Celik as regional head of marine for Eurasia & Africa. In his new role he will take responsibility for the ongoing expansion…
Oil notched its first back-to-back weekly gain since February amid optimism around production cuts beginning to eat into a massive supply glut. Futures in New York climbed 25% last week. Explorers are cutting production in response to crude oil trading in the US$20-a-barrel range….
A global oversupply of oil resulting from lower demand due to the COVID-19 pandemic and high production level has seen the unprecedented shortage of storage capacities translating in high rates for floating storage. Tanker owners have been reporting high earnings for the first quarter…
Williams has reportedly landed a deal from Chevron and Total to move natural gas from the Anchor field development project in the deep-water Gulf of Mexico to an existing pipeline system. According to multiple online reports, Williams will develop an underwater pipeline to move…
France’s ambition to increase electricity production from renewable energy sources will make the country Europe’s fourth-largest offshore wind power producer in 2030, with 7.4 gigawatts (GW) of capacity in operation. The development is going full-steam ahead despite any potential cost or supply chain issues from…
North Dakota has launched a task force to help the oil industry and its service sectors recover from the demand shock of the coronavirus pandemic. The Bakken Restart Task Force is reviewing and will help organise regulatory streamlining, economic stimulus, and ideas for tax…
The oil price will hit US$100 per barrel in around 18 months. That’s what Orascom Investment Holding Chairman and CEO Naguib Sawiris believes, a new CNBC television interview has revealed. “I actually believe that in, let’s say, 18 months from now the oil…
When the supertanker New Vigorous arrived at the port of Antifer in northern France last Saturday, the 2nd May, it made a small bit of maritime history. The vessel, laden with two million barrels of crude, became the first in almost two years to…
WesternGeco has completed an ocean bottom nodes (OBN) multiclient survey in the North West El Amal block, offshore Egypt, for Neptune Energy. Neptune said on the 7th May that the North West El Amal survey delivered ‘promising results’ for further analysis. The project,…
