article thumbnail

Oil Tanker Explodes Off Libyan Coast

OilPrice

The ship that carried about 1 million barrels of crude oil sustained a blast on June 27, a spokesperson for operator TMS Tankers told Reuters on Monday. The tanker had left the Libyan port of Zuetina and was en route to Gibraltar when an explosion occurred in the engine room.

Oil 312
article thumbnail

India’s Oil Imports Hit Record High as Demand Surges Past China

OilPrice

India is fast cementing its status as the worlds top engine of oil demand growthovertaking China earlier than expected and showing no signs of slowing down. million barrels per day (bpd), and then rise another 4.3% According to OPECs latest Monthly Oil Market Report, Indias oil demand is projected to grow by 3.4% in 2025 to 5.74

Oil 319
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Permian oil producers face higher costs with new saltwater rules

Oil & Gas 360º

(Oil Price) – As if WTI oil prices in the low $60s per barrel aren’t enough to slow production growth at America’s top producing shale basin, the Permian, new guidelines for permitting saltwater disposal wells could raise the costs for operators, especially smaller producers with limited resources.

article thumbnail

Oil Tanker Suffers Unexplained Blast Weeks After Russia Call

Rigzone

Image by Pattadis Walarput via iStock A tanker hauling 1 million barrels of oil suffered an explosion while near Libya, its manager said Monday. The blast caused water intake and the vessel’s engine room is flooded, a spokesperson for TMS Tankers said. Exactly what caused the explosion was unclear, they added.

Oil 62
article thumbnail

The heart of the US oil boom is slowing

Oil & Gas 360º

produced about 5 million barrels of crude oil per day, down by half from the 1970s. With even remote fields like Alaskas North Slope sputtering and the cost to find and extract an additional barrel of oil rising, collapse loomed. That $62 per barrel break-even price in Midland is up from $46 in 2017. Twenty years ago, the U.S.

Oil 130
article thumbnail

EnerMech Awarded Decommissioning Contract by ExxonMobil

Rigzone

The project scope includes decommissioning the subsea flowlines, marking EnerMech’s first major decommissioning campaign in the region, the Aberdeen, Scotland-based engineering services firm said in a news release. Financial terms of the contract were not disclosed.

article thumbnail

Drilling Oil and Gas: A Beginner’s Guide

PetroSync

Yet in the back of each barrel of crude oil extracted lies a method that is each quite technical and meticulously deliberate – drilling. The oil and gasoline enterprise is one of the most technically superior and strategically vital sectors in the world economy.

Oil 40