News

How do you explain an oil price near $100 (U.S.) a barrel in the midst of a slowing global economy? Blame the speculators. That’s become the easy answer to the wild

Geologists have long said that Namibia has the same geological formations as that of Brazil, which indicates that the Southern African country has huge oil potential.

National Iranian Offshore Oil Co. (NIOC) has started work on a new 3D seismic survey in the Persian Gulf. The 1,350-sq km (521-sq mi) program will cover four Iranian

World’s newest country came into existence Saturday as the new Republic of South Sudan, an under-developed oil producer, became the world's newest nation on the stroke of midnight.

The nation's crude oil and gasoline supplies declined last week, according to government data.Crude supplies dropped by 900,000 barrels, or 0.2 percent, to 358.6 million barrels,

Russia’s plan to restructure taxes on crude oil and refined oil products may require compensation for some companies, Finance Minister Alexei Kudrin said today in London.

Russia's largest independent gas producer Novatek saw its second quarter gas output rising 44 percent to 12.13 billion cubic metres (bcm) compared to the same period last year, it said on Friday.

Royal Dutch Shell Plc will produce more gas than oil from 2012, Chief Executive Peter Voser was quoted as saying. "The future belongs to gas. The known reserves will last for 250 years.

Gasoil stockpiles in independent storage in Amsterdam-Rotterdam-Antwerp, Europe’s oil-trading hub, fell to the lowest level in more than two months, according to PJK International BV.

“A billion gross tonnes of shipping” has a nice ring to it. It presents the industry as a business of substance, with its 85,000 ships worth almost $1 trillion. So the news that on 1st July 2011 the world merchant fleet passed this important milestone deserves a little

The first sale of crude oil from the U.S. Strategic Petroleum Reserve since Hurricane Katrina may curb demand on the tanker industry’s biggest trade route and drive

Green Marine received the prestigious Sustainable Shipping Award for Green Shipping Initiative of the Year for 2011 at the gala presentations held yesterday evening

The government is investigating measures which could allow shipping firms to employ armed guards to deter pirates off the coast of Somalia and in the Indian Ocean,

The owning partners in product tanker joint venture Megacore Shipping have decided to dissolve the company.According to media reports, Omega Navigation Enterprises

The UK is preparing to give formal legal backing to the use of private armed guards on British merchant vessels to protect against piracy.At present, the government

multinational naval cooperation.Defence Minister Datuk Seri Ahmad Zahid Hamidi said the success is down to ongoing training between littoral states and tight security in

The Great Eastern Shipping Company has taken delivery of a newly built supramax of 57,000 dwt. The dry bulk carrier Jag Rani, built at Cosco (Zhoushan) Shipyard in China,

The Maritime and Coastguard Agency (MCA) has announced that it has submitted an information paper to the International Maritime Organization's Marine Environmental Protection Committee, on behalf of the UK Government, that shows possible average fuel and emissions savings of 9.1% when Fluoropolymer Foul Release (FFR) technology is used

No pirate attacks have been recorded in the Straits of Malacca as at June this year due to enhanced cooperation between the countries in monitoring ships, said Defence Minister Datuk Seri Zahid Hamidi.

In the course of the next six months, we will decide where to build our six new icebreakers, Russian Deputy Prime Minister Sergei Ivanov says.Speaking at this week’s meeting