Oil and Gas

Sohar celebrates strong 2024 performance

Sohar Port and Freezone recently celebrated a generally positive 2024 performance during its annual business reception event. While overall cargo volumes dropped 2.6% compared to 2023, at 74.5 million tonnes, container throughput jumped 15% to 943,000 TEU, from 818,0000 TEU the year before; and ro-ro traffic surged 25% to 87,000 units, up from 70,000 units in 2023. The biggest growth, however, was achieved in the breakbulk segment, with Sohar handling 1.57 million tonnes, compared with 880,000...

https://www.themaritimestandard.com/sohar-celebrates-strong-2024-performance/

Alliance to meet Saudi Arabia’s LNG and ammonia shipping needs

Petredec and Bahri have agreed to form a strategic partnership aimed at addressing Saudi Arabia’s increasing LPG and ammonia shipping demands. The two companies will establish a dedicated joint commercial team, led by Bahri Oil and Petredec, while Bahri will establish an in-house LPG team within Bahri Oil to target all future Saudi Arabian LPG and ammonia shipping requirements.

It is expected that Bahri’s 40% shareholding in Petredec, combined with Petredec’s LPG logistics and expertise, will...

https://www.themaritimestandard.com/alliance-to-meet-saudi-arabias-lng-and-ammonia-shipping-needs/

Nakilat records increased 2024 profits

Qatar Gas Transport Company (Nakilat) has announced an impressive set of full year financial results for 2024. These show a net profit of QAR 1.64 billion, an increase of 5.1% compared to QAR 1.56 billion for the same period in 2023. According to a statement made by the company, “This stable growth underscores our operational efficiency, our ability to seize emerging opportunities, which has been evident in our 2024 newbuild announcements and our resilience in navigating the challenges of the...

https://www.themaritimestandard.com/nakilat-records-increased-2024-profits/

Russia’s oil future dims as US mulls new sanctions

In its final days, the Biden administration is poised to impose a new round of sanctions on Russian oil exports, marking a significant escalation in efforts to curtail Moscow’s energy revenues.

These sanctions — targeting tankers, traders and insurance companies involved in the transport of Russian crude oil — are set to accelerate the reshaping of global oil supply chains, with possible headwinds for the shipping industry.

A long-awaited crackdown

The latest U.S. sanctions package is rumored to...

https://www.freightwaves.com/news/russias-oil-future-dims-as-us-mulls-new-sanctions

BOEM announces next steps for Gulf oil and gas leasing program

The Bureau of Ocean Energy Management (BOEM) has announced the availability of the Gulf of Mexico (GOM) Regional Outer Continental Shelf (OCS) Oil and Gas Lease Sales Draft Programmatic Environmental Impact Statement (EIS).

API slams BOEM’s 5-year oil and gas lease sale program

In December 2023, the Department of the Interior published the 2024-2029 National Outer Continental Shelf Oil and Gas Leasing Program, which includes only three oil and gas lease sales in the GOM over the next five years.

https://www.marinelog.com/offshore/oil-gas/boem-announces-next-steps-for-gulf-oil-and-gas-leasing-program/

Milaha secures long term jack-up barge charter

Qatar Navigation (Milaha) has signed a ten year charter contract with North Oil Company (NOC), through its subsidiary, Halul Offshore Services Company, for the latter to operate Milaha Al Shaheen, the first jack-up barge in Qatar.Milaha Al Shaheen is a self-elevating, self-propelled jack-up barge featuring four legs with a leg length of 104 m and is equipped with a 300 ton crane and accommodation for up to 304 persons on board. The barge is designed to support a range of offshore operations.

The...

https://www.themaritimestandard.com/milaha-secures-long-term-jack-up-barge-charter/

Gulf Navigation progresses Brooge Energy deal

The Board of Gulf Navigation, the Dubai-based shipping group, has approved key strategic terms related to the acquisition of Brooge Energy, which operates oil, fuel oil and refined products storage facilities in Fujairah, taking the deal an important step closer to conclusion. The decision progresses the company’s plan to develop an integrated portfolio of logistics services related to oil, gas and petrochemical products.

Brooge has a capacity of around 1 million m3 of crude oil and oil...

https://www.themaritimestandard.com/gulf-navigation-progresses-brooge-energy-deal/

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