ENOC plans AED 250 million digital transformation
Emirates National Oil Company (ENOC) has revealed plans to invest AED 250 million (€57.3 million) in its digital transformation strategy. ENOC Group is owned by the government of Dubai and owns and operates assets in exploration and production, supply and operations, terminals, fuel retail, aviation fuel and petroleum products. The company’s growth strategy emphasises the […]
Gunvor eyes Russian expansion, sees steady oil price
Global energy trader Gunvor Group is keen to expand its oil dealings in Russia, Chief Executive Torbjorn Tornqvist told Reuters, and sees oil prices staying rangebound over the next few months as the coronavirus pandemic weighs on demand. “We want to do more in Russia. We are getting more oil there,” Tornqvist said in an […]
Oil nations tipped for political instability if the world moves away from fossil fuels
LONDON — Algeria, Chad, Iraq and Nigeria will be among the first countries to experience political instability as oil producers feel the effects of a transition to low carbon energy production, according to a new report from risk consultancy Verisk Maplecroft. In its 2021 Political Risk Outlook, published Thursday, the firm cautioned that countries that […]
Saudi Aramco CEO says oil giant can still meet dividend expectations as crown prince prioritizes investments
The chief executive of the world’s biggest oil company said Wednesday he believes it will still be able to meet dividend payout expectations after Saudi Arabia’s government announced plans to prioritize investments. Crown Prince Mohammed bin Salman on Tuesday said that state-backed oil giant Saudi Aramco and petrochemical firm SABIC will fund the majority of […]
Exxon sees up to $800million earnings hit from Texas freeze
Exxon Mobil Corp. expects first-quarter earnings to be reduced by as much as $800 million due to the deep freeze that plunged Texas into darkness last month. Even so, the oil giant probably returned to profit after four straight losses. Rebounding oil and natural gas prices increased earnings by as much as $2.7 billion while […]
Storage tank in Jazan hit by missile in latest attack on Saudi Aramco facilities
London — A Saudi Aramco petroleum product distribution terminal in Jazan, near the border with Yemen, was hit by a projectile March 25, causing a fire in a storage tank, the Saudi energy ministry said, in the latest attack targeting its facilities. The strike occurred at 9:08 pm (1808 GMT) and caused no casualties, the ministry […]
Fujairah expects oil storage to triple by 2024 as ADNOC, other tenants expand facilities
Dubai — The Port of Fujairah, the world’s No. 3 bunkering hub, expects its oil storage capacity to triple to 12 million cu m by 2024 as Abu Dhabi National Oil Co. and other terminal operators expand their facilities, an official told S&P Global Platts on March 28. Abu Dhabi National Oil Co. is building in […]
US government has returned all the oil it stored for companies when prices crashed last year
The U.S. has returned 18.3 million barrels of oil temporarily stored in the Strategic Petroleum Reserve by energy companies that had rented space there when prices were crashing last year. Oil prices briefly turned negative last year in an unprecedented period of volatility after the economy shut down and demand dried up. On April 2, […]
China-Namibia jointly built oil storage facility handed over to Namibia’s state-owned petroleum firm
Namibia’s state-owned oil company, the National Petroleum Corporation (NAMCOR) has taken over the national oil storage facility, jointly built by Chinese and Namibian firms. The construction of the multi-billion-dollar facility commenced in January 2015, and was done by a joint venture between China Harbour Engineering Company, the Roads Contractor Company and Babyface Civils. It consists […]
Huge fire breaks out in Pertamina refinery tank
Five people were hospitalised with burns and several are thought to be missing following a colossal fire at Tank T-301 at Pertamina’s 125,000 bpd Balongan Refinery in West Java, Indonesia. The cause of the fire, which began at around 12.45am local time on 29 March 2021, is not known, although Pertamina says that the fire […]
Vopak to use Smartflow technology to digitise frontline operations
Smartflow has announced that Vopak will be using the Smartflow Connected Worker SaaS Platform to digitise its frontline operations. Royal Vopak is a leading independent tank storage company. With over 400 years of experience, Vopak is determined to develop key infrastructure solutions for the world’s changing energy systems while simultaneously investing in digitalisation and innovation. […]
Puma Energy launches new bitumen terminal in Chennai
Puma Energy’s bitumen business, Puma Bitumen, has announced the opening of its latest bitumen terminal in Chennai, India. The new terminal will produce up to 40 thousand tpy of asphalt to support infrastructure growth in the country. Located in Chennai, South East India, the terminal will provide a great strategic location for the region’s first […]
Looking beyond oil
Looking beyond oil. Earlier this month StocExpo and Tank Storage Magazine hosted their first online conference entitled: The Terminal of Tomorrow. COVID-19 has without doubt accelerated the energy transition and there was a significant amount of interest in this event – with over 720 registrations from 75 different countries. Day one featured speakers from three […]
Rising Stars of Bulk Liquid Storage Industry Found by StocExpo
The bulk liquid storage industry’s forty most dynamic professionals under the age of 40 have been found! StocExpo’s global hunt for the next generation of tank storage is now over and forty young professionals have been selected who are making a real difference to their organisations and to the wider industry thanks to their excellence […]
The skills to succeed
Bonita Botha talks to Tank Storage Magazine about the importance of professionalism and passion How many companies do you know of that are 100% owned and managed by women? And how many of those operate in the tank industry? Well, there is at least one – South Africa’s Orca Fuel Solutions. Orca manufactures fuel storage […]
North Sea Exploration Ban Impact
A potential ban on new exploration licenses in the North Sea would have limited impact on the medium- and long-term outlook. That’s according to Rystad Energy analyst Sonya Boodoo, who communicated with Rigzone after a Telegraph story reported the UK was mulling a ban on new oil exploration licenses in the North Sea and considering ending permits […]
Will the Energy Transition Pivot on Gas?
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author.) Much of the discussion about the energy transition references renewables such as solar and wind, but one informed market-watcher tells Rigzone that a more conventional resource – natural gas […]
BP plans UK’s largest hydrogen plant in Teesside
Energy giant BP today said it aims to build Britain’s largest hydrogen plant by 2030 as part of the UK’s push to boost fuel use and cut greenhouse gas emissions. The Teesside plant in northern England will have capacity of up to 1GW of so-called blue hydrogen, a fifth of Britain’s 5GW target for the […]
EIA: OPEC+ Cuts To Lift Oil Prices Through April
Oil prices will likely remain at the current high levels in March and April, with Brent Crude prices averaging between $65 and $70 per barrel, after the OPEC+ group unexpectedly decided to maintain their production cuts into April, the U.S. Energy Information Administration (EIA) said on Wednesday. In its Short-Term Energy Outlook (STEO) for March, the EIA expects Brent […]
1 dead, 1 injured after explosion in Butte
MISSOULA, Mont. — Butte law enforcement officials are investigating an explosion that left one man dead and another man seriously injured Monday afternoon. Sheriff Ed Lester said in a news release that the explosion happened at the Silver Bow Truck and Auto Center around 4:10 p.m. The two men had been working on an oil storage […]
Vopak joins queue to build LNG import terminal in Australia
MELBOURNE: Dutch oil storage company Vopak wants to build an LNG import terminal in Australia’s Victoria state, vying with five other proposed projects to fill a looming gas supply gap in the country’s southeast. Vopak said it wants to dock a floating storage and regasification unit (FSRU) in Port Phillip Bay near Melbourne. It hopes to submit a proposal to […]
World’s largest oil importer running out of storage capacity
(Bloomberg) –China’s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said. The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed […]
Stefan Fiskal
Stefan Fiskal. Verwaltungsrat and Shareholder After finishing school with the “allgemeine Hochschulreife”, Stefan completed a commercial apprenticeship, worked as a fitter in assembly steel construction, became a technician with a focus on building physics and worked in various companies as a site manager, constructor, service manager and production manager. In 1998 Stefan started his independent […]
Grainne Mulgrew
Grainne Mulgrew, Project Manager. About Re-Gen Robotics Grainne Mulgrew is Project Manager with Re-Gen Robotics, the first and only Zone 0 EX certified, remote controlled, ‘No Man Entry’ robotic tank cleaning company, in the UK and Ireland. In response to market demand for safety and efficiency in tank cleaning, Re-Gen Robotics has developed award winning, […]
Patrick Kulsen
Patrick Kulsen. Managing Director Patrick Kulsen is managing director at Insights Global, consisting of PJK International and TankTerminals.com. He currently has the role of general manager and senior consultant. In 2006 Patrick joint PJK as the second person alongside his father Pieter Kulsen. Together with his farther he managed to grow the company to its […]
Yemen rebels claim attack on Saudi oil facility; no damage observed
DUBAI, United Arab Emirates — Yemen’s Houthi rebels said they attacked a Saudi oil facility in the port city of Jiddah on Thursday amid their campaign of drone and missile attacks on the kingdom, though satellite pictures later analyzed by The Associated Press showed no new apparent damage at the site. Saudi Arabia’s state-owned media […]
Oil optimism unwinding market’s mad dash for storage
LONDON/NEW YORK/SINGAPORE (Reuters) – When the world economy slammed on the brakes last year, there was a rush to store a wave of unwanted crude and products, but rising prices and optimism about demand is spurring a swift unwinding of storage contracts. At the end of February, the volume of refined products held on stationary […]
China’s Oil Reserves Are Close to Reaching Storage Capacity
China’s oil stockpiles have risen to around 100 days worth of net imports, making it increasingly challenging to find extra storage tanks and facilities to hold supplies, two people with knowledge of supply levels said. The build-up follows a push by Beijing to buy up crude for its reserves last year when prices crashed due to […]
Q&A with Terra Inspectioneering
Q&A with Terra Inspectioneering HOW DID TERRA GET STARTED WITH DRONES? After working for big companies in the process industry for more than 40 years, I started my own company in 2012, because I had a vision that in the new era of inspections in dangerous confined spaces, we should replace the people with robotics. […]
The oil industry is getting greener faster as U.S. policy shifts to climate change
The greening of the American oil industry has gone into overdrive. Dan Yergin, IHS Markit vice chairman, said it’s an important turning point for the fossil fuel sector, which has been anticipating big changes with President Joe Biden’s climate-focused, clean energy policies. “The oil and gas industry is calibrating itself to what has become the […]
Chinese oil majors undervalued
Analysis from investment house Bernstein suggests that the Chinese oil majors – CNOOC, Sinopec and PetroChina – offer a potential 30% upside as they trade at a wide discount to historic prices and global peers. Valuation multiples for most oil majors, as well as exploration and production players, in Asia Pacific, are back in line […]
Saudi Arabia and Russia are at loggerheads again, but OPEC meeting ‘unlikely to ruin the oil party’
LONDON — A group of some of the world’s most powerful oil producers will hold a crucial meeting on Thursday to discuss reversing some of the output cuts it made last year. OPEC and its non-OPEC partners, an energy alliance sometimes referred to as OPEC+, will convene via videoconference in a bid to reach consensus […]
Oil and gas industry welcomes Chancellors’ Budget measures to support green energy transition
The UK oil and gas industry has welcomed some of the measures announced by the Chancellor in today’s Budget, adding that now close cooperation with the sector is essential to maximise its world-leading expertise and assure a successful green energy transition. The leading representative body for the sector OGUK said the combination of taxation and […]
Nadine Herrwerth
Nadine Herrwerth Commercial Director With a business degree from Warwick Business School, Nadine applies her international experience to drive customer success by proving a keen understanding of the levers that can be game changing for organisations. Strategy development forms the basis of every successful quest and hence supporting customers’ digital transformations is what Nadine strives […]
How RBI inspections can reduce overall compliance risks & costs
How RBI inspections can reduce overall compliance risks & costs Electrical equipment in hazardous area inspection campaigns often begin with a clean slate, with little or no historical design, equipment certification and inspection information available to the inspection personnel. Inspectors head out into the field with little more than an equipment list and inspect the […]
Engel & Völkers Houston enters industrial real estate
Engel & Völkers Houston enters industrial real estate US real estate firm Engel & Völkers of Houston (E&V Houston) has expanded into the global industrial real estate market, including the vast oil and gas industrial market. E&V Houston says that no matter the size of the company, its team of strategic consultants will offer flexibility […]
Thomas Koop
Thomas Koop. Customer Support Manager, CEA Systems. Thomas joined CEA Systems in February 2018 with a passion for optimizing business processes. Having a background in Industrial Engineering and Management provided him with a perfect basis to apply his knowledge and experience in an organization like CEA Systems. Thomas has applied himself to finding out what […]
LNG export company looks to salt caverns for natural gas storage in Cameron Parish
California utility giant Sempra Energy is dusting off plans for natural gas storage in salt caverns in Cameron Parish as more liquefied natural gas export terminals are built in southwest Louisiana. In 2005, Sempra had proposed retrofitting two caverns for natural gas storage under its Liberty Gas Storage project. The company proposed removing salty water […]
UAE: Fire hits Fujairah oil storage tank
Fujairah: Fujairah civil defence teams haved controlled a fire that broke out in an oil tank belonging to a recycling company in the Thawban area of Fujairah. The police operation room received a report on Tuesday at 6.06pm stating that there was a fire in one of the oil tanks. Firefighters rushed to the scene. […]
Sri Lanka cancels Indian oil storage, port deals
Sri Lanka has cancelled oil storage and port deals with India in the latest blow to Delhi’s efforts to strengthen relations with its neighbours. The Sri Lankan government said this week that it will cancel a lease on oil storage tanks in the eastern port district of Trincomalee that was awarded to India’s biggest refiner […]
Oil in floating storage at one-year low as market strengthens
London — The volume of crude oil and condensate in tankers worldwide has fallen to a one-year low as the market’s recovery gathers pace, and with a strongly backwardated structure in the Brent crude market discouraging storage. Floating storage had risen around the turn of the year due to port congestion off China and southeast […]
Argus: Oil Demand Will Not Plunge Because Of The Energy Transition
The energy transition and the growing share of electrification of transportation will not lead to a fast decline in global oil demand—any drop in consumption will be very gradual, Argus analysts said at the Argus Crude forum during the IPWeek conference on Tuesday. The trend of world oil demand will be a “tug of war” […]
Brookfield launches hostile bid to buy Canada’s Inter Pipeline
Brookfield Infrastructure Partners on Monday formally launched a hostile bid to buy Inter Pipeline Ltd with the same C$16.50-per-share offer that the Canadian oil and gas transportation company had rejected as inadequate weeks ago. Earlier this month, Brookfield said it was willing to raise its offer to as much as C$18.25 per Inter share if […]
Sam Reid
Sam Reid. CEO & President, Dearman Systems. Sam Reid serves as CEO and President of Dearman Systems, LLC. Trusted across the globe, Dearman is a terminal automation and enterprise management software provider with 30+ years of experience in the bulk liquid storage industry. Dearman has terminal automation software deployed across 250+ terminals on 3 continents […]
Timothy Curl
Timothy Curl. Global Industrial Advisor, Engel & Völkers Houston. Global Energy Recovery Systems (GERS, LLC) is proud to present Mr. Timothy C. Curl as our Chief Executive Officer. He is also the managing partner of Redfish Barge and Fleeting Services, LLC and an industrial real estate specialist with the international real estate firm Engel & […]
Rhys Davies
Rhys Davies. General manager, QGE Group. Rhys is General manager of Ex-Online (part of QGE Group) and is an electrical engineer with over 15 years experience across oil and gas, and mining. Rhys is a specialist in classification, design and inspection of electrical equipment in hazardous areas (EEHA), and he has held roles as lead […]
Manage your asset data remotely during Covid-19 isolation
Manage your asset data remotely during Covid-19 isolation. CEA Systems. CEA Systems offers a software solution with a data-centric approach for asset data management to organizations in the process industry. Last year the pandemic struck our civilization severely. Everybody suffered and words like “social distancing”, “isolation” and “lockdown” became standard in our vocabulary. The process […]
Sanneke van der Kley
During my studies at the Technical University in Delft, I had never imagined myself working in the Oil & gas industry, nor did I know of the existence of Independent tank storage providers. In 2006, while looking for a final thesis for my Master’s degree on Systems Engineering, I had picked-up news regarding an LNG […]
Allison Newell
When I was asked to write a piece about Woman in Tanks and provide a photograph, my first thought was that I did not want to be ”Pidgeon Holed“ in the Tank Business since I felt that my career was more diverse than just tanks. I was worried that it may limit the customer base […]
Live events: it’s a kind of magic
Events companies have brilliantly kept their communities of buyers and sellers connected through online events during Covid. But while many of these events have been excellent, they are unlikely to usurp their live counterparts. That’s because face-to-face communication is richer than all other forms. There’s plenty of science to back this up. You may have […]