Reserve Refill Begins

Energy News Beat

Daily Standup Top Stories

Chris Wright Moves to Refill The Strategic Petroleum Reserve

Many people are curious about the Trump administration’s plans to refill the Strategic Petroleum Reserve (SPR) that was so callously abused by whomever was making decisions in the Biden administration, which drew this national security […]

Canada’s Final US Energy Tariff Warning to Donald Trump – “A Snow Mexican Standoff”

ENB Pub Note: This will be a story to watch. When you ask Grok on X who will be affected, the response is; “The 25% electricity tariff from Ontario hits 1.5 million homes in Michigan, […]

Sanctions Are Tangling, Not Stopping, China’s Iran Oil Trade

ENB Pub note: Interesting from Bloomberg. Also, we need to look at how much oil California potentially still imports from Iran. The official list of imported oil in California is: “According to the California Energy […]

Heavy Industry Is Europe’s Trump Card

ENB Pub Note: This is an interesting perspective on the EU energy and financial crisis they are currently facing. Mix this in with Trump’s Tariffs, and you have a recipe for a real problem. Vice […]

The Undervalued Energy Boom: Why Natural Gas and Commodities Are Set to Skyrocket

n Energy News Beat – Conversation in Energy, Stuart Turley welcomes Wasif Latif, Co-Founder & CIO of Sarmaya Partners, for their third discussion on energy and finance. They explore the growing demand for natural gas […]

Highlights of the Podcast

00:00 – Intro

01:43 – Chris Wright Moves to Refill The Strategic Petroleum Reserve

05:03 – Canada’s Final US Energy Tariff Warning to Donald Trump – “A Snow Mexican Standoff”

07:22 – Sanctions Are Tangling, Not Stopping, China’s Iran Oil Trade

09:05 – Heavy Industry Is Europe’s Trump Card

11:14 – The Undervalued Energy Boom: Why Natural Gas and Commodities Are Set to Skyrocket

14:17 – Markets Update

17:59 – Rig Count Update

19:03 – Outro


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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.


Michael Tanner: [00:00:10] What’s going on, everybody? Welcome into the Monday, March 10th, 2025 edition of the Daily Energy Newsbeat standup. Here are today’s top headlines. First up, Chris Wright moves to refill the strategic petroleum reserve long overdue. Next up, Canada’s final US energy tariff warning to Donald Trump, a snow Mexican standoff. This one, obviously, it’s a stew headline, no doubt. Next up, sanctions are tangling, not stopping. China and Iran’s oil trade will stick over there in Europe. Heavy industry is Europe’s trump card. And finally, in the news segment, the undervalued energy boom, why natural gas and commodities are set to skyrocket. This is based on a great interview that Stu did with one of our favorite, favorite companies, Samara Partners and Laydiff. So we will cover all that. Stu will then jump over to me. I will quickly cover what happened in the oil and gas markets last week, you know, specifically talking about rig counts. I mean, I was gone all last week, so I feel like I’ve got so much pent up things I need to talk about. Oil took an absolute dump based upon some stuff that Trump said. So we will cover all that in a bag of chips too. I am excited to be back. I appreciate you holding the fort down. [00:01:25][75.4]

Stuart Turley: [00:01:26] It was a lot of fun. Believe me, I heard some trolling going on and everything else goes, where’s Michael? I’m like, he’s out working. I’m out having to hold the Ford down. [00:01:34][8.3]

Michael Tanner: [00:01:34] I’m trying to make a buck for us, but it was OK. It was a great time out in Beverly Hills of the Family Offices Conference. All right, Stu, enough grandation, though. Where do you want to begin? [00:01:42][7.7]

Stuart Turley: [00:01:43] Let’s start with Chris Wright. I’ll tell you, Chris Wright is the right man for the right job. And boy, that’s a pun. Chris Wright moves to refill the strategic petroleum reserve. This article came from one of my favorite guys on the planet. He is David Blackman’s substack. This is an outstanding article on the SBR. And Michael, I just want to tell you that it was treasonous of the Biden administration to deplete the SPR because the SPR, the strategic oil reserve was created in the 70s by Congress and Richard Nixon in response to the first Arab embargo. But the Arab, David points out very, you know, in this article, the salt caverns and the storage system cannot handle much more. It’s only good for two to four in and out refills. And they’ve been using this as a piggy bank for votes to get the oil prices down. So let’s go through some of the numbers real quick. So when you take a look at it, the SPR has a total capacity of 797 million barrels of oil, which is 33 days of U .S. consumption, but it’s about four months of U .S. crude imports because we – [00:03:05][81.9]

Michael Tanner: [00:03:04] And I think that’s a critical piece to point out that everyone says, well, it’s only 30 days of consumption. Yes, but we also make a majority of our own oil here, meaning that really what we’re trying to do is make sure that imports will go to zero. We’ve got a four to six month backstop, in this case, four months. [00:03:23][18.6]

Stuart Turley: [00:03:23] And you’re having to understand that the reason that we import is to blend for our refineries because of the lack of investments in upgrading the refineries to being able to use our own oil. So when you take a look at that Biden people desperate to mitigate losses in the 2020 midterm elections chose to draw down the reserve to the 340 million barrels. Right now, it only holds just around 395 million barrels. Now, Reuters put out that it is going to take years. And Chris Wright is looking at about $20 billion to fill this. Could take 10 years. But I think legislation has to be put in where this is no longer a piggy bank or political game. [00:04:13][50.1]

Michael Tanner: [00:04:14] I completely agree with you. The real question is, what does Doge think of this? Because we’re trying to cut slice and dice, everything out of the budget. The question is, are you going to be able to find 20 billion if you need to take 30 % of the budget and chop 30 % of the budget off, or are we even going to find 20 billion? I would argue we need to. The question is, where is it going to come from? What piggy bank is it going to come from? I think we’ll be able to find it, but I think it would be very interesting to see what Elon and Doge, if they’re able to fit this in. Because I agree with you. We need this. It’s critical for both national security, it’s critical for energy security, but I hope it doesn’t get axed when it comes up, when Doge comes around to it. [00:04:50][35.9]

Stuart Turley: [00:04:50] And so I think this is just as critical for President Trump in this House and Senate to get done as well as voting reform. I put these two equally up there. So let’s go to the next story here. You can’t buy this kind of entertainment, Michael. Canada’s final US energy tariff warning to Donald Trump. We’re filming this on Sunday morning, a snowy Mexican standoff, a snow Mexico standoff, Mexican standoff. I get tickled when everybody is calling Canada and they snow Mexico. So here’s where it is. Doug Ford is the prime minister up there and we have a lot of customers that are going to be impacted on this. Canada will enact a 25 % energy flowing into parts of US Ontario premier Doug Ford, said as US President Trump, Ford plows on with his trade war. And I guarantee you, listen to this. The 25 percent tariff from Ontario hits 1 .5 million homes in Michigan, New York, Minnesota. It’s a retaliation move against U .S. tariffs. And despite Trump’s suspension of trade levies, Ontario’s premier Doug Ford is pushing ahead on Monday. This is going to affect grid reliability. And I think it’s really stupid to get into a fight with President Trump. [00:06:14][83.6]

Michael Tanner: [00:06:14] Yeah, I do think that this is going to hurt energy prices. I do think the markets are in a little bit of a, they’re a little bit in limbo right now with, you know, tariffs are on, tariffs are off, we’re going to do this, then we’re going to do that. You know, really what the markets need is a signal, this is what we’re going to do and we’re going to stick to it. If we’re going to put tariffs on, great, stick with them. The idea that they’re on, then they’re off, then they’re back on, like a high school relationship, it does not give the markets the clarity that it needs. And we saw it all last week, not just with oil prices, but with the overall markets of itself, they were up, they were down, really on the backs of a lot of this stuff. So I really hope both Canada and the US can come together, come to some sort of agreement. And if that’s a reciprocal tariff, 10 % each going one way and going the other, I’m fine with that. I’m not anti -tariff. I am very anti on, off, on, off. Again, it’s like we’re in a high school relationship here. [00:07:04][49.6]

Stuart Turley: [00:07:04] I couldn’t agree more, Michael, and I’m going to give President Trump a little bit of room because we’ve had 70 years of inequitable trade balances he’s trying to fix. So I’m willing to hang with him. [00:07:18][13.7]

Michael Tanner: [00:07:18] You’re siding with Trump? [00:07:19][0.7]

Stuart Turley: [00:07:20] What’s next? Hey, let’s Trump, baby. Let’s go to sanctions are tangling, but not stopping China’s Iran oil trade. This is a huge story when you take a look at the Iranian oil shipments to China have been on the rise. Take a look at the chart for this article came from Bloomberg. And you take a look at from 2013 all the way up to 2024. That’s a lot of millions of barrels per day We’re going to China, baby. [00:07:51][30.7]

Michael Tanner: [00:07:52] It’s it’s clear you’re talking about China is the one country that’s going to buy sanctioned oil, whether it’s from Russia, whether it’s from Iran. And that’s really where when when the Trump administration says we need to get Iranian oil supplies down to zero, it’s really dealing with China. Oh, absolutely. But there’s a site. [00:08:08][16.7]

Stuart Turley: [00:08:08] note to this fleet that I want to have just as in there. You can go take a look at the article on energy newsbeat .co, but take a look at these numbers. We also need to have a secretary right. Take a look at the import. California imports 60 % of its crude oil from foreign countries. That is despicable. Now they say according to records that none it comes from Iran, it does come from Iraq. Now, I disagree because I’ve got sources that are telling me that Iraq and Iran have been working together in the dark fleet and I’ve got records of it. So we really don’t know how much of this is coming in, but they have other countries that they’ve been buying that are sanctioned and they’ve been buying sanctioned oil. So we’re talking about some serious hypocrite issues for the Department of Energy to take a look at. Absolutely. All right, what’s next? Let’s go to heavy industry is Trump’s card. I get tickled at this one. This is a interesting article from Sandier Tordier. I hope I didn’t butcher his name. Sand it’s it. You did, but it’s fine. He won’t listen to the podcast for European leaders. Meeting the historic moment will mean preparing to defend their national interests of their own president Trump pulling out of NATO and defund. We are what 70 % of the NATO budget. I think that this is going to be, and then you have a president Zelensky going and making a deal with the UK and then you all of a sudden have a France ready to send their nuclear weapons to Ukraine. And this is a mess. And I think that we are doing the right thing by getting out of NATO in its current form because NATO helped start this entire problem. The leadership in NATO. We don’t need to be funding this mess. Right now we’re funding both sides of the war. We’re funding NATO and we’re funding Ukraine and we’re funding everything else. So I am glad that we’re taking a hard look at whether or not we need to be funding NATO and the UN. THROW EM OUT! [00:10:18][129.3]

Michael Tanner: [00:10:18] Yeah, absolutely. And I think a lot of this, you know, comes off the back of that, you know, that pretty wild meeting in the Oval Office with Zelensky, Vance, and Trump. I mean, that was talk about talk about wild. I mean, and [00:10:30][12.0]

Stuart Turley: [00:10:30] And I have confirmed sources, Michael, that deals were made. Not only did he not sign the deal, the Ukrainian parliament said for him to sign the deal. It was approved and they’re upset. The other thing is he turned around and signed deals, not in approval of the Ukrainian people with the UK and offered it to the EU. So I want to know is the Ukrainian critical minerals already agreed to by other countries. I think it’s a mess. [00:11:02][31.3]

Michael Tanner: [00:11:02] No, I think it’s a big mess and it was wild to see that play out last week. I’m sad I wasn’t able to make that episode because I’ve got some thoughts on that. Don’t worry. But let’s go ahead and move to the next one. What’s going on with our last one? [00:11:14][11.3]

Stuart Turley: [00:11:14] Hey, I want to give was a relative complete shout out. He’s the head guy over there at Samaria Partners. And he is a classy, knowledgeable guy that I really respect. And there’s some big the article is the undervalued energy boom. Why natural gas and commodities are set to skyrocket. And I just want to give him a shout out because this was a fantastic podcast. some of the things that we talked about in there are Bill Gates and Black Rock actually accepting natural gas. We’re seeing that we’re not going to make the energy demand without the natural gas to power plants coming online. We also, I’m going to give a shout out to Stuart Turley. Turley’s law, more renewables. Every time we spend more, a dollar in renewable energy, we spend more money in fossil fuels. I just want to give myself a shout out since I know what I’m doing. And then the key investments in uranium, copper and industrial growth. This is an outstanding podcast and I just wanna give a shout out. [00:12:23][68.9]

Michael Tanner: [00:12:23] No, absolutely. We really appreciate both him and his co -founder, Carl. We love Carl over there, guys. Highly recommend checking out if you’re interested in getting in on the energy boom. They have a great EFT they just launched. So we’ll put all of that links to that in the description below. But let’s go ahead and jump over. [00:12:40][16.9]

Stuart Turley: [00:12:40] quickly. Go ahead. One quick thing with the natural gas to power. Huge, huge demand is also Steve Reese sent me a note and this is bringing up a gigantic issue, the workforce and training and Steve Reese is also a sponsor. You’ll go into that here in a second, but training is huge. [00:13:00][19.7]

Michael Tanner: [00:13:01] No, absolutely. We need to be trained. That’s a great segue into paying the bills. So let’s go ahead and do that. As always, thank you for checking us out at the world’s greatest website, www.energynewsbeat .com. Stu and the team do a tremendous job making sure that website stays up to speed. Everything you need to know to be the tip of the spear when it comes to the energy and the oil and gas business. Go ahead and hit that description below for all links to the timestamps, links to the articles. A special shout out, as Stu mentioned it, to sponsor of the show, Reese Energy Consulting and our friends over there. They guys, they are all things natural gas. If you need help with your marketing contracts, call them. If you need help with training for LNG, call them up with their sister firm, American Gas Partners. If you’re looking to launch a large infrastructure project in the midstream space or the LNG space, call Reese Energy Consulting as we cannot recommend them enough. We love everybody over there, so we appreciate them helping keep the lights on over here. And then finally, guys, if you are interested in becoming Billy Bob Thornton from Landman, as always, guys, it’s never too early to start thinking about your 2025 tax bill. Put a little monthly dividends in your pocket and be able to say you’re Billy Bob Thornton from Landman. Go ahead and check out investinoil.energynewsbeat .com. We will get you hooked up with all the information. For that,. [00:14:17][75.3]

Michael Tanner: [00:14:17] Let’s go look at the markets. Last week was pretty wild, as I mentioned. Stocks were up, they were down, left, right, because of all this tariff stuff. So, so I think the markets are, you know, one thing the markets love is steady, whether it’s good steady or bad steady. So it’ll be interesting to see S &P 500 did end, was up about half a percentage point there on Friday, NASDAQ was up about three tenths of a percentage point, two in 10 year yields fairly flat. We did see Bitcoin have a pretty rough week. It’s down to $82 ,000. So still not a terrible, terrible overall number, but not great crude oil actually jumped about one percentage points up to 6704, but absolutely took a thrashing this week, mainly due to the fact that OPEC decide they’re going to bring on 180 ,000 barrels per month for the next 24 months until they get all the way up to that 2 .2 million barrels. Now, I think a lot of the people are speculating that they’ll never actually get to the 2 .2 million barrels, that they’ll slowly bring this up. Because Brent now dropped to basically $70, Saudi Arabia and a lot of these Middle Eastern countries need actually higher oil prices to balance their budgets. It’s not just necessarily from their national oil company standpoint, it’s that the Government needs the dividends from owning these companies in order to fund their social programs. And so it’ll be interesting to see how long that takes. We did see a natural gas jump pretty tremendously. It was up 2 .2 percentage points now trading at $4 .03. That was really last week. I mean, last week, a lot, a lot happened, but really the overarching war was trade risks and OPEC supply increase. And that’s really what tanked oil prices this week. And again, if you had told me three years ago, we’d be sad about $67 oil. I’d have said you were crazy because we were sitting here at $20 oil wonder and if we could just get to 50, we might be able to make a buck. So I think it’s hard to say, it’s hard to be sad, even though I do think we’re running into a very interesting conundrum where a lot of the new inventory that is about to be drilled is actually fairly, is barely economic at these prices. So I do think the drill, you’re seeing a lot of re -shifting of where I think these people’s, the drill plans are. Trump did say in a famed truth social post that he was quote, strongly considering sanctions on Russian banks and tariffs on Russian products because of its armed forces continue a attack on Ukraine. That’s in light of what is hoped to be a failed ceasefire with Ukraine last week. I think it’s very interesting. And again, the big news was the fact that OPEC was going to add 138 ,000 barrels, sorry, I’m a little dyslexic, 138 ,000 barrels per day back to the market over each month. You know, you know, Scott Bassett, who’s the U .S. trekkers, said today did did did again reaffirm that they are trying to drive Iranian crew exports down to quote a trickle. They’re considering a plan to inspect Iranian oil tankers at sea, which I think is going to be tough. But, you know, you’re starting to send people out to the dark fleet. It’s going to be very interesting. You know, we did see on Thursday Trump suspended the 25 percent tariff on on most goods from Canada and Mexico through April 2nd, though aluminum and steel tariffs will still take attention. Mark 12. And I think that’s the other interesting part here. Steel is one of the biggest costs of drilling a new well. I mean, think about all the casing, think about all the steel that goes into a new well. So you have prices going down, you have prices of drilling a well go up, you end in this real pickle for oil and gas companies where they love Trump, but now they’re seeing their prices go up from a drilling standpoint and the prices they’re receiving at the well head go down. It makes for a very interesting conundrum when it comes to, do we go drill these wells for production growth? or do we, you know, and hope that as prices move, you know, in the next two, three years, we’ll catch up. The problem is on a horizontal well, you only get, it’s about six months worth of real cashflow before these things peter out. So I think it’s a very interesting situation. A lot of these oil executives are in and we’ll see what they decide to do. Let’s go ahead and throw up rig counts here. We did see rig counts drop on Friday. Just one rig was shed. We’re down to 592 rigs, still down from about 30 year over year. So nothing too crazy there. Outside of just finishing up earnings too, there wasn’t anything too crazy. We did see Expand Energy, which is Southwestern and Chesapeake new combined code. They’re going to be entering the S &P 500. So that’s awesome. But nothing really new on the oil front. No real big M &A’s. I know we’re looking at a lot of stuff here. It’s kind of that dull moment as we move into the summer. But yeah, outside of oil prices, not much really happened last week. So what, from your end, what should people be worried about this week? Oh, I – [00:18:34][257.1]

Stuart Turley: [00:18:34] I think we’re going to keep an eye on the right sizing of tariffs and see how all this kind of plays out. And you know, I’m willing also to give Pam Bondi time on the Epstein files. I think people are ready to find out just how bad our government has been, and I’m willing to let the DOJ get her feet running. So I think we’re going to be on the road for a fantastic 2025. [00:19:02][27.3]

Michael Tanner: [00:19:03] Absolutely, guys. With that, we’re going to let you get out of here. Get back to work. Start your week. We appreciate you starting your week with the energy newsbeat for Stuart Turley and Michael Tanner. We’ll see you tomorrow, folks. [00:19:03][0.0][1122.3]

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AI seen as the tech shaping shipping the most in the coming decade

Energy News Beat

OperationsTech

Artificial Intelligence is seen by Splash readers as the technology having the most significant impact on maritime operations in the coming 10 years in an ongoing survey being carried out in association with Inmarsat.

AI beat out other tech making plenty of shipping headlines such as blockchain, Big Data analytics and Internet of Things in the survey that seeks to identify how ships will operate 10 years from now.

Research by British consultancy Thetius published last September estimated that the maritime artificial intelligence (AI) market had nearly tripled in size in the space of just one year and was valued at $4.13bn as of six months ago, with a projected five-year compound annual growth rate of 23%.

A recent McKinsey report suggested that AI implementation can reduce forecast errors by 50% and logistics costs by 15%, while companies leveraging AI have seen inventory levels decrease by 35% and service levels improve by 65%.

“Seafarers today are faced with an overwhelming amount of information and documentation to manage,” commented Ali Demiral, chief technology officer, and AI lead at WiseStella, a digital solutions provider. “AI-powered technology can provide seafarers and shipmanagers with the tools they need to navigate these new requirements with confidence.”

“While AI presents huge opportunities, the maritime industry must first address underlying challenges such as data standardisation, cybersecurity risks, and the need for skilled personnel to manage AI-driven systems,” urged Niall Jack, director of product development at software provider Shipnet.

The industry must fully embrace digital transformation – not just AI solutions – by investing in high-quality data infrastructure and cultural shifts toward digitisation, Jack argued.

“Overpromising AI’s capabilities without resolving these foundational challenges may lead to suboptimal implementations and rejection of further new developments because of this,” Jack said.

John Ferguson, who heads up the New Globalisation department at Economist Impact, a business intelligence service, said: “In 2025 and the foreseeable future, global trade will be shaped by three forces: shifting geopolitics, climate change, and a new wave of AI and automation. Yet, businesses are not retreating from international trade but are stepping up to the challenge. Firms that stay agile and cost-efficient will have the edge. Firms that also combine risk management with AI experimentation and openness will be best placed to win in this new chapter of globalisation.”

Results from the ongoing Splash survey will be published in Ship Concept 2035, a magazine due for distribution at Nor-Shipping this June.

Ship Concept 2035 will give readers a glimpse of what is realistic for newbuilds coming out of yards 10 years from now. Taking into account regulations, fuels, information technology, seafaring skills, shipyards and charterers this unique magazine gives a big picture beyond the hype of what is practical for vessels delivering by the middle of the next decade.

Bunker selection, reskilling, and automation are some of the other topics covered in the survey.

To have your say takes as little as two minutes to vote, and there is no registration required. To vote, click here.

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Performance Shipping closes financing for LR2 newbuilds

Energy News Beat

Greece’s Performance Shipping has secured financing for its third newbuilding in China through another sale and leaseback deal.

The Nasdaq-listed tanker owner and operator of seven ships on the water and four on order is selling its LNG-ready scrubber-fitted LR2/aframax product and crude oil carrier to an unnamed counterparty and chartering it back for eight years on a bareboat basis.

The bareboat financing amount totals about $45m, or about 70% of the vessel’s shipbuilding price, and kicks in upon its delivery from CSSC-affiliated Shanghai Waigaoqiao Shipbuilding.

Aliki Paliou-led Performance will buy back the vessel for $25m, including the last 96th monthly installment, when the eight-year bareboat deal expires, but also has options for early repurchase after two years under the charter.

The deal is the final sale and leaseback the company struck for the 114,000 dwt trio ordered in late December 2023 for delivery in August and September 2025, and January 2026. The aggregate bareboat financing amounts to $134.6m and covers nearly all of the $138.4m remaining installments due to the shipyard, the company said.

All tankers have been fixed to Clearlake Shipping, a subsidiary of commodity trading giant Gunvor, at $31,000 per day, while daily all in cashflow breakeven rate, including lease payments, is estimated at about $25,000 per vessel.

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Keppel snaps up Global Marine Group

Energy News Beat

UK-based subsea cabling specialist Global Marine Group (GMG) has been acquired by Singapore’s Keppel Infrastructure Fund and a co-investor.

The transaction, led by Keppel’s private investment vehicle will see 100% of GMG taken from J.F. Lehman & Company (JFLCO) for an undisclosed sum. JFLCO took over the business in 2020 for around $250m.

GMG operates a fleet of six vessels providing maintenance and installation services for the global subsea fibre optic cable network.

Describing the reasoning behind the acquisition, Keppel said that based on increasing worldwide demand for connectivity and the limited supply of specialised vessels, GMG would be well-positioned to continue its fleet utilisation of nearly 100% in the years to come.

Christina Tan, CEO of fund management and chief investment officer at Keppel commented, “It is a rare and unique opportunity to acquire a world-leading provider of subsea cable maintenance and installation services. This investment builds on Keppel’s digital infrastructure strategy which includes the Bifrost Cable System, and now, GMG. With a substantial proportion of GMG’s business secured by long-term contracts with huge growth potential, especially in Asia, we are poised to deliver attractive risk-adjusted returns to our investors.”

Keppel added that its fund would “continue to evaluate quality deals and platforms beyond Asia, should such opportunities arise”.

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Dana Petroleum terminates sale of Western Isles FPSO

Energy News Beat

EuropeOffshore

Aberdeen-headquartered oil player Dana Petroleum has terminated the agreement with NEO Energy for the acquisition of the Western Isles FPSO.

Jersey Oil & Gas, NEO Energy’s partner in the Buchan Horst joint venture, said in a statement that the termination comes after the agreement reached its longstop date at the end of February 2025.

It added that the joint venture’s ability to recommit to the acquisition of the FPSO was linked to the satisfactory conclusion of the ongoing fiscal and regulatory consultations and completion of the required pre-handover works on the vessel.

The JV slowed down its progress on the project after the UK government revealed plans for a consultation on new environmental guidance for oil and gas firms. This became necessary after a UK Supreme Court ruling required regulators to consider the impact of Scope 3 emissions in environmental impact assessments for new projects.

“The fiscal consultation was kicked off yesterday and encouragingly, while the details are yet to be fleshed out, it was apparent that the government has heard many of the concerns of the industry,” Andrew Benitz, CEO of Jersey Oil & Gas

The sale agreement for the FPSO was signed back in 2023 when NEO Energy said it would be taking full control of the unit. At the time of the deal, the company owned a 23% stake in the FPSO. The rest is owned by Dana Petroleum. It was supposed to be deployed to the Greater Buchan Area where the start-up was initially expected for 2026.

Following decommissioning from the Western Isles project, the FPSO arrived at Orkney Harbours in late July last year for wet storage.

The post Dana Petroleum terminates sale of Western Isles FPSO appeared first on Energy News Beat.

 

Taiwan boosts LNG imports in February

Energy News Beat

Taiwan’s imports of liquefied natural gas (LNG) rose last month compared to February 2024, according to customs data.

Preliminary data from the Directorate General of Customs shows that the country received 1.80 million tonnes of LNG in February.

This is up by 34.8 percent year-on-year compared to 1.33 million mt in 2024.

February LNG imports also rose compared to 1.48 million tonnes of LNG in January, which marked a 14.9 percent year-on-year decrease.

Taiwan paid $993.6 million for LNG imports in February, up from $689.9 million during the same month last year.

The data shows that most of the February LNG supplies came from Qatar (795,884 t) and Australia (452,639 t).

Qatari volumes rose compared to 418,422 t in February 2024, while Australian volumes also increased compared to 336,578 t in February 2024.

Other LNG suppliers to Taiwan last month include Papua New Guinea (154,961 t), Oman (142,773 t), Indonesia (135,165 t), US (60,479 t), and UAE (60,478 t).

During the full year 2024, Taiwan received 21.50 million tonnes of LNG, up by 7.1 percent compared to 2023.

Last year, Taiwan paid $11.92 billion for LNG imports, down from $12.35 billion in 2023.

Taiwan currently imports LNG via two terminals operated by state-owned CPC.

CPC operates the Yung-An LNG terminal with a capacity of 10.5 mtpa and the Taichung LNG import terminal with a capacity of 6 mtpa.

The firm is also expanding its Taichung LNG terminal.

In addition, CPC is also working on the Guantang LNG terminal and the Zhouji LNG terminal.

In December last year, CPC also received the environmental approval for the intercontinental LNG terminal, or the seventh terminal.

 

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Rare capesize scrapping set to proceed

Energy News Beat

Lila Global has arranged to scrap a 25-year-old capesize vessel, making it the second reported cape to head to the breakers this year. In January, NYK Bulkship Korea scrapped the 27-year-old Lady Cedros, beached at Alang, India. 

After Russia attacked Ukraine, buyers rescued a string of vintage ships from demolition, vessels sold at record prices, often to owners registering them to single-ship brass plaque firms, and many continued transporting coal from Russia. 

One such ship is the 172,571 dwt Winnie, formerly Winning Integrity. Reports indicated that buyers had scrapped the vessel in August 2022, but it reappeared after Winning sold it to Lila Global, the shipowning arm of GMS, a cash buyer for recycled ships. Now, it is finally set for retirement. The ship is registered with Stark Maritime, a small two-ship operation, according to Equasis. Stark also has a second capesize under its name, Lila Dalian, a 2002-built vessel that belongs to the Lila Global fleet. 

Winnie is now waiting for scrapping outside a recycling yard in Chittagong, Bangladesh. It travelled from China and was in Murmansk as recently as November. 

Overall, the ship recycling sector has been very sluggish in the opening weeks of 2025. “Ship recycling sales have slowed to such an extent that most yards are now either concentrating on recycling their recent deliveries, all while tier-2 recyclers lie dormant in wait to snag a new low-priced deal, helping demand stay afloat even if prices remain  slippery,” GMS noted in its most recent weekly report. 

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MOL spends $1.7bn buying Dutch tank terminal operator

Energy News Beat

Japanese shipowner Mitsui OSK Lines (MOL) is buying LBC Tank Terminals, one of the world’s largest independent tank terminal operators primarily handling and storing chemicals in Europe and the US. The acquisition of the Dutch firm will cost $1.72bn with the closing of the transaction subject to obtaining permits and approvals from the relevant authorities.

LBC operates seven terminals in Antwerp, Rotterdam, Houston, Freeport and Baton Rouge with a total storage capacity of approximately 3m cu m, berth facilities, pipelines and loading facilities for rail and truck transport.

Following the 2019 acquisition of Nordic Tankers and last year’s purchase of Fairfield Chemical Carriers, MOL now operates one of the largest chemical tanker fleets in the world. 

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Houthis warn attacks on merchant ships could resume tomorrow

Energy News Beat

The Houthis in Yemen issued an ultimatum to Israel on Friday, repeating it yesterday. Unless Israel resumes shipments of humanitarian aid into Gaza by Tuesday, the Houthis will resume attacks on ships. 

“If the Israeli enemy continues after the first four days to prevent the entry of aid into the Gaza Strip … then we will resume our naval operations against the Israeli enemy,” Houthi leader Abdul-Malik al-Houthi warned in a televised address on Friday.

The Israeli government announced on March 2 that it had suspended all humanitarian aid to Gaza after Hamas rejected the ceasefire extension proposed by US Middle East envoy Steve Witkoff.

After more than 100 ships were attacked from late 2023 and throughout last year, the Houthis have ceased its campaign against merchant shipping this year, in line with the tentative peace deal struck between Israel and Hamas. 

British maritime security specialist Ambrey is advising merchant shipping to check their affiliation with the Houthi target profile, and to reassess the risk to voyages through the Red Sea, and the Gulf of Aden. 

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Deep sea cargo fleet moving at record low speeds

Energy News Beat

EnvironmentOperations

Ocean-going merchant ships are moving slower than ever.

Average speeds across the deep sea cargo fleet in the first quarter this year are at a new low, according to data from Clarksons Research.

Certain sectors that have been struggling commercially in the opening months of the year are going especially sedately across the world.

In the LNG space, for instance, a sector that has suffered its worst rates in history this year, speeds have dropped 2% versus the 2024 average to 14.6 knots this year, while bulk carriers have slowed 1.7% compared to last year to move at just 10.7 knots, while product tankers are moving 1.7% slower at 11.2 knots – all record slow speeds.

A 10% speed reduction can lower the emissions of an individual ship’s journey by almost 20%

As well as cutting speed to soak up capacity in a tough rates environment, owners have been slowing down to meet green goals and comply with regulations such as the Carbon Intensity Indicator.

“By far the most effective way to reduce ship climate impacts is to slow ships down. A 10% speed reduction can lower the emissions of an individual ship’s journey by almost 20%,” John Maggs from the Clean Shipping Coalition stated in an article for Splash last month.

“Vessel speeds have been on a long- term downwards trajectory, with speeds now down by ~20-30% since 2008 in most shipping sectors,” Clarksons pointed out in its most recent weekly report.

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