Oil & Gas

Equinor Starts Up New Field for Hammerfest LNG

Snohvit, the first hydrocarbon development in the Barents Sea according to Equinor, has been producing since 2007. The Snohvit Future project, approved 2023, involves onshore compression to ensure the flow of gas and electrification to curb emissions. Equinor expects the onshore compression component to be completed 2028. From 2030, Snovhit is expected to shift to electrified operation.

Seatrium sells AmFELS yard in Texas to Karpowership affiliate in $65 million deal

Seatrium Limited has announced the sale of its AmFELS Yard in Brownsville, Texas, to Karpower Valley LLC, an affiliate of Karpowership, for S$65 million. The divestment, executed through subsidiary Seatrium AmFELS, Inc., is part of the company’s strategy to streamline operations, boost capital efficiency, and unlock value from surplus assets.

U.S.-Asia Oil Arbitrage Narrows as Freight Costs Surge

The publication cited LSEG data showing that Very Large Crude Carrier rates jumped to 12.5 million last week, which was the highest since March 2023. The rate increase resulted from increased demand for U.S. crude from Asian buyers that emerged during the summer. Since then, rates have eased somewhat to $12 million but remain elevated enough to sap appetite.