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Red Sea tensions' impact on the oil and shipping market in the West

Companies have rerouted and suspended shipments due to tensions in the Red Sea sparked by Yemen’s Houthis and retaliation by the US and UK, causing trade disruptions.

Latest news

ConocoPhillips receives approval for Eldfisk nord production start

The Eldfisk nord project is estimated to contain resources of 50–90 million barrels of oil.

Wintershall Dea and partners complete appraisal of Adriana gas discovery

The appraisal well encountered high-quality reservoirs in the primary target within the Cretaceous Lysing Formation. 

New Fortress Energy starts Barcarena LNG terminal in Brazil

Situated at the mouth of the Amazon River, the Barcarena terminal includes an offshore terminal and the Energos Celsius floating storage regasification unit.  

Viaro Energy acquires 100% stake in key West of Shetland licence

Licence P.2593 encompasses the Tuck discovery, a Cretaceous gas-bearing reservoir located on the north-west flank of the Rona Ridge.  

Energean starts gas production at Karish North, offshore Israel

Concurrently, Energean Israel signed a new gas sale and purchase agreement (GSPA), valued at $2bn, with Eshkol Energies Generation.  

International suppliers offer nearly 100bcm of gas to EU consumers

Of the bids, 15 billion cubic metres are for liquefied natural gas (LNG), while another 18.3 billion cubic metres are set for delivery via pipeline.

US accounted for almost half of Europe's LNG imports in 2023

For the third consecutive year, the US remains Europe’s largest supplier of liquified natural gas (LNG), providing 7.1 billion cubic feet per day (bcfd) in 2023.

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