Latest Oil and gas industry News

Britain's May to chair emergency session on seized tanker

Jul. 22, 2019 2:56 AM EDT

LONDON (AP) — British Prime Minister Theresa May will chair an emergency security session on Monday to discuss how to respond to Iran's seizure of a British-flagged tanker in the Strait of Hormuz. The meeting of security ministers and officials will discuss how to secure shipping in the sensitive region,...

New audio shows UK could not prevent Iran takeover of tanker

Jul. 21, 2019 12:06 PM EDT

LONDON (AP) — The release Sunday of an audio recording has shed new light on the seizure of a British-flagged tanker at the hands of Iran's Revolutionary Guard as tensions flare in the strategic Strait of Hormuz. The audio released by maritime security risk firm Dryad Global shows that a British frigate...

Libya's largest oil field shut down over pipeline closure

Jul. 21, 2019 10:46 AM EDT

CAIRO (AP) — Libya's national oil company has suspended operations at the country's largest oil field over the "unlawful" closure of a pipeline valve, in a country torn by war between rival authorities in the east and west, each backed by various militias. The National Oil Corporation announced the move...

The Latest: Germany urges diplomacy amid Gulf tensions

Jul. 21, 2019 7:03 AM EDT

DUBAI, United Arab Emirates (AP) — The Latest on tensions in the Persian Gulf (all times local): 3 p.m. Germany's foreign minister is warning Iran that its seizure of commercial vessels in a key Persian Gulf shipping lane is contributing to an "escalation spiral" that could lead to war. Foreign Minister...

The Latest: UK rejects Iran's 'tit for tat' view of tanker

Jul. 21, 2019 5:44 AM EDT

TEHRAN, Iran (AP) — The Latest on developments related to tensions between the U.S. and Iran (all times local): 12:55 p.m. The U.K.'s foreign secretary says the seizing of a British-flagged tanker by Iran's Revolutionary Guard "raises very serious questions about the security of British shipping and indeed...

US concerned over China's 'interference' in South China Sea

Jul. 21, 2019 3:49 AM EDT

HANOI, Vietnam (AP) — The United States said it's concerned by reports of China's interference with oil and gas activities in the disputed waters of the South China Sea, where Vietnam accuses Beijing of violating its sovereignty. State Department spokeswoman Morgan Ortagus said in a statement that China's...

Iran says its seizure of British ship a 'reciprocal' move

Jul. 21, 2019 1:35 AM EDT

TEHRAN, Iran (AP) — Iran's seizure of a British oil tanker was a response to Britain's role in impounding an Iranian supertanker first, senior officials said Saturday, as newly released video of the incident showed Iranian commandos in black ski masks and fatigues rappelling from a helicopter onto the...

Death toll rises to 15 in Chinese gas plant explosion

Jul. 20, 2019 10:59 PM EDT

BEIJING (AP) — Authorities in central China said Sunday the death toll in a gas plant explosion has risen to 15 with another 15 seriously injured. Three people who were previously missing have been found dead, said local authorities. About 270 firefighters and rescue workers have completed three rounds of...

British Airways, Lufthansa suspend Cairo flights

Jul. 20, 2019 8:48 PM EDT

LONDON (AP) — British Airways and Lufthansa both said Saturday they were suspending flights to Cairo for unspecified reasons related to safety and security. The British carrier said it was canceling flights to the Egyptian capital for a week. The German airline said normal operations would resume Sunday....

Gulf tanker incidents may raise shippers' costs, cut traffic

Jul. 20, 2019 7:04 PM EDT

Seizures of oil tankers and other hostile Iranian measures in the Strait of Hormuz are already raising insurance rates for shipping companies and could eventually reduce tanker traffic in the vital waterway, with a spike in global oil prices a serious risk even without war, energy and maritime experts say. On...