World News
Firms Form Partnership for Arctic Oil and Gas Services
Shipping, logistics, and marine services company GAC Norway AS (GAC) says it has formed a partnership with Polar Logistics Group ApS (POLOG) to serve the oil and gas industry in the Arctic.
The company said POLOG's network through Greenland will help the companies meet logistical needs including ice runways and mountain-top camps.
GAC has supported oil companies operating in northern areas since the opening of Hammerfest, Norway's LNG plant in 2007, and the company offers support operations in locations including the Barents and Kara Seas.
The company also acted as the agent for the Ob River during its historic transit of the Northern Sea Route (NSR) last year.
The Ob River was the first LNG carrier to traverse the NSR, a route that offered 40 percent fuel savings for its voyage between Norway and Japan.
"This partnership adds a new dimension to the services POLOG provides to the oil and mineral exploration industries in Greenland and Canada," said POLOG Managing Director Jan Almqvist.
"Together with GAC, we shall further strengthen our focus on the Arctic market whilst also broadening our global perspective by taking our wealth of experience in complex remote location operations wherever it's needed."
As ice in the Arctic melts, more energy companies are looking for resources in the area.
Russia's OAO Rosneft has been looking for partnerships in other countries to help it develop oil and gas from the Russian Arctic shelf.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 509.00 | 4.50 | 623.00 | 3.00 |
| Rotterdam | 463.00 | 7.00 | 623.50 | 2.00 |
| Houston | 471.50 | 4.50 | 627.50 | 3.50 |
| Fujairah | 501.00 | 4.50 | 714.00 | 1.00 |
| Global 20 Ports Average | 529.00 | 2.50 | 714.50 | 2.50 |
| Global 4 Ports Average | 486.00 | 3.00 | 647.00 | 2.50 |
| Global Average Bunker Price | 572.50 | 2.00 | 753.00 | 2.00 |
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