Oil Holds Above $75 on Big U.S. Inventories Drop With Gulf Output Still Recovering from Ida
Oil held above $75 a barrel on Thursday, within sight of a multi-week high hit a day earlier, supported by a big drop in U.S. crude inventories and surging European natural gas prices.U.S. crude inventories fell by 6.4 million barrels last week, more than the 3.5 million-barrel drop analysts expected, with offshore oil facilities still recovering from the impact of Hurricane Ida last month.Brent crude was down 15 cents, or 0.2%, at $75.31 a barrel by 1128 GMT. On Wednesday, Brent touched $76.13, its highest since July 30. U.S.
Petrobras Eyes Restart at FPSOs Hit by Coronavirus
Brazilian state-run oil firm Petrobras plans to restart operations in the coming days at two ships used in offshore oil production that suffered coronavirus outbreaks, an executive told journalists during a call on Friday.Petrobras Exploration and Production Director Carlos Alberto de Oliveira said operations at the Cidade de Santos should restart over the weekend, and operations at the Capixaba should restart within 10 days. Both are large ships known as FPSOs.Brazil's offshore oil industry has been hit hard by the novel coronavirus.
Daewoo Shipbuilding: $1.4 bln order Cancelled
Cancelled order part of Statoil's Bressay project. South Korea's Daewoo Shipbuilding & Marine Engineering Co Ltd on Friday said a 1.58 trillion won ($1.41 billion) order placed in 2013 for a fixed oil production platform has been cancelled. The shipbuilder said in a regulatory filing that the cancellation would have no effect on its balance sheet as no costs had been incurred. A company spokesman also said the order had not been factored into any earnings forecasts. Daewoo Shipbuilding said a European company placed the order and had cancelled due to deterioration in its global operating environment. The cancelled order was an option in a contract signed with Norway's Statoil ASA as part of the Bressay oil development project on Britain's continental shelf…
Shell Awards Maintenance Contract to BMT
Shell has selected BMT Asia Sdn Bhd (BMT) to provide three-year maintenance services for a production storage facility offshore Malaysia. Sister company, BMT Scientific Marine Services previously installed Marine Instrumentation Systems (MIS) and Marine Advisory Systems (MAS) on the platform. This contract allows the organization to provide servicing and maintenance on MIS/MAS instrumentation exposed to the offshore marine environment, in order to ensure that components remain functional and provide accurate data.
Navcon Sells Stake to BMT Scientific
Navcon Navegacao e Controle Ltda, a Brazilian specialist in monitoring systems for the offshore oil and gas industry, entered into a formal partnership with BMT Scientific Marine Services Ltda. The company has an advanced R&D background and widespread experience of working offshore Brazil. Navcon’s current oil and gas activities align with those of BMT and include anchorage torpedoes and riser monitoring systems, monobuoy monitoring systems as well as metocean and wave measurement buoys. BMT Scientific Marine Services Ltda is a subsidiary of the international engineering, maritime and risk management consultancy, BMT Group Ltd. BMT Scientific Marine Services Ltda…
Offshore Rig Assessment Begins
As the extent of the damage to offshore oil facilities in the Gulf of Mexico slowly slowly started to emerge after Hurricane Katrina's passage, oil prices rose above $70 a barrel, according to a report in the New York Times. The hurricane, one of the most severe storms ever to hit the United States, crippled the nation's foremost oil-producing region at the worst possible time for American and global energy markets. It will probably take days or even weeks before the full extent of the damage is fully revealed. Repairs are likely to drag on for months. Most of the oil and gas production from the Gulf of Mexico remained shut off Tuesday. The region accounts for nearly a third of domestic oil production and a fifth of its natural gas output.
