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Oil Processing Plants News

15 Feb 2021

Market Report: FPSOs ... Charting the Path Ahead

© Simon Peter / Adobe Stock

COVID-19 will continue to skew the floating production systems market for the coming 24 months, while buying power for a large portion of FPSO contracts will be centered in Brazil and Guyana/Suriname. These two areas are expected to account for more than 60% of the FPSO contracts awarded between 2021 and 2025.These are the findings shared in a recent floating production outlook report produced by International Maritime Associates (IMA) and World Energy Reports (WER).The 100+ page…

11 Oct 2019

Iranian Tanker Hit by Missiles, Oil Rises

Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles, Iranian media reported.Both oil benchmarks recorded their biggest daily rise since Sept. 16, the first trading day after the attacks on Saudi installations pushed oil prices up around 20%.International benchmark Brent crude futures were up$1.39, or around 2.4%, at $60.49 a barrel by 0829 GMT.U.S.

31 Jul 2014

UK Oil Imports Exceed Exports for First Time in 30 Years

Britain imported more oil products than it exported last year for the first time in 30 years, an official report shows, and analysts say the country is likely to stay dependent on overseas oil as its refineries close. Britain exported 26.2 million tonnes of products such as diesel, kerosene and jet fuel from its refineries last year, but imported 28.2 million tonnes, due to the closure of two major oil processing plants. "The U.K. was a net importer of petroleum products in 2013 for the first time since 1984, the year of the miners' strike," the UK's Department of Energy and Climate Change (DECC) said in its annual report. Coryton oil…