Oil Producers News

Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East.Brent futures for June delivery were up $1.35, or 1.5%, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08.U.S. West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5%, to $84.98 after touching a peak of $85.46…

Around 61,165 barrels of daily oil output from at least six producers, making up about 3% of crude oil production in the Gulf of Mexico, has been shut in by Third Coast Infrastructure's underwater pipeline leak, the U.S. Coast Guard said on Wednesday.The oil producers whose facilities are impacted include W&T Energy, Occidental Petroleum, Walter Oil and Gas, Cantium, Arena Offshore and Talos Energy Ventures, the Coast Guard said, citing the U.S. Interior Department's Bureau of…

Russian crude oil producers are enjoying the cheapest costs to ship to refiners in China and India in almost a year thanks to a growing number of vessels plying the routes, according to trading and shipping sources.The arrival of new shippers working outside the purview of Western governments allows Russian firms to earn more than the $60 per barrel cap that the U.S. and its allies had aimed to impose on Russia through sanctions. It also means that enforcing the price cap will have a limited impact on Russian revenues.On Thursday, the U.S. imposed the first sanctions on owners of tankers carrying Russian oil above the cap, one based in Turkey and one in the United Arab Emirates…

Russia said on Sept. 21 that it had temporarily banned gasoline and diesel exports to all but four ex-Soviet states in response to domestic shortages, a move that will disrupt global trade that has already had to adjust to Western sanctions on Russian fuel exports.Russia eased some of the restrictions on Sept. 25, saying it would allow the export of bunkering fuel for some vessels and diesel with high sulphur content. The government has yet to give a timeline for any further easing…

A Liberian-flagged oil tanker set sail in May from Russia's Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.The new owner of the 100,000 tonnes of Urals crude carried on the Leopard I was a similarly low-profile outfit, Guron Trading, also based in Hong Kong, according to two trading sources.The number of little-known trading firms relied on by Moscow to export large volumes of crude exports to Asia has mushroomed in recent months…

A group of indigenous protesters in Peru's remote Amazon region attacked two oil tankers with gasoline bombs apparently because they are angry about changes by the government to social oil funds, the operator of the vessels said on Wednesday.A dozen crew members from both tankers, one of which contained 40,000 barrels of crude, were also kidnapped by the assailants, according to a statement from Canada-based PetroTal.PetroTal accused protesters affiliated with indigenous association Aidecobap of blocking an Amazon tributary preventing the passage of the two oil tankers, one of which was empty,

India and China have snapped up the vast majority of Russian oil so far in April at prices above the Western price cap of $60 per barrel, according to traders and Reuters calculations.That means the Kremlin is enjoying stronger revenues despite the West's attempts to curb funds for Russia's military operations in Ukraine.A G7 source told Reuters on Monday the Western price cap would remain unchanged for now, despite pressure from some European Union countries, such as Poland,…

An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control.These vessels were part of a "shadow" fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a Reuters analysis of ship tracking and accident data and interviews with more than a dozen industry specialists.Hundreds of extra ships have joined this opaque parallel trade…

The U.S. Environmental Protection Agency (EPA) is moving too slowly to allow states to permit and oversee carbon-reduction projects, according to Louisiana's governor, slowing millions of dollars in investments designed to tackle greenhouse gas reduction.Louisiana and other top oil-producing states say they can speed up permitting of carbon sequestration projects if allowed to handle decisions that currently fall under the EPA. There are dozens of these projects with multi-million…

Russian oil revenues are falling due to the price cap that Western countries imposed on its crude oil shipments and, ahead of further caps on Russia's oil products, Europe is well positioned to manage any price pressures, a U.S. Treasury official said on Wednesday.The Group of Seven countries, Australia and the European Union will extend sanctions on Russia for its war in Ukraine by putting a price cap on its oil products, such as gasoline and diesel, on Feb. 5. The coalition…

Tough new sanctions on Russian oil shipments taking effect from December are likely to boost already high tanker rates as buyers race to replace cargoes and are forced to use longer routes, a leading ship manager said.In the latest action against Russia in response to its invasion of Ukraine that began in February, the European Union will ban Russian crude imports from Dec 5, and Russian oil products from Feb 5.Designed to deprive Moscow of revenues that could finance its action in Ukraine…

U.S. offshore oil producers on Tuesday were keeping a wary eye on Hurricane Ian's track as the powerful storm shut-in at least 480,000 barrels of oil production as it heads toward Florida.The hurricane entered the U.S. Gulf of Mexico on Tuesday and is forecast to become a dangerous, Category 4 storm over the warm waters of the Gulf, according to National Hurricane Center (NHC) forecaster Eric Blake.Ian weakened after crossing Cuba and was packing winds of 115 miles per hour (185 km per hour), the NHC said.

Brazilian oil company Petrobras said Monday it had ordered an FPSO from Keppel Shipyard, for deployment at the Búzios offshore oil field in Brazil.The FPSO, named P-80 will be the ninth unit to be installed in the field, and, according to Petrobras "one of the largest to operate in Brazil and one of the largest in the global oil and gas industry."The P-80, which will cost $2.9 billion, will have capacity to produce up to 225 thousand barrels of oil per day, process up to 12 million m3/day of gas, and store more than 1.6 million barrels.

Russian Urals crude exports and transit from its Baltic ports in May are expected to match the initial plan, despite Western sanctions that have hit demand in Europe, according to three traders and Reuters calculations based on shipping data.Official sanctions and self-sanctioning by European buyers have hammered demand for Urals in its traditional market, but Asian buyers have stepped in to keep export flows unaffected.The ports of Primorsk and Ust-Luga will load a total of 7 million tonnes of Urals in May, in line with the initial plan, traders said and the data showed.

Guyana is in "no rush" to draft a new production sharing agreement (PSA) for offshore oil development, its Natural Resources minister told Reuters, reversing a year-long drive to devise new rules for future output.The government of South America's newest crude oil producer said in 2021 it was planning a new agreement to revamp terms and boost royalties for future oil and gas projects. The proposed document was expected to improve terms for Guyana of a 2016 contract with Exxon Mobil and its partners for the prolific Stabroek block.But the tiny nation…

A top economic adviser to Ukrainian President Volodymyr Zelenskiy called on the White House to block American companies from all trade in Russian oil and urged Western oil and gas companies to stop handling the commodity, the New York Times reported on Wednesday.In an interview with the U.S. news outlet overnight, Oleg Ustenko said the companies should hire independent accountants to verify no Russian oil is loaded onto their ships, the Times said."We need a full embargo, a full boycott.

Malaysian FPSO supplier Yinson has won a contract with Brazil's Petrobras for the delivery of an FPSO for the deployment at the Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin, offshore Brazil.Petrobras has signed contracts with Yinson's subsidiaries for the chartering and provision of services of the Maria Quitéria FPSO for the project. Parque das Baleias Integrated Project, to be installed in the Jubarte Field, located in the north of Campos Basin. The firm contracts follow the signing of letters of intent in November 2021.

Dutch floating oil and gas production firm SBM Offshore has secured a $620 million bridge loan facility for the financing of the construction of FPSO Alexandre de Gusmão, to be deployed in Brazil for Petrobras.The FPSO Alexandre de Gusmão will be deployed at the Mero field in the Santos Basin offshore Brazil. Mero is a project under Libra Consortium responsibility, in which Petrobras is the operator with 40 percent and with the following partners: Shell Brasil with 20 percent, TotalEnergies with 20 percent, CNODC and CNOOC Limited with 10 percent each, together with Pré-sal Petróleo S.A.

State oil firm Abu Dhabi National Oil Company (ADNOC) is weighing an initial public offering (IPO) of its marine services, logistics and shipping arm next year, two sources familiar with the matter told Reuters.ADNOC Logistics & Services (ADNOC L&S) has been selected for a potential float in Abu Dhabi in 2022, said the sources, declining to be named as the matter is not public.A deal could follow after testing investor appetite and market conditions, they said.ADNOC declined to comment when contacted by Reuters on Sunday.Gulf oil producers are looking at sales of stakes in energy assets…

Exxon Mobil is in discussions with Dutch contractor SBM Offshore NV to build a fourth multibillion-dollar production unit to develop its Guyana oil discoveries, two people close to the negotiations said.The talks include the potential for some future platform assembly in Guyana, the people said. Guyana hopes to develop an oil industry infrastructure to boost the economy and job growth. Officials are under pressure to show the potential oil bonanza will be shared with its citizens.The South American country is home to the world's biggest offshore discoveries in years…

The Louisiana Offshore Oil Port (LOOP), the largest deepwater oil import and export terminal on the U.S. Gulf Coast, has found no major damages to its marine operations during an initial review [of the impact of the hurricane Ida], but operations remain offline as assessments continue, according to a person familiar with the matter.Louisiana Offshore Oil Port Llc - a joint venture of Marathon Petroleum Corp, Phillips 66 and Valero Energy Corp - has a crude oil loading and unloading facility 18 miles (29 km) off the coast of Louisiana.

The oil and gas sector continues to rebound from the great downturn, though regional surges of Covid-19 have been spooking the market, causing crude prices to be a bit volatile over the past two weeks. But, the near-term outlook remains very positive. This is the conclusion of the in-depth market analysis in the July 2021 Floating Production Systems Report - a go-to database for all things FPSO/FPU - just released by International Maritime Associates/World Energy Reports (IMA/WER).Asked what is driving the positive sentiment…

Dutch FPSO leasing specialist SBM Offshore has secured a firm deal with Petrobras to lease and operate a newbuild FPSO at its giant Buzios offshore oil field in Brazil.The firm contract, for the 26.25 years lease and operation of the FPSO to be named Almirante Tamandaré, follows the signing of the binding Letter of Intent announced back in February. SBM Offshore did not share the financial details.FPSO Almirante Tamandaré will be deployed at the Búzios field in the Santos Basin approximately 180 kilometers offshore Rio de Janeiro in Brazil.