Total Expects Decision on First Libra FPSO by Summer
A decision on the first floating, production, storage and offloading (FPSO) vessels on the giant Libra project in Brazil will be made by the summer, Total's head of exploration and production said on Thursday. "We are actively working actively on Libra to have the first FPSO decided before summer," Arnaud Breuillac told an oil summit in Paris. Total is one of the partners in Libra with Brazil's state-controlled oil company Petróleo Brasileiro SA. The project will see the installation of four FPSOs in the field with a capacity to produce 180,000 barrels of oil a day (bpd) in 2020. (Reporting by Bate Felix)
North American Oil Supply Shocks Markets
The supply shock created by a surge in North American oil production will be as transformative to the market over the next five years as was the rise of Chinese demand over the last 15, the International Energy Agency (IEA) said in its annual Medium-Term Oil Market Report (MTOMR). The shift will not only cause oil companies to overhaul their global investment strategies, but also reshape the way oil is transported, stored and refined. According to the MTOMR, the effects of continued growth in North American supply – led by U.S.
U.S. Execs to Discuss Cuban Oil Reserves
In the two years since oil reservoirs were discovered off Cuba's coast, Canadian, Chinese, Indian and Norwegian companies have lined up to explore the potentially lucrative Caribbean waters. U.S. oil exploration in Cuban waters - along with most U.S. trade - is prohibited under a 45-year-old U.S. embargo designed to undermine Fidel Castro's communist government. This week, American energy executives meet their Cuban counterparts in the first private-sector oil summit between the two countries. Cubans hope to inform the businessmen of their country's oil potential while undermining the embargo, which has often frustrated American corporations.
