Crude Oil Storage News

Oil and gas company Valeura Energy said Monday that modifications to the MT Jaka Tarub crude oil storage vessel were complete, making the vessel compatible with infrastructure at its Wassana oil field, offshore Thailand.According to Valeura Energy, the vessel is capable of tandem crude oil loading/offloading. "Subject to favorable metocean conditions, the vessel will arrive at the Wassana field in the coming days, after which Valeura intends to resume oil production operations, targeting initial rates of up to 3,000 bbls/d, net to the 89% working interest share held by its subsidiary company Valeura Energy Asia Pte. Ltd." the company said.As reported by Offshore Engineer in December 2022…

Knutsen NYK Offshore Tankers (KNOT), an affiliate of NYK,  has taken delivery of a dual-fuel LNG shuttle tanker built at Daewoo Shipbuilding & Marine Engineering yard in South Korea.

The Fujairah Oil Terminal is investing an estimated $45 million to upgrade the infrastructure at its storage facilities, betting on a surge in crude trading and storage demand at the United Arab Emirates oil hub, the company's chairman told Reuters.FOT's expansion, financed by a new $280 million debt facility, will connect its terminal to the Port of Fujairah's very large crude carrier (VLCC) loading facility and the Abu Dhabi Crude Oil Pipeline (ADCOP) pipeline, said Steve Bickerton…

The Sri Lankan navy said on Wednesday it had extinguished another fire on a stricken supertanker loaded with 2 million barrels of oil and is towing it to deeper water.The navy's disaster management team put out the fire that reignited on Monday on the MT New Diamond, and there were currently no fires burning on the ship which is 41 nautical miles (76 km) off Sri Lanka's east coast.Officials were working to assess any damage to the environment from the incident, which began on Sept.

Congestion at China's east coast oil ports that is adding to costs for shippers and importers is likely to run well into August, with crude shipments set to hit another record high this month, according to analysts and Refinitiv data.The massive inflows are straining offloading facilities, while refiners and port operators in Shandong province -- home to a quarter of China's refining capacity -- are rushing to build new storage tanks.July seaborne arrivals into the world's biggest oil importer are expected to surge to 14.4 million barrels per day…

The coronavirus's effect on energy markets is worsening, as the sharp fall in demand in China, the world's largest importer of crude, is stranding oil cargoes off the country's coast and prompting shippers to seek out other Asian destinations.More than 1,360 people have died from the coronavirus in China, which has disrupted the world's second largest economy and shaken energy markets, with international benchmark Brent crude oil down 15% since the beginning of the year.Major international energy forecasters expect demand to fall in this quarter…

India and Saudi Arabia have decided to expand its ‘energy relationship’ into next phase to include Saudi partnership in building additional crude oil storage reserves in India, a new refinery on the west coast of India and investment in retail sector in petroleum.Saudi Arabia is its second-biggest supplier of crude oil after Iraq. It sold 40.33 million tonnes of crude oil to India in 2018-19 fiscal, when the country had imported 207.3 million tonnes of oil.India imports around 18 per cent of its crude oil from the Kingdom, making it the second-largest source of crude oil for the country, Indian Prime Minister Narendra Modi said.PM Modi…

Knutsen NYK Offshore Tankers AS (KNOT), a NYK Group company, has concluded a time-charter contract for a maximum 15-year period starting from 2021 for a shuttle tanker with French oil and gas giant Total for its Brazilian activities.The contract aims to use a 152,000 DWT Suezmax tanker equipped with a dynamic-positioning system built in China by COSCO (Zhoushan) Shipyard Co., Ltd. to shuttle crude oil produced in waters off Brazil.Knutsen NYK Offshore Tankers AS (KNOT) is a joint venture company between NYK (which  has a 50 percent share) and TS Shipping Invest AS (TSSI), the parent company of the Knutsen Group. The KNOT Group has a…

Japanese floating production specialist MODEC has developed a pair of next generation new build hull designs for floating production, storage and offloading (FPSO) vessels developed in partnership with Mitsui E&S Shipbuilding, targeting greater production and storage capacity.As a result of increases in required crude oil and gas production capacities, FPSO topsides have become bigger and heavier, which has led to insufficient deck space area and insufficient crude oil storage capacity on on converted very large crude carriers (VLCC), MODEC said.

Liquids terminaling and logistics provider Moda Midstream announced it has successfully commissioned upgrades to Berth 2A at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas, to enable loading of very large crude carriers (VLCCs).Moda developed these upgrades to provide existing and potential customers the ability to safely and cost-effectively load VLCCs at rates of up to 80,000 barrels per hour.“Today we are loading our fourth VLCC at MIEC since late December,” said Moda President and CEO Bo McCall. “With today’s commissioning of our upgrades to Berth 2A, we now have the U.S. Gulf Coast’s most efficient crude export loading rates.

POTAC (Pin Oak) announced the execution of a ten year exclusive use agreement for Suezmax vessels at Public Oil Dock 14 with the Port of Corpus Christi, including extension options, exercisable by the Company, which could extend the agreement for up to an additional ten years.In addition to Suezmax vessels, Pin Oak will be able to efficiently load / unload Aframax, Panamax, and other smaller vessels and barges. This agreement follows the commencement of construction on Pin Oak's nine pipelines crossing under the Corpus Christi Ship Channel, eight of which will connect to Public Oil Dock 14.The dock is designed to load product at a minimum rate of 40…

Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) has concluded a time-charter contract for two shuttle tankers with Equinor ASA for a maximum 20-year period starting in the second quarter of 2020.KNOT is a NYK Group company, in which NYK has a 50 percent share.The contract aims to use two 152,000 DWT Suezmax tankers equipped with dynamic-positioning systems built by Hyundai Heavy Industries Co. Ltd. to shuttle crude oil produced in waters off Brazil.Upon commencement of this contract, the KNOT Group will have 31 shuttle tankers in operation or on order.In accordance with its new medium-term management plan “Staying Ahead 2022 with Digitalization and Green…

Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, citing market conditions.Global oil and shipping companies are looking at options to cope with the new standards that come into effect in 2020.The U.N. International Maritime Organization (IMO) will ban ships using fuel with a sulphur content higher than 0.5 percent, compared to 3.5 percent now…

Libya has lost some 400,000 barrels per day (bpd) of oil production in recent days because of militant attacks at the Ras Lanuf and Es Sider ports, the head of the National Oil Corporation, Mustafa Sanalla, said on Tuesday.Sanalla said there were still militants present in the area of the terminals, which were closed on Thursday following an early morning attack by opponents of eastern-based Libyan commander Khalifa Haftar."We look to fight the fire first of all, stabilise the situation…

Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye, will offer 3.4 million barrels of crude oil storage capacity, connectivity to the Gray Oak pipeline and two deep-water vessel docks capable of berthing Very Large Crude Carrier (VLCC) petroleum tankers as part of the initial scope of construction.

Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes, as Asia looks for more crude imports from the United States. The contract will give holders access to low-sulphur, or sweet, crude oil storage space at the Clovelly, Louisiana, terminal operated the Louisiana Offshore Oil Port (LOOP). The contract is expected to start up in about six months, Richard Redoglia, Matrix's chief executive officer told Reuters. Matrix currently hosts a monthly auction for crude storage at the LOOP and it offers a high-sulphur, or sour, crude oil storage futures contract through the CME Group with delivery at the Offshore Port.

A new underground cavern is being brought into operation at the Port of Gothenburg. The cavern is 600,000 cubic metres in size and will be used for interim storage of crude oil. The operator will be the independent storage company Scandinavian Tank Storage. Located immediately beside the Port of Gothenburg is an underground storage facility. Gothenburg Port Authority has two caverns at its disposal, each 600,000-800,000 cubic metres in size. One of them was opened for crude oil storage in 2009. The second is about to be brought into operation. An agreement has been signed with Scandinavian Tank Storage, which will operate both caverns. "Our strategic location between the Baltic Sea and the North Sea is generating a demand for storage of crude oil.

Canadian oil storage and transport company Gibson Energy Inc said on Monday it is building 900,000 barrels of crude oil storage at its terminal in Hardisty, Alberta, after receiving sufficient support from shippers. The company will build a 500,000 barrel tank backed by a long-term contract with Teck Resources Ltd, a partner in the Fort Hills oil sands project and a new customer for Gibson Energy, and another 400,000 tank. The new storage is expected to be in service by mid-2017. RBC Capital Markets strategist Robert Kwan said against the backdrop of weak benchmark crude prices, Gibson Energy's ability to sign long-term contracts with customers to underpin of new storage should be viewed as a positive.

A supertanker carrying about 1 million barrels of Middle East crude docked on Monday at a terminal jointly run by Vopak and Dialog Group in Malaysia, the companies said. The arrival of tanker MT Mesdar marked the start of operations at southeast Asia's first commercial crude oil tank farm. The tanker had been chartered by CSSA, the shipping arm of French oil major Total, and it loaded the crude cargo at Fujairah in the United Arab Emirates in February, Reuters shipping data showed. Located in Pengerang, in the southern state of Johor, just across the Johor Strait from the Singapore trading hub, the site can hold 420,000 cubic metres of crude (2.6 million barrels) and also offers blending and distribution services.

Enterprise Products Partners LP said on Wednesday that companies using its crude oil storage facility in the Houston Ship Channel must pay extra for dock services, brushing off complaints from client BP Plc . "We believe if you want a service, you pay for it," Enterprise Chief Operating Officer Jim Teague told analysts when asked about concerns, first reported by the Wall Street Journal, that the company's strong position in Gulf Coast storage gives it too much pricing power. Britain's BP has reportedly told the U.S. Federal Trade Commission that Enterprise, a major midstream company, has started charging $1 a barrel in dock fees for crude it handles at the Houston site, on top of storage fees. Since Houston is the top U.S. petrochemicals port, the dock fees could add up to big revenue.

Knutsen NYK Offshore Tankers AS (KNOT; headquarters: Haugesund, Norway), of which NYK has a 50 percent share, has officially reached an agreement with J. After delivery to NYK, Dan Eagle is assigned to a five-year time-charter for Petróleo Brasileiro S.A. Since their respective deliveries from the shipyard in 2011 and 2012, Dan Cisne and Dan Sabia have each been engaged in a 12-year time-charter for Petrobras Transporte S.A., a wholly owned subsidiary of Petrobras SA., and these two shuttle tankers will continue to provide this service. This purchase will grow the NYK Group’s shuttle tanker fleet to 28 ships, and the group’s offshore business will resultantly expand with a focus on crude-oil transport from the North Sea and the waters off Brazil.

Knutsen NYK Offshore Tankers AS (KNOT) (headquartered in Norway) in which Japan's NYK has a  50% share, held a naming ceremony for  two 'winterized'  DP2 tankships under construction at Hyundai Heavy Industries shipyard. The two 123,000 dwt Suezmax shuttle tankers, which are equipped with a class 2 dynamic positioning system and a bow-loading system, were named Hilda Knutsen and Torill Knutsen. The first-named will be delivered at the end of July 2013, and Torill Knutsen will arrive at the end of September.

Buckeye Partners, sign a multi-year agreement with an Irving Oil subsidiary for multi-million barrel storage facility in Port of Albany on the Hudson River. The approximately 1.8-million barrel storage facility located within the Port of Albany along the Hudson River is expected to begin handling crude oil on November 1, 2012. Buckeye plans to make modifications to the Albany terminal that, once completed, will allow the terminal to handle both crude oil and ethanol unit-trains with a total capacity in excess of 135,000 barrels per day. "Rail transport has become a critical component of the logistics chain as domestic crude oil production has increased significantly," said Clark C. Smith, Buckeye's President and Chief Executive Officer.