Dale Hudson News

19 Feb 2019

As Traders Tussle Turkmenistan Cuts Exports

© kamontad123 / Adobe Stock

A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets, mainly from fields operated by the UAE's ENOC and Italy's Eni, but flows have halved in recent weeks, six traders involved in operations said.That happened after Turkmen producers decided to export oil via Russia with the help of Swiss trader Vitol and ditch the previous Azeri route…

24 Jan 2019

DAVOS: Oil Majors Huddle in DAVOS to Mull Future

© Mike Mareen/Adobe Stock

When the global oil industry held its biggest annual gathering this week in the Swiss town of Davos, it invited banking bosses and fund managers to discuss two key topics - climate change and pressure from investors.The conclusion of the discussions was worrying for those present - pressure is rising and the industry is losing a battle not to be seen as one of the world's biggest evils.The answer? Lure investors with higher returns and raise the PR game."There is no doubt - and…

22 Jan 2019

UAE's Fujairah to Ban Ship Exhaust Cleaner When IMO 2020 Kicks In

Photo: Port of Fujairah

The port of Fujairah in the United Arab Emirates has decided to ban the use of a type of ship exhaust cleaner, becoming the latest location to impose restrictions on so-called open-loop scrubbers, a port document showed.In recent months, many shipping companies have opted to fit scrubbers onboard their ships, ahead of major changes in the use of marine fuel across the world.The International Maritime Organization (IMO) will prohibit ships from using fuels with sulphur content above 0.5 percent from Jan.

19 Jan 2019

IMO 2020: Oil Refining Capacity to Grow at Record Pace

© beerphotographer/AdobeStock

Global oil refining capacity is set to increase at its fastest pace on record this year, possibly boosting stocks of products such as diesel, gasoline and marine fuel, the International Energy Agency said.Oil refining capacity will rise by 2.6 million barrels per day (bpd) and demand for refined products by around 1.1 million bpd, the IEA said in a monthly report.It was not clear yet what that meant for margins, which slumped as the price of crude rose last year, said the Paris-based IEA…

03 Jan 2019

Dredging Starts at UK Port That May be Used in No-Deal Brexit

Photo: Port of Ramsgate

Work began on Thursday to extend a small British port that could serve as a back-up if the UK leaves the European Union with no trade deal, providing the government some respite after days of criticism.Less than three months before Britain leaves the EU on March 29, the transport minister has been forced to defend awarding a 14 million pound ($18 million) contract for shipping goods to a new ferry company that has no ships.On Thursday the company, Seaborne Freight, came in for further criticism when its business terms and conditions showed references to placing "any meal/order"…

27 Dec 2018

Brexit:: P&O Re-flags Two Ships for Tax Reasons

© bluedesign/AdobeStock

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus."The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state," a statement said.The spokesman added that P&O was reviewing the flag status of its four other ships operating

21 Dec 2018

FSRU Suppliers Shift from Emerging Markets, Cut Back New Orders

Photo courtesy of Hoegh LNG

Political instability and low credit ratings in emerging economies are putting some shipowners off ordering new floating storage and regasification units (FSRUs), as they shift focus to more mature gas markets.Liquefied natural gas (LNG) demand from emerging markets in Asia, Africa and South America was expected to be boosted by FSRU technologies that are less expensive and time-consuming than onshore import terminals.But a boom in speculative FSRU orders from shipowners led to an oversupply of units this year as import projects across the world were delayed or cancelled…

18 Dec 2018

P&O Re-flagging Two Vessels to Cyprus Ahead of Brexit

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain's departure from the bloc, the company said.A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus."The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state," a statement said.The spokesman added that P&O was reviewing the flag status of its four other ships operating on the Channel route, although no final…

07 Nov 2018

Saras Invests in New Bunkering Terminal

© Riccardo Arata / Adobe Stock

Italian refiner Saras is constructing a ship-refueling terminal at its Sardinia plant and will market a new, cleaner marine fuel ahead of a major regulatory change in 2020, its chief executive told Reuters.From January 2020, the International Maritime Organization (IMO) will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, in one of the biggest changes in the oil market in decades.Refineries around the world have been gearing up for the switch by reducing output of high-sulphur fuel and upgrading plants to maximize production of the cleaner…

22 Oct 2018

Croatian Shipbuilders Strike Again Over Late Salary

© burnel11 / Adobe Stock

Workers at Croatia's largest shipbuilding group Uljanik on Monday held their second strike in less than two months, this time over unpaid salary for September.In late August, the workers downed tools because of uncertainty over payments for July and August. Those two months' salaries were secured after the government reached a deal with a local bank.Uljanik owns two docks, with some 4,000 workers, located in the northern Adriatic cities of Pula and Rijeka. Some 1,500 started a…

15 Oct 2018

Hurricane FPSO Leaves Dubai After Upgrade, Shetlands First Oil Seen in H1

(Photo: Hurricane Energy)

The Aoka Mizu floating production, storage and offloading (FPSO) vessel ordered by Hurricane Energy has left Dubai following a series of upgrades, the company said, another milestone for the group as it seeks to extract so-called fractured basement oil in Britain.Hurricane specializes in recovering oil from fractures in hard and brittle rock known as fractured basement reservoirs, which some see as a risky way to obtain crude.It expects first oil from its Greater Lancaster Area (GLA) project, west of Scotland's Shetland Islands, in the first half of 2019.

02 Oct 2018

Shell's LNG Canada Seen as Tip of Megaproject Iceberg

Photo courtesy of Shell

The launch of a massive liquefied natural gas (LNG) export project in Canada has finally fired the starting gun on a wave of plan approvals around the world, needed to avoid a supply crunch after 2020.Royal Dutch Shell said it would export LNG from Western Canada by 2025 after approving a $14 billion project, hot on the heels of Qatar's commitment last week to expand its facilities.The two announcements, adding 37 million tonnes a year (mtpa) to the 290 million tonnes traded in 2017…

18 Sep 2018

China LNG Tariff Casts Shadow Over New US Export Terminals

© vladsv / Adobe Stock

China set a 10 percent tariff on U.S. liquefied natural gas (LNG) imports, extending a trade dispute into energy and casting a shadow over U.S. export terminals that would propel the United States into the world's second-largest LNG seller.Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.The rate was smaller than the 25 percent tariff China had touted earlier, which offered some relief and helped shares in listed U.S.

05 Sep 2018

World’s Largest Offshore Wind Farm Opens

(File photo: Orsted)

The world's largest offshore wind farm will open on Thursday off the northwest coast of England when Danish energy group Orsted unveils the Walney Extension project.The wind farm has a capacity of 659 megawatts (MW), enough to power almost 600,000 homes, and overtakes the London Array off England's east coast which has a capacity of 630 MW.Walney Extension is made up of 87 turbines built by Siemens Gamesa and MHI Vestas, and covers 145 square kilometers (55 square miles), which is equivalent to around 20,000 football pitches.The 40 eight-megawatt MHI Vestas turbines being used stand 195 meters

02 Aug 2018

Bad Weather Stalls Bangladesh FSRU Hook Up

Excelerate CFO Nick Bedford and representatives from IFC, the Bangladeshi government, Petrobangla, and project lenders at the signing ceremony in Dhaka in the summer of 2017. IFC, a member of the World Bank Group, and Excelerate Energy Bangladesh Limited (Excelerate) are co-developing the Moheshkhali Floating LNG project – Bangladesh’s first liquefied natural gas (LNG) import terminal. (Image: Excelerate)

A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…

02 Aug 2018

Rising Supply Dents Oil Gains

Oil prices fell for a third day on Thursday, following a surprise increase in U.S. crude inventories that added to existing concern about the rapid rise in global crude supply.Saudi Arabia, Russia, Kuwait and the United Arab Emirates have increased production, as agreed at a meeting in June, to help to compensate for an anticipated shortfall in Iranian crude supplies once U.S. sanctions come into force later this year.Brent crude futures were last down 33 cents at $72.06 a barrel by 1200 GMT, while U.S. crude futures fell 55 cents to $67.11."There's been a lot of bearish news over the last week. We've seen the OPEC July numbers increasing quite drastically month-on-month and along with that…

01 Aug 2018

Fugro H1 Profit Boosts Shares

(File photo courtesy Fugro)

Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 percent at 13

19 Jul 2018

Beatrice Offshore Wind Farm Produces First Power

(Photo: Beatrice Offshore Windfarm Ltd.)

Beatrice wind farm off the Caithness coast in Scotland has generated power for the first time, operator SSE said on Thursday.Following installation of the first 7-megawatt (MW) turbine, the wind farm exported power to the National Grid, the firm added.The 2.6 billion pound ($3.4 billion) wind farm will be completed in spring 2019.

18 Jul 2018

For the Global LNG Industry, is the FSRU Honeymoon Over?

(Photo: Höegh LNG)

A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…

11 Jul 2018

Key Oil Export Terminals Reopen in Libya

Damage at Ras Lanuf terminal June 18, 2018 (Photo: NOC)

Tripoli-based National Oil Corp (NOC) said on Wednesday four export terminals were being reopened after eastern factions handed over the ports, ending a standoff that had shut down most of Libya's oil output.Production and export operations would be restored "within the next few hours", an NOC statement said, although the restart at Es Sider and Ras Lanuf, where workers were evacuated and storage tanks damaged in fighting last month, was expected to be gradual.A tanker at Hariga was due to start loading 1 million barrels of crude on Wednesday afternoon…

10 Jul 2018

Hundreds of Oil Workers Strike in Norway

Photo: Harald Pettersen / © Equinor

Hundreds of workers on Norwegian offshore oil and gas rigs went on strike on Tuesday after rejecting a proposed wage deal, leading to the shutdown of one Shell-operated field and helping send Brent crude prices higher.One union said hundreds more workers would join the strike on Sunday if an agreement over union demands for a wage increase and pension rights was not reached.Royal Dutch Shell said that due to the strike it was temporarily closing production at its Knarr field, which has a daily output of 23…

19 Jun 2018

Libya Oil Output Slashed by Port Attacks

On Monday the National Oil Corporation confirmed the loss of storage tanks 2 and 12 at the Ras Lanuf port terminal (Photo: NOC)

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…

04 Jun 2018

At Least 48 Dead after Migrant Boat Sinks

At least 48 migrants were killed when their boat sank off Tunisia's coast and 67 others were rescued by the coast guard, officials said on Sunday, one of the worst migrant boat accidents in recent years.The boat went down near the southern island of Kerkenna, a tourist spot, in the night to Sunday, the defence ministry said in a statement. The victims were Tunisians and other nationalities, it said, without giving details.The rescue operation was suspended late on Sunday but will resume on Monday morning, officials said.Human traffickers increasingly use Tunisia as a launch pad for migrants heading to Europe as Libya's coast guard, aided by armed groups…

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