Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S. oil prices are near a three-year high…
Oil Plus bags $1.5 mi Middle East Deals
Oil Plus has secured contracts worth more than $1.5m over the past three months and has significantly expanded its footprint in the Middle East. The company has also reported a strong start to the year with sales up by 285% compared to the last quarter of 2017. Due to the surge of new business, the Newbury-based company, which employs in excess of 30 people, plans to recruit another eight over the next 12 months. The contracts will see Oil Plus deliver reservoir souring modelling…
Shell Active in Mideast, Russia Crude Liftings
Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades, priced off Middle East crude benchmark Dubai, has strengthened this month as a widening of Brent's premium to Dubai has made competing Atlantic Basin supplies more expensive.
Semco Maritime Generated Positive Operating Results in 2017
Semco Maritime’s revenue shrunk to DKK 1,408 million in 2017 against DKK 1,598 million in 2016 as the offshore services provider observed continued price pressure and market hesitancy amid postponed projects and growing competition across its business areas.“Even though oil and gas prices increased during the year, the majority of 2017 was characterized by continued low activity and tough competition in the oil and gas industry. Towards the end of the year, demand from customers…
Oil Recovered from Sunken Ship Thorco Cloud
More than 440 tons of heavy fuel oil was extracted from the tanks of the sunken general cargo vessel Thorco Cloud. The wreck lies in two sections 1,730 meters apart and 70 meters down in the middle of the eastbound traffic lane of the Singapore Strait following a collision in December 2015. The heavy oil in the fuel tanks and in trapped compartments was seen as a major pollution hazard. Both the bow and stern sections contained fuel tanks that required emptying, so the Thorco Cloud’s owner…
LPG, Fuel Tankers Collide off Singapore
Two oil products tankers had collided off Singapore coast but the impact of the accident was not immediately clear, industry sources familiar with the matter said on Tuesday. The tankers were identified as Crystal Sunrise, chartered by Japanese liquefied petroleum gas (LPG) firm Gyxis, and Astro Saturn chartered by European trading house Trafigura. "We can confirm that the Astro Saturn is on TC (time charter) to Trafigura and is carrying fuel oil," said it's spokeswoman without elaborating further.
Scrubbers 'No Silver Bullet' for Shipping -Wartsila
Global shipping fleet must cut sulfur emissions by 2020. Wartsila received record orders for sulfur scrubbers last year. Shipping industry hopes that so-called sulfur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the world's biggest manufacturers of the equipment told Reuters. The International Maritime Organization's (IMO) cut to the amount of sulfur the world's fleet can emit will have massive implications for shippers, oil refiners and even crude oil producers.
Goliat Field Output Resumed After Fire
Oil firm Eni said output from Norway's Goliat field has resumed after being shut since Friday morning following a small fire. The platform has a capacity to produce almost 100,000 barrels per day (bpd) of oil. "Production resumed Sunday morning," a Eni spokeswoman told Reuters. (Reporting by Ole Petter Skonnord Editing by Edmund Blair)
2020 Low-sulfur Rule to Trigger Huge Disruptions -IEA
The shipping industry and oil refineries are not doing enough to prepare for new rules cutting the amount of sulfur that vessels can emit from 2020, according to the head of the International Energy Agency's (IEA) oil industry and market division.The new rules drastically cut the amount of sulfur that the world's ships can emit, from 3.5 percent currently to just 0.5 percent. Ships that install "scrubbers" that remove sulfur as the fuel is burned can continue to use higher sulfur fuels…
Clean Arctic Hails IMO Action on HFO
The Clean Arctic Alliance has applauded progress by International Maritime Organization member states towards banning use of the world’s dirtiest fuel – heavy fuel oil – from Arctic shipping. It also called for Member States to make every effort to adopt and rapidly implement a ban by 2021, as proposed by eight IMO Member States and supported by other countries during the meeting. Plans to develop a ban on heavy fuel oil (HFO) from Arctic shipping, along with an assessment of the impact of such a ban…
Navios Buoyed by JPMorgan Duble Upgrade
LNG as a Fuel Won't Meet Strict Carbon Regulations - analyst
Switching to liquefied natural gas (LNG) to fuel ocean-going vessels may not be enough for shippers to comply with long-term emissions regulations and they will have to find additional ways of reducing emissions, JBC Energy said on Tuesday. The International Maritime Organization (IMO) on Friday reached an agreement to cut carbon dioxide (CO2) emissions by at least 50 percent by 2050 compared with 2008 levels. Shipping accounts for 2.2 percent of world CO2 emissions, according to the IMO, the United Nations agency responsible for regulating the shipping industry.
Fieldwood Hungry for US Offshore Output
The Chief Executive of offshore oil and gas driller Fieldwood Energy LLC, Matt McCarroll, says he is not scared of the hurricanes, geological risks and costs that keep some oil companies out of the Gulf of Mexico. Instead, he is doubling down. The private equity-backed company - already the largest operator on the U.S. outer continental shelf - announced on Thursday it is closing a $480 million acquisition of Noble Energy’s assets in the Gulf of Mexico that will add 25,000 barrels per day (bpd) to its current net production of 72,000 bpd of oil equivalent.
Fire in Sauna Shuts World's Northernmost Oilfield
The world's northernmost oilfield was shut on Friday when a fire broke out in a sauna in the oil platform's living quarters, Eni, the Italian oil company that operates the field, said. The Arctic Goliat field is in the Barents Sea about 88 kilometers off the coast of Norway and inside the Arctic Circle. The platform has floating production, storage and offloading facilities and can produce close to 100,000 barrels of crude per day. The fire was quickly put out, and no crew members were injured, although some smoke did develop, Eni said.
Libya Cracking Down on Fuel Smuggling
Libya's National Oil Corporation (NOC) is considering using a chemical marking system to help trace oil products smuggled out of the country, its chairman said on Wednesday. Mustafa Sanalla also called on a European Union naval mission to combat smugglers by seizing their ships in the Mediterranean, said the United Nations should consider sanctioning smugglers, and urged Libya to reform massive subsidies that allow fuel to be sold for as little as 2-3 U.S. cents per liter. "The fuel smugglers and thieves have permeated not only the militias which control much of Libya…
Langh Tech Warns of Sulphur Fuel Carriage Ban Impact
Finland-based exhaust gas cleaning firmLangh Tech has explained how last week’s decision to prohibit the carriage of noncompliant fuel oil will have a material and technical impact on commercial ship operations.In a special panel session during the Sulphur Cap 2020 conference in Amsterdam, Langh Tech Managing Director Laura Langh-Lagerlof told delegates, “If such measures are adopted, any shipowner, operator, master mariner or chief engineer found guilty of transporting noncompliant…
Indonesia Blames Coal Ship for Spill
A coal ship that dropped anchor off the coast of the Indonesian port city of Balikpapan on Borneo island was likely to blame for an oil spill, after dragging a pipeline more than 100 metres and causing it to crack, an energy ministry official said. Indonesia declared a state of emergency this week after the spill and fire killed five fishermen. The environment ministry said the oil covered an area of nearly 13,000 hectares and had polluted 60 km of coastal ecosystems, including mangrove wetlands and marine mammal habitats. "We suspect the pipe was dragged by the ship that caught fire," Oil and Gas Director General Djoko Siswanto told reporters on Thursday.
Jan-March Oil Shipments from Georgia's Batumi Down 54 pct
Oil and oil-related shipments from Georgia's Black Sea port of Batumi fell 53.7 percent between January and March from a year earlier, an official at the KazMunaiGas-operated terminal said on Wednesday. The official said some volumes of crude oil had been rerouted to the Baku-Tbilisi-Ceyhan pipeline and to the Caspian Pipeline Consortium this year, while some fuel oil had been sent to the port of Taman in Russia and Georgia's other Black Sea port of Kulevi. About ten Batumi terminal…
New Offshore Decommissioning Barge
Longitude Engineering reportedly has developed a cost effective decommissioning barge concept for the removal of small oil and gas platforms for the PTT Exploration and Production (PTTEP), a subsidiary of the Thai state owned oil company. The aim was to develop a viable and cost-effective alternative to conventional ‘reverse installation’ through the use of heavy lift crane barges for the removal of the topsides and jackets. The focus being the removal of 90-100 of PTTEP’s minimum facilities platform assets in the Gulf of Thailand…
GE Profit Tops Estimates
General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book as much as $10 billion in proceeds from divesting industrial assets this year. Those comments eased concern that GE would post poor results. GE's profit reflected 7-percent revenue growth and vigorous cost cutting. Revenue rose in aviation, oil-and-gas and healthcare, offsetting declines in power, transportation, lighting and renewable energy. GE sliced $1 billion in costs, including $800 million in industrial structural costs.
Bahri Adds New VLCC Khurais
National Shipping Company of Saudi Arabia (Bahri) has taken delivery of Khurais, a very large crude carrier (VLCC), from Korean Hyundai Samho Heavy Industries (HSHI). Industry leader adds fourth VLCC this year, bringing its total number of vessels to 92,further enhancing its market-leading capabilities in crude oil transportation. The new addition is the fourth of five VLCCs to be received this year from South Korea-based Hyundai Samho Heavy Industries (HSHI), the world’s largest shipbuilding company.
Response to Mackinac Spill Continues
A U.S. Coast Guard marine science technician and an environmental quality analyst for Michigan's Department of Environmental Quality surveyed the Straits of Mackinac onboard a vessel Thursday. The responders did not identify any mineral oil sheens, signs of pollution, or adverse impacts to the environment or wildlife. Earlier this week, hundreds of gallons of mineral oil has been released from a leaking underwater utility line in Michigan’s Straits of Mackinac. Members of the U.S.
Port of Rotterdam Freight Throughput Falls in 1Q
In the first quarter of 2018, 1.2% less freight passed through the Port of Rotterdam than in the same period last year. In total, 117.8 million tonnes were handled against 119.3 million tonnes in the same period in 2017. The fall mainly concerned the throughput of coal, iron ore, scrap and crude oil. In contrast, the growth in container throughput continued to increase significantly (+6.1% in TEU, +4.6% in tonnes). The throughput of mineral oil products increased, particularly distribution. The throughput of biomass and LNG increased spectacularly.