Oil Majors News

13 Mar 2019

LNG Majors Okay MHPS Gas Turbine

MHPS H-100 Gas Turbine. Image: MHI Group

The engineering and manufacturing giant Mitsubishi Heavy Industries Group (MHI Group) said it has completed successive technical qualification, conducted by oil majors and engineering companies on Mitsubishi Hitachi Power Systems’ 120MW H-100 Gas Turbine.To date, major LNG players, including ExxonMobil, Shell, Total, along with key engineering contractors such as Bechtel, have all completed extensive qualification studies on Mitsubishi Hitachi Power Systems' 120MW H-100 Gas Turbine…

15 Feb 2019

TEN Wins TC for Two Tankers

Pic: Tsakos Energy Navigation

Greek shipping company Tsakos Energy Navigation (TEN) announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major.The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employment be extended to its maximum period. “We are immensely proud to have…

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

Shipbuilding: OSC Orders VLCC Pair

Michael Jorgensen  (Photo: OSC)

Oman Shipping Company (OSC) is expanding courtesy of an order for a pair of newbuild Very Large Crude Carriers (VLCC ) with Daewoo Shipbuilding & Marine Engineering (DSME).According to Michael Jorgensen, OSC's CFO and acting CEO,  said the VLCCs are expected to be deployed in the spot market, as the company plots further fleet expansion in the bulk and container market.Today OSC’s fleet includes 49 vessels including 16 VLCCs, 17 product tankers and 4 chemical carriers.The two latest additions will be constructed at DSME’s Okpo shipyard measuring 336m in length…

04 Dec 2018

Ardmore Shipping Refinances Three Vessels

Image: Ardmore Shipping Corporation

Bermuda-based product and chemical tankers owner Ardmore Shipping Corporation announced that it has signed binding agreements for the refinancing of three vessels.The provider of seaborne transportation of petroleum products and chemicals worldwide to oil majors has signed agreements for the sale and leaseback, under a finance lease arrangement, of the Ardmore Exporter and Ardmore Seavanguard, two 2014-built 50,000 Dwt Eco-design MR tankers, with a high-quality financier in China.The lease agreements are for a period of seven years…

22 Nov 2018

SafeSTS Debuts in the Middle East

Image: SafeSTS

SafeSTS, which is owned by Future Marine Services, has made a strong start in the Middle East  region, undertaking five UAE ship-to-ship transfers for two oil majors in its first six weeks of operation.The charterers to conduct ship-to-ship transfers said that the first two transfers took place at the company’s Khor Fakkan “C” Anchorage, whilst the next three were at its Fujairah “S” Anchorage; both anchorages are in the Gulf of Oman and a total of nearly 2,334,000 barrels of…

19 Nov 2018

Oman Shipping: Strong Domestic Performance

Debasish Mohapatra (Photo: OSC)

Oman Shipping Company (OSC) is reporting strong performance in domestic markets following long-term deals with local refineries and traders including ORPIC and OTI.OSC’s growth in the region is being driven by a 20-year contract to transport condensate for ORPIC (Oman Oil Refineries and Petroleum Industries Company) and a 15-year deal transporting methanol for OTI (Oman Trading International) from Salalah Methanol plant.The company is further supporting the export of LPG from Sohar Refinery to Yemen, Sudan, India, Bangladesh and Sri Lanka.

15 Nov 2018

Four New Crew Boats for Allianz

(Photo: Damen)

Damen Shipyards Group has delivered four new Fast Crew Suppliers (FCS) 2610 to Allianz Middle East Ship Management. The four vessels will undertake work in the ADMA oil field in Abu Dhabi, providing logistics services and safe crew transfer, as part of a five-year contract awarded to ADNOC LS and ADNOC Offshore. The contract will commence as of December 5, 2018. The handover took place between Ahmed T. Khalil, general manager of Allianz, Menno Kuyt, managing director Maritime Craft Services (MCS) and Pascal Slingerland…

25 Oct 2018

Ardmore Shipping Refinances Four Vessels

Image: Ardmore Shipping

Ardmore Shipping Corporation has announced that it has signed agreements for the refinancing of four vessels.Two of Ardmore's subsidiaries have signed agreements for a sale and leaseback of the Ardmore Dauntless and Ardmore Defender, two 2015 built 37,000 Dwt Eco-design IMO 2 products and chemical tankers, with Ocean Yield ASA (Ocean Yield). The lease agreements are for a period of 12 years and the Company has options to repurchase each vessel at various stages prior to maturity.

10 Oct 2018

Chevron becomes first oil major to exit Norway

© Marius Dobilas / Adobe Stock

U.S. oil firm Chevron will become the first oil major to formally exit the Norwegian continental shelf (NCS) as it transfers its last stake in an exploration license, according to a government letter.Oil majors, including Exxon Mobil, BP and Shell, have scaled down their presence in Norway by selling or merging their assets in the mature region to focus on new growth opportunities elsewhere.Chevron is also seeking to sell assets in the British North Sea in order to focus on growing U.S.

03 Oct 2018

Singapore Funds Green Marine Fuel Program

Dr Lam Pin Min, Senior Minister of State, Ministry of Transport and Ministry of Health. Photo: Maritime and Port Authority of Singapore

Maritime and Port Authority of Singapore (MPA) has allocated about USD 3.64 million under the Green Energy Programme to support the development and use of cleaner alternative marine fuels such as biofuels and methanol. Senior Minister of State, Dr Lam Pin Min announced initiatives by Maritime and Port Authority of Singapore (MPA) said that companies can use the fund in their research and development in alternative fuels to meet future greenhouse gas emissions regulations.He said…

24 Sep 2018

Total Makes Major Offshore UK Gas Discovery

(Image: Total)

French oil and energy group Total said on Monday it had made a major gas discovery on the Glendronach prospect, located off the coast of the Shetland islands in the North Sea.Total said preliminary tests on the new gas discovery confirmed good reservoir quality, permeability and well production deliverability, with recoverable resources estimated at about one trillion cubic feet (1 tcf).It said Glendronach, located near its Edradour field, will be tied back to the existing infrastructure…

13 Aug 2018

Global FPSO Market to Exceed USD 115 bln by 2024.

Image: BW Offshore

Global FPSO Market is anticipated to witness growth of 19% and exceed USD 115 billion by 2024. Rising demand of hydrocarbons and increase drilling activities for exploration and production will drive the industry growth.Increase in the conversion of vessel to FPSO to augment the productivity and minimize the capital expenditure may complement the business growth, said a report from Global Market Insights.Converted FPSO market is witnessed to grow over 18%. Comparison with new built…

24 Jul 2018

Reach Subsea Scores Work in Houston

Havila Harmony (Photo courtesy Reach Subsea)

Norwegian based offshore services provider Reach Subsea said its Houston office has secured several contracts from oil majors in the region, comprising some 100 days of work.Reach Subsea opened its Houston office earlier this year with sights on expanding its services into the important subsea hub. So far, the company has executed a couple of projects in the region utilizing subsea spreads hired-in on a project-by-project basis. The company said it is gaining traction at a higher-than-expected pace with two frame agreements now signed with oil majors…

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…

07 Jun 2018

Homeland Signs for Sixth Damen Patrol Vessel

Photo: Damen Shipyards

Nigerian-based Homeland Integrated Offshore Services has signed a contract with Damen Shipyards Group for another Damen 3307 Patrol Vessel. The vessel marks another collaboration between the companies, who have been in cooperation since Damen delivered Homeland’s first 3307 Patrol Vessel in 2014.The vessel named, Guardian 6, will join its sister vessels in the Gulf of Guinea providing security services to oil majors operating in the region. It will perform roles such as deterring and intervening in piracy attacks, as well as crew transfers and equipment deliveries.

05 Jun 2018

Keppel to Build South East Asia’s First LNG Bunkering Vessel

Photo: Keppel Corporation

Keppel Offshore & Marine Ltd (Keppel O&M) through its wholly-owned subsidiary, Keppel Singmarine Pte Ltd, has secured a contract from FueLNG, a joint venture between Keppel O&M and Shell Eastern Petroleum (Pte) Ltd, to build South East Asia's first Liquefied Natural Gas (LNG) bunkering vessel valued at approximately S$50 million. Scheduled for completion in 3Q 2020, the dual-fuel LNG bunkering vessel will have a capacity of 7,500 cubic metres. FueLNG will receive a grant of up to S$3 million as part of the Maritime and Port Authority of Singapore's (MPA) LNG Bunkering Pilot Programme (LBPP).

28 May 2018

Rosneft and GNPC Arrange LNG Supply to Ghana

Poto: Rosneft

Rosneft and the Ghana National Petroleum Corporation (GNPC) signed the package of documents assuming the delivery to the port of Tema (Ghana) over 12 years of the liquefied natural gas (LNG) in the volume of ca. 1.7 mmtpa (or 250 mln standard cubic feet per day), its regasification using the processing capacities of Tema terminal in order to subsequently supply the natural gas to GNPC. The obligations of the parties arising from the above documents will come into effect once they are approved by the Boards of Directors of the parties.

21 May 2018

LNG is the Bridge to ‘Zero Emissions’ Shipping

(Photo: Skangas)

The advent of industry wide tightening of allowable sulfur emissions is getting nearer. Suddenly, with the deadline now little more than one year away, the countdown clock will very soon be ticking much louder. Simply stated, the cap on allowable sulfur content in marine fuels, presently at 3.5 percent in many geographical regions, will be reduced to 0.5 percent in January 2020. The 0.1 percent sulfur cap, already in effect since 2015 in coastal Emissions Control Areas (ECAs) in Europe and North America…

05 Mar 2018

Distillate Demand Boost from Shipping Sulphur Rules to be Brief

File Image: A typical Middle East Refinery (CREDIT: MELCAL)

A sharp increase in demand for distillates following new shipping fuel rules will fade quickly, the International Energy Agency said on Monday. New rules implemented by the International Maritime Organization (IMO) will significantly cut the amount of sulphur that the world's ships can burn in their engines from 2020, leading to a close to 1 million barrel per day (bpd) rise in gasoil consumption at the expense of high-sulphur fuel oil. While ships can continue to burn higher sulphur fuel if they install scrubbers…

15 Feb 2018

India's Oil Imports Reach Record High in January

© Raja Stills / Adobe Stock

India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed. Imports in January were high as state-run refiners, which operate two-third of India's nearly 5 million bpd capacity…

12 Feb 2018

OPEC Sees Balanced Oil Market by Year-end

© rob3rt82 / Adobe Stock

OPEC said on Monday the world oil market would return to balance only towards the end of 2018 as extra barrels from the United States and other non-member producers offset an OPEC-led deal intended to clear a supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said outside producers would boost supply by 1.4 million barrels per day (bpd) this year. That was the third consecutive rise from 870,000 bpd forecast in November. "The steady oil price…

11 Feb 2018

Ocean Yield Acquires Four VLCC

Image: Ocean Yield ASA

Ocean Yield has announced that 100% owned subsidiaries of the Company have agreed to acquire four VLCC crude tankers with 15-year bareboat charters to companies owned and guaranteed by Okeanis Marine Holdings. All four vessels are sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years. The gross purchase price is USD 83.75 million per vessel and the net cash purchase price is USD 74.25 million after a seller's credit of USD 9.50 million. The vessels are scheduled for delivery by the yard, Hyundai Heavy Industries, South Korea, in Q2-Q3 2019.

Maritime Reporter Magazine Cover Mar 2019 - Cruise Shipping

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