Middle East Oil & Gas Shipping Routes are at Risk
Saudi Arabia said on Thursday it was suspending oil shipments through the Red Sea after Yemen's Iran-aligned Houthis attacked two crude tankers, underscoring risks caused by the conflict in the world's top oil exporting region.Iran, in its row with the United States over sanctions, has also threatened to block the Strait of Hormuz, the other major strategic shipping route for oil from the region and the main route for Iranian crude exports.Below are facts about region's shipping routes:Bab al-MandebAny move to block the Bab al-Mandeb…
Johan Sverdrup Drilling Platform Installed
The 22,000-tonne topside for the drilling platform was lifted into position in one single lift on the Johan Sverdrup field last weekend. Equinor and the Johan Sverdrup partners are the first users in the world of this ground-breaking technology.On Thursday, May 31, the topside for the Johan Sverdrup drilling platform sailed from the Aibel yard in Haugesund to Bømlafjorden at Stord.Here the 22,000-tonne steel structure was transferred from the barge to Pioneering Spirit, the world’s biggest heavy-lift vessel.
Russia Halts Oil Exports from Novo Due to Storm
Russian oil exports from the Black Sea port of Novorossiisk were suspended on Sunday due to storm, oil pipeline monopoly Transneft said on Monday. It also said that loadings from the Pacific outlet of Kozmino resumed on Sunday after storm, which did not affect the loading schedule. Other ports are working according to their plans, Transneft said. (Reporting by Vladimir Soldatkin; editing by Polina Devitt)
Trump, Trudeau to Discuss Trade on Monday
President Donald Trump will host Canadian Prime Minister Justin Trudeau on Monday, the White House said on Thursday, a meeting in which trade and a major crude oil pipeline are likely to be on the agenda. The meeting will be the first for the two men since Trump won last November's election. "President Trump and Prime Minister Trudeau look forward to a constructive conversation on strengthening the relationship between our two nations," the White House said in a statement. Canada sends 75 percent of its exports to the United States and is keen to avoid becoming the target of protectionist measures. Trump wants to renegotiate the trilateral NAFTA trade pact with Canada and Mexico, which he says has been disastrous for American workers.
Russia to Resume Liftings at Novorossiisk Today
Russian state oil pipeline monopoly Transneft plans to resume oil loadings from the Black Sea port of Novorossiisk at midday on Friday following a storm, the company said on Friday. Russia's other ports operated by Transneft are working as usual, it added. Reporting by Vladimir Soldatkin
Bibby Offshore Wins First Norwegian Contract
Bibby Offshore’s Norway division, Bibby Offshore AS, has secured its first contract in the region with ConocoPhillips Skandinavia. Managed from Bibby Offshore’s Stavanger office, the workscope involves project management, installation engineering, procurement and subsea installation works, related to maintenance activities on the Norpipe Oil pipeline. The contract is due for completion in Q3 2016 and will utilize the construction support vessel Olympic Ares to support operator…
Russia Suspends Kozmino Oil Exports as Typhoon Approaches
Russia has suspended oil exports from the Pacific port of Kozmino on Sunday due to approaching typhoon, Interfax news agency cited a spokesman for oil pipeline monopoly Transneft as saying on Monday. It is expected that the wind will weaken by Monday evening and loadings could resume. A port official declined to comment. In June, Kozmino handled 2.4 million tonnes of oil. Reporting by Vladimir Soldatkin
Ithaca Energy's FPF - 1 Nears Completion
Providing an update on the status of the on-going Greater Stella Area (“GSA”) development programme Ithaca Energy informed that the floating production facility (FPF-1) modifications programme undertaken by Petrofac in the Remontowa shipyard in Poland is in the final stages of completion, with only a limited number of commissioning activities requiring close out prior to sail-away. Commissioning operations on the FPF-1 have continued to progress well over recent weeks and are now materially complete.
Marine Hazards to Subsea Cables and Pipelines
In February 1989 the RoRo vessel Vinca Gorthon ran into heavy weather and sank off the Dutch coast. She landed on an oil pipeline that was severely damaged. Although the probability of sinking on top of a pipeline is very small, the incident showed that it can happen. Shipping traffic can represent a potential hazard to subsea pipelines in various ways, such as sinking or grounding, lost containers or an anchor hooking onto a pipeline. Over the years MARIN has contributed to the…
Transneft to Reroute Oil if Turkey Closes Straits
Russia's oil pipeline monopoly Transneft has the capacity to reroute oil from Russia and the Caspian Sea to other destinations if Turkey shuts the Bosphorus or Dardanelles straits, RIA News agency cites Transneft chief as saying. Turkish maritime authorities on Saturday shut the Bosphorus Strait to tankers for several hours following what the government said was an attempted coup. The strait, which links the Black Sea and Sea of Marmara and is important for oil shipping, was reopened the same day. Nikolai Tokarev, the head of Transneft, said the company has enough spare capacity in its westbound pipeline system to reroute oil in the event of any further closures of the straits.
Rosneft, NIOC Ink Cooperation Deal
Russian oil producer Rosneft and the National Iranian Oil Company (NIOC) have agreed an outline deal to work together on a number of “strategic” projects in Iran together worth up to $30 billion, Reuters reported quoting Rosneft’s head Igor Sechin as saying. The potential collaboration with Iran would further strengthen Rosneft’s position in the Middle East, the company having already secured a number of deals in the region, including the acquisition of a majority stake in Iraqi Kurdistan’s main oil pipeline.
Aussie-Indian Submarine Drill, China Cautious
As part of growing strategic relationship to counter China's increased activity in the Indian Ocean, India and Australia will focus on anti-submarine warfare in their first ever joint naval exercises, reports SMH. The Indian Navy and Royal Australian Navy are gearing up for the first-ever joint maritime exercise, AUSINDEX. The war games starting Sept. 11 off India's Visakhapatnam port in the Bay of Bengal will include exercises to protect a tanker from a hostile attack submarine.
Forties Pipeline Outage Benefits U.S. Exporters
The shutdown of Britain's largest crude oil pipeline is an early Christmas gift to U.S. exporters shipping to Asia, and a complication for Middle Eastern and African producers seeking to maintain market share in the world's top importing region. The Forties Pipeline System, which carries about 450,000 barrels per day (bpd) from the North Sea to Scotland, may be closed for several weeks for unscheduled repair work, operator Ineos said on Monday. Forties crude is the largest of the five North Sea crudes that make up the dated Brent price benchmark.
Tankers Load After Libyan Oil Pipeline Fix
Repairs have been finished on a Libyan oil pipeline damaged in a suspected attack five days ago and production is restarting gradually, engineers said. The blast and resulting fire on Tuesday about 130 km (80 miles) south of the Es Sider terminal caused a drop in output estimated by the National Oil Corporation (NOC) at 70,000-100,000 barrels per day (bpd). An engineer from the company that operates the pipeline, Waha Oil Co, said damaged parts had been replaced and flows would start returning to previous levels.
Russia to Halt Oil Products Export via Foreign Baltic Ports
Russia plans to fully halt exports of oil products from other than Russian ports on the Baltic Sea by 2018, the head of oil pipeline monopoly Nikolai Tokarev told President Vladimir Putin on Monday. Russia will increase the shipments via its own ports instead, Tokarev said, according to a transcript of the meeting published on the Kremlin website. Russia has been gradually cutting oil and oil products exports via foreign ports on the Baltic Sea, such as Latvia's Ventspils as it has built its own shipments facilities in the ports of Primorsk and Ust-Luga. (Reporting by Vladimir Soldatkin; Editing by Lidia Kelly)
Oil Slides toward Weekly Loss on Excess Supply Worries
Oil prices fell for a sixth day on Friday, and were on track for their biggest weekly loss in 10 months, as record-high U.S. crude output added to concerns about a sharp rise in global supplies. The drop came amid a rout in global equity markets sparked by inflation fears. Brent futures were down 81 cents at $64 a barrel by 1502 GMT. Earlier in the day, they fell as far as $63.70, the lowest since Dec. 20. U.S. West Texas Intermediate (WTI) crude was down 80 cents at $60.35 a barrel, after falling to as low as $60.07, its lowest since Dec. 29.
Is Oil Industry Backing Away From Offshore Arctic Drilling ?
The principal difficulty for Arctic offshore drilling right now, according to oil industry think tank, is economic. The companies may be back for another try at Arctic offshore drilling, in U.S. waters or elsewhere, if economic conditions change, reports AP. Shell pulled out from drilling in the Arctic after completing just one unsuccessful exploration well. Then Obama administration cancels two scheduled Arctic Ocean lease sales for 2016 and 2017. To those who aren't oil industry insiders, it seems like the most sudden of turnabouts.
Russia Ramps up Fuel Exports in Fight for European Market
Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour production of cleaner and higher-quality fuel. The modernisation, which has not been completed yet, led to a surge in output of light products and exports, which has hurt European refineries' margins.
Data is the New Oil and Satellites Are the Pipeline
As the shipping industry embraces digitalization, it’s time for a new era of fresh thinking that recognizes the potential of satellite communications in delivering financial, environmental and safety improvements. If shipping awarded a ‘word of the year’ in 2017, digitalization would have been a clear contender. The term has become a mainstay of commentary in maritime media and a key topic of debate at our industry’s conferences and exhibitions. But the reality is that digitalization is more than just a word or catchphrase that’s captured shipping’s attention.
China Considering New Tariffs on 128 US Products
China's commerce ministry said on Friday that it may impose additional tariffs on up to $3 billion of U.S. imports in response to U.S. tariffs on Chinese steel and aluminum products. The ministry said it was considering implementing measures in two stages: first, a 15 percent tariff on 120 products including steel pipes, dried fruit and wine, and later, a 25 percent tariff on pork and recycled aluminum. Below is a list of 128 U.S. 83 22043000 Grape juice other than that of heading item No.
Oil Prices Soar 4%
Oil prices jumped 4 percent on Tuesday, bouncing back from multi-month lows on expectations that OPEC will agree later this month to cut production to reduce a supply glut. Saudi Energy Minister Khalid al-Falih is expected to travel to the Qatari capital, Doha, this week for meetings with oil-producing countries on the sidelines of an energy forum, sources familiar with the matter told Reuters. The Organization of the Petroleum Exporting Countries is due to meet on Nov. 30 to agree to limit output. An outline deal was reached in September but negotiations on the detail are proving difficult, officials say. Traders and analysts also pointed to a report from Monday about a last ditch effort by OPEC to bring the world's top producers together to rein in production…
Transneft Rejects Summa's Proposal to Complete Port Deal
Russian oil pipeline monopoly Transneft has rejected a proposal from its rival Summa Group to complete a deal to buy a Novorossiysk Commercial Sea Port (NCSP), a Transneft spokesman said on Monday.If the deal goes ahead it will allow Transneft to take control of Russia's largest port operator. But Transneft said earlier this month it had suspended talks on the deal after the authorities arrested the co-owner of Summa, Ziyavudin Magomedov, on charges of embezzling more than $35 million.Magomedov denied the charges at a pre-trial hearing…
Russia Resumes Liftings from Novorossiisk
Russian oil pipeline monopoly Transneft said it had resumed oil loadings from the Black Sea port of Novorossiisk on Friday morning after a storm. Transneft also said that it expected to export 30.6 million tonnes of oil from Novorossiisk, 50.6 million tonnes from Primorsk, 30 million tonnes from Ust-Luga and 31.7 million tonnes from Kozmino this year. Reporting by Vladimir Soldatkin