Oil Sector News

22 Oct 2019

Bahri Profits Up in Q3

Abdullah Aldubaikhi, CEO. Photo: Bahri

The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million), from SAR 81.28 million in the corresponding quarter in 2018, primarily due to an increase in returns of several operating segments.Bahri’s revenues during the three-month period between July and September jumped 6.28 percent to SAR 1.48 billion…

08 Aug 2019

James Fisher Acquires SM Continental

Image:  James Fisher

UK's marine engineering services provider James Fisher and Sons has acquired 60% of the share capital of Continental Participação E Administração, the holding company of Brazilian subsea specialist Serviços Marítimos Continental.Continental, an established air diving service provider to the offshore oil sector in Brazil, provided inspection, repair and maintenance services to offshore oil terminals, primarily FPSOs, the company said.Based in Macaé, Rio de Janeiro State, Brazil…

12 Jul 2019

U.S. Oil Makes it to Ukraine, a blow to Moscow

© RealPhotoItaly/Adobe Stock

U.S. crude exports are gaining traction in Europe as even Ukraine turns into a significant consumer of American barrels at the expense of Russian supplies amid heightened U.S. political pressure on Moscow and problems over contaminated Russian oil.Ukraine this month received its first ever barrels from the United States, according to Refinitiv Eikon flows data, as the tanker Wisdom Venture unloaded 80,000 tonnes of Bakken crude in Odessa on July 6 for the Kremenchug refinery,…

08 Jul 2019

USCG Responds to Three Tugboats Sinking

Photo by Petty Officer 3rd Class Alexandria Preston

The Coast Guard is responding to three vessels that sunk on the Illinois River near Hardin, Illinois, Sunday.Watchstanders at Coast Guard Sector Upper Mississippi River received a report Friday of three tugboats and a deck barge that were tied together and began taking on water at mile marker 21 on the Illinois River.The sinking tugboats are holding approximately 4,850 gallons of diesel and oil.Sector Upper Mississippi River dispatched personnel to work with the tugboat company…

12 Apr 2019

U.S. Sanctions Firms, Ships for PDVSA Cargoes

The United States on Friday announced more sanctions on shipping companies transporting oil from Venezuela, blacklisting four shipping companies and nine vessels, some of which the U.S. Treasury Department said carried oil to Cuba.The U.S. Treasury identified the firms as Liberia-based Jennifer Navigation Ltd, Lima Shipping Corp and Large Range Ltd, and Italy-based PB Tankers S.P.A.It blacklisted one tanker belonging to each of the Liberian firms and six owned by the Italian firm.A Treasury statement said Venezuela’s oil sector continued "to provide a lifeline to the illegitimate regime" of Venezuelan President Nicolas Maduro.“We continue to target companies that transport Venezuelan oil to Cuba…

21 Mar 2019

Wintershall: Expanding Offshore Brazil

BASF's oil and gas subsidiary Wintershall  said it would build up its presence in the Brazilian offshore oil sector this year where it won exploration licences in 2018."It is part of our growth course that we are also active in new regions, and Brazil offers great potential," said chief executive Mario Mehren at the company's annual news conference.First results of seismic measurements in three blocks of the Potiguar basin to be operated by Wintershall are expected by mid-2020, he said.Wintershall, which is due to merge with rival DEA in the first half of this year, would also invest in the expansion of gas and oil in its core regions Russia, Norway, Argentina, the Middle East and Germany, he said. (Reuters reporting by Vera Eckert, editing by Riham Alkousaa)

06 Mar 2019

Israeli Navy Could Respond to Iranian Oil Smuggling

Israel's navy could take action against Iranian oil smuggling, Prime Minister Benjamin Netanyahu said on Wednesday, urging world powers to foil any effort by Tehran to evade U.S. sanctions.The Israeli leader told naval officers that Iran was still resorting to clandestine measures to ship fuel that it first used prior to a 2015 nuclear deal easing Western sanctions on its oil sector.U.S. President Donald Trump last year quit the nuclear deal and reimposed some sanctions, aiming to cut Iran's oil exports to zero."Iran is trying to circumvent the sanctions through covert oil smuggling over maritime routes, and to the extent that these attempts widen…

24 Sep 2018

China Navy Ship Makes Maiden Visit to Venezuela

File photo: China's Peace Ark in 2014 (U.S. Navy photo by Shannon Renfroe)

A Chinese naval ship has traveled to Venezuela for the first time, following a visit by President Nicolas Maduro to Beijing this month, where he had been looking to gain China's support for the Latin American nation's struggling economy.The naval medical ship, known as the "Peace Ark", arrived on Saturday at the Venezuelan port of La Guaira for an eight-day period of "friendly visits" to the country, the official Xinhua news agency said on Sunday.Maduro, whose leftist government is under fire in Venezuela as the economy struggles with a fifth year of recession and hyperinflation…

19 Sep 2018

Aker Bets on Software Engineers for Its Oil Business

(Photo: Aker BP)

When the owners of Norwegian oil firm Aker BP decided to digitise its assets and operations, they searched high and low for the right software company. But they failed to find a suitable one.So instead they set up their own, Cognite, to create digital maps of Aker BP's oil industry assets, integrating data from equipment such as pumps, heat and pressure sensors, maintenance records and even staff rotas to improve efficiency and safety.Less than two years later, Cognite is selling its software to Aker BP's rivals and one competitor…

12 Sep 2018

Borr Drilling Aims to Start Paying Dividends by 2020

© bomboman / Adobe Stock

Drilling rig contractor Borr Drilling aims to start paying dividends by 2020, the company's founder and chairman, Tor Olav Troeim, said on Wednesday.Troeim, a former business partner of Norwegian billionaire John Fredriksen, founded Borr Drilling at the end of 2016 and the company has quickly grown into one of the largest owners of jack-up rigs which drill in the shallow waters.Schlumberger, the world's top oil service firm, is Borr Drilling's largest shareholder with a stake of 14.2 percent."We have an ambition to return a significant part of cash back to shareholders quickly ...

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

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…

13 Apr 2018

Russia's Grip on Biggest Port Operator Tightens

Photo courtesy of NCSP

Moscow tightened its grip on Russia's biggest port operator on Friday, making a government official chairman and ousting representatives of the only private shareholder from the board.The changes follow the arrest last month on organized crime and embezzlement charges of Ziyavudin Magomedov, head of the Summa conglomerate which with a joint venture partner owns a 50.1 percent stake in the port operator. He denies the charges.Several senior Russian business executives have said the prosecution would allow the state to extend its control over the Russian economy…

01 Mar 2018

U.S. Considers Venezuela Oil Sanctions

© Stanislav/Adobe Stock

The Trump administration is considering sanctioning a Venezuelan military-run oil services company and restricting insurance coverage for Venezuelan oil shipments to ratchet up pressure on socialist President Nicolas Maduro, a U.S. official said. With Maduro running for another term in an April election that Washington and its allies oppose as a sham, the United States is weighing sanctions that would target Venezuela’s vital oil sector beyond what has been done before, the official told Reuters on Wednesday. Some measures could come before the vote and others could be imposed afterwards.

24 Jan 2018

Lamprell Sees Full-year Revenue at Low End of Guidance

(File photo: Lamprell)

British oil rig builder Lamprell sees full-year revenue slipping to the bottom of its guidance range because of stagnant oil sector investment and losses at a windfarm project, it said on Wednesday, sending its shares sharply lower. The company said that total losses on its East Anglia One (EA1) offshore windfarm project would be about $80 million because of mounting costs for unplanned staffing and equipment requirements. "We anticipated a challenging 2017 given the weakness of our end markets…

17 Jan 2018

Niger Delta Avengers: Attacks Against Nigeria's Oil Sector Coming

Nigerian militant group Niger Delta Avengers said on Wednesday it will launch attacks on the country's oil sector in the next few days.   "This round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals," it said in a statement on its website.   In November, the group, which attacked oil facilities in 2016, said it had ended a ceasefire.   Reporting by Tife Owolabi

09 Oct 2017

Saudi Flag Raised on Bahri's VLCC Rimthan

Rimthan Registration (Photo: Bahri)

The Public Transport Authority (PTA) has raised the Saudi flag on Rimthan, one of the latest VLCCs received and owned by Bahri, a leader in transportation and logistics. Under the supervision of PTA, the ceremony of Rimthan’s registration under the Saudi flag took place on Sunday, October 8, 2017, at Port of Ras Tanura in the Eastern Province of Saudi Arabia, and was attended by senior officials of both PTA and Bahri. Thus, Rimthan became the 40th Saudi VLCC, owned and operated by Bahri. H.E. Dr.

31 Jul 2017

Oil Markets Brace for Possible US Sanctions on Venezuela

© Federico Rostagno / Adobe Stock

U.S. oil markets were readying for fallout from potential U.S. sanctions on Venezuela's vital oil sector on Monday after Sunday's election in the struggling country was deemed a "sham" by Washington. Venezuelan President Nicolas Maduro on Monday celebrated the election of a new legislative superbody that will have the power to dissolve state institutions such as the opposition-run Congress. Countries around the world denounced the vote. U.S. crude futures jumped above $50 a barrel for the first time in two months early in the session before retreating, after U.S.

26 Jul 2017

U.S. Sanctions Vens as Pressure Builds on Maduro

The Trump administration imposed sanctions on 13 senior Venezuelan officials as the country's opposition launched a two-day strike on Wednesday, heaping pressure on unpopular President Nicolas Maduro to scrap plans for a controversial new congress. Venezuela's long-time ideological foe the United States targeted the country's army and police chiefs, the national director of elections, and a vice president of the state oil company for alleged corruption and rights abuses. U.S. President Donald Trump spared Venezuela for now from broader sanctions against its vital oil industry, although such actions were still under consideration. U.S.

08 May 2017

Kvaerner Lifts 2017 Forecast

File Image (CREDIT: AdobeStock / (c) Nightman)

Kvaerner, the Norwegian builder of oil platforms, lifted its 2017 outlook on Monday as a slump in the oil sector eased with a year-on-year lift in crude prices. Kvaerner's clients, oil companies, have reported forecast-beating earnings so far in this quarter, helped by a 55-percent jump in oil prices from a year ago, including Norwegian major Statoil last week. "Since the oil price started a decline in 2014, the market for both new investment projects and for operation of existing facilities has been turbulent.

07 Feb 2017

Malaysian Oil Sector Rebalances Portfolios

Hernando Caceres, Country Manager Malaysia, DNV GL – Oil & Gas. Photo: DNV GL

New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that confidence in growth in the Malaysian oil and gas sector has tumbled since 2014, from 96% to 21%, with tough, short-term, cost-cutting efforts expected to increase in 2017. Diversification will be a hallmark of 2017, with 49% of those surveyed looking to increase investment in, or diversify into, areas beyond oil and gas. Thirty-seven per cent of senior oil and gas professionals in Malaysia are actively looking for new gas projects as a result of falling oil prices, compared to 31% globally.

16 Jan 2017

Dunkirk's Volumes Rise

Container Terminal Photo Port of Dunkirk

Annual traffic for 2016 was over 46.7 MT, an increase of 0.3% compared with 2015. However, the port of Dunkirk did not escape the effects of the economic climate in 2016, which included the technical shutdowns, for maintenance, of the ArcelorMittal steel works blast furnace No. 4 and the Versalis petrochemicals plant, the permanent closure of SRD (Société de la Raffinerie de Dunkerque) and the delayed opening of the LNG terminal. In addition, grain exports have been penalised by a poor harvest since the summer of 2016.

16 Nov 2016

Subsidy-Reliant Offshore Wind Takes Cue from Big Oil

File Image (CREDIT: Siemens)

From a helicopter, it looks like just another North Sea oil rig, a grey cube supported by massive yellow pillars, 90 kilometres (56 miles) off western Denmark. But the DanTysk facility is the world's first accommodation platform for offshore wind, which is borrowing techniques and labour from the crisis-hit oil sector as it tries to cut costs and end an addiction to state subsidies. The wind industry is moving further offshore and into the deeper waters tamed long ago by oil companies to increase scale and capture stronger and more constant winds.

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