Oil Storage News

02 Aug 2019

MODEC Unveils New FPSO Designs

The newly introduced MODEC NOAH (top) and M350 FPSO designs (Image: MODEC)

Japanese floating production specialist MODEC has developed a pair of next generation new build hull designs for floating production, storage and offloading (FPSO) vessels developed in partnership with Mitsui E&S Shipbuilding, targeting greater production and storage capacity.As a result of increases in required crude oil and gas production capacities, FPSO topsides have become bigger and heavier, which has led to insufficient deck space area and insufficient crude oil storage capacity on on converted very large crude carriers (VLCC), MODEC said.

24 Jun 2019

Vitol Builds Refinery for New Ship's Fuel

Vitol, the world's largest independent oil trader, has started building a small oil refinery at its storage terminal in Malaysia that will provide low-sulfur fuel for ships, a senior company official said on Monday.The project consists of a crude distillation unit that can process 30,000 barrels per day of crude and is located on the same site as Vitol's oil storage terminal at Tanjung Bin in the southern Malaysian state of Johor, Vitol Asia's President and Chief Executive Officer Kho Hui Meng said.A construction unit under China National Petroleum Corp (CNPC) is handling the project which will involve moving a second-hand CDU from China to the site…

05 Jun 2019

Sentinel Secures Commitments for Offshore Crude Terminal

Adobestock / © Jose Gill

Sentinel Midstream LLC has secured shipper commitments needed to move forward on a proposed $1 billion crude export terminal off the Texas coast, the company's chief executive said on Wednesday.The firm's Texas GulfLink project is one of eight proposed U.S. deepwater export projects seeking to load supertankers that carry up to 2 million barrels of crude. Sentinel last week became the fifth to apply for federal permits.Sentinel's offshore facility could begin operations in early 2020 and load up to 2 million bpd from single-point mooring buoys in deepwaters 30 miles off Freeport…

01 May 2019

VLCC Sector Resilient, Says Euronav

Pic: Euronav

First quarter 2019 proved to be an unusual and largely resilient one for the large crude tanker sector, said Euronav NV, the largest NYSE listed independent crude oil tanker company in the world.The OPEC production cuts of 1.2m bpd announced in Q4 2018 impacted Q1 trading and represents around 3% of the crude which is seaborne each day.Nearly 30  very large crude carriers (VLCC) equivalents were delivered to the global fleet during the same period – an increase of 3% in fleet…

26 Mar 2019

Kinder Morgan quits Crude Export Venture

Kinder Morgan Inc has dropped out of a recently proposed U.S. Gulf Coast deepwater crude export venture, the project's leader Enbridge Inc said on Monday.The $800 million project, known as Texas COLT, is one of eight similar projects proposing facilities that would move U.S. shale to overseas markets by loading supertankers able to carry up to 2 million barrels apiece.Pipeline operators Enbridge and Kinder Morgan disclosed plans to build an crude export terminal off Freeport, Texas, in January, and filed permit applications with the U.S. Maritime Administration. German oil storage firm Oiltanking Partners remains committed to the project, said Enbridge."The project does not align with our strategic priorities," Kinder Morgan spokeswoman Lexey Long said.

18 Feb 2019

New Power for Alaskan Classic

The V/V LISERON in Southeast Alaska. Courtesy of The Boat Company

Thousands of people travel Alaska on mega-cruise ships each year, but only a handful get to cruise Alaskan waters on the immaculate M/V LISERON. Built in Seattle in 1952 by the US Navy as a minesweeper she was sold to France, but returned to Seattle in 1990 after being lovingly converted to yacht-class in Florida.The late Michael Allan McIntosh, philanthropist and environmentalist, founded The Boat Company in 1979, initially as a program of The McIntosh Foundation. The LISERON joined The Boat Company’s first vessel…

27 Jan 2019

Moda Midstream Announces Ingleside VLCC Berth Upgrades

Image:  MODA Midstream

Liquids terminaling and logistics provider Moda Midstream announced it has successfully commissioned upgrades to Berth 2A at the Moda Ingleside Energy Center (MIEC) in Ingleside, Texas, to enable loading of very large crude carriers (VLCCs).Moda developed these upgrades to provide existing and potential customers the ability to safely and cost-effectively load VLCCs at rates of up to 80,000 barrels per hour.“Today we are loading our fourth VLCC at MIEC since late December,” said Moda President and CEO Bo McCall. “With today’s commissioning of our upgrades to Berth 2A, we now have the U.S.

21 Oct 2018

POTAC Signs Dock Usage Pact with Port of Corpus Christi

Pic: Port Corpus Christi

POTAC (Pin Oak) announced the execution of a ten year exclusive use agreement for Suezmax vessels at Public Oil Dock 14 with the Port of Corpus Christi, including extension options, exercisable by the Company, which could extend the agreement for up to an additional ten years.In addition to Suezmax vessels, Pin Oak will be able to efficiently load / unload Aframax, Panamax, and other smaller vessels and barges. This agreement follows the commencement of construction on Pin Oak's nine pipelines crossing under the Corpus Christi Ship Channel…

10 Oct 2018

Maersk Leases Singapore Oil Storage Ahead of IMO 2020

(File photo: Maersk Line)

Maersk Oil Trading has leased oil storage space in Singapore, signalling a push by one of the world's biggest ship fuel buyers into the Asian bunkering hub ahead of changes to global fuel standards from 2020, trade sources said.Maersk Oil has taken storage at the Tankstore oil terminal in Singapore, a spokesman for parent A.P. Moller-Maersk told Reuters, without giving further details.The firm has leased 120,000 cubic meters of space for fuel oil for six months, said three trade sources with direct knowledge of the matter.

28 Sep 2018

KNOT Concludes TC Contract for Two Shuttle Tankers

Image: Knutsen OAS shipping

Norway-headquartered Knutsen NYK Offshore Tankers (KNOT) has concluded a time-charter contract for two shuttle tankers with Equinor ASA for a maximum 20-year period starting in the second quarter of 2020.KNOT is a NYK Group company, in which NYK has a 50 percent share.The contract aims to use two 152,000 DWT Suezmax tankers equipped with dynamic-positioning systems built by Hyundai Heavy Industries Co. Ltd. to shuttle crude oil produced in waters off Brazil.Upon commencement of this contract…

28 Aug 2018

Gunvor Halts Refinery Upgrade for New Shipping Fuels

© corlaffra / Adobe Stock

Global energy trader Gunvor Group has put on hold plans to upgrade its Rotterdam refinery that intended to make the plant more competitive ahead of new global rules on shipping fuel quality, it said on Tuesday, citing market conditions.Global oil and shipping companies are looking at options to cope with the new standards that come into effect in 2020.The U.N. International Maritime Organization (IMO) will ban ships using fuel with a sulphur content higher than 0.5 percent, compared to 3.5 percent now…

08 Aug 2018

Aqualis Offshore to Position Egina FPSO

(Photo: Aqualis Offshore)

Aqualis Offshore has been handed the position keeping role for installation of the floating production storage offloading unit (FPSO) at Total’s Egina field offshore Nigeria.EPCIC contractor for the $3.3 billion FPSO, Samsung Heavy Industries, has awarded the position keeping work to Aqualis Offshore. The newbuild Egina FPSO was towed from South Korea and arrived in Nigeria in late January for final integration of topside modules built in Lagos.The FPSO measures approximately…

02 Jul 2018

BW Offshore's Adolo Commences Transit to Gabon

BW Adolo. Photo: BW Offshore

The provider of floating production services to the oil and gas industry BW Offshore is pleased to announce the sail away of the FPSO BW Adolo. The vessel has left anchorage in Singapore and is currently in transit to the Tortue field offshore Gabon. BW Adolo is expected to arrive at the field in August 2018. "We are firmly on track for first oil later this year", said Carl K. Arnet, the CEO of BW Offshore. The BW Adolo has an oil storage capacity of 1,350,000 barrels and a production capacity of 40,000 barrels of oil per day.

02 Jul 2018

Idled St. Croix Refinery to Restart, Produce Fuels by 2020

Owners of an idled oil refinery in St. Croix, U.S. Virgin Islands, which was once one of the world's largest refineries, plan to invest $1.4 billion to refurbish and restart a portion of the plant, they said on Monday. ArcLight Capital Partners, a private equity firm that owns 80 percent of Limetree Bay Terminals LLC, expects the former Hovensa plant to be able to process 200,000 barrels per day of crude and deliver fuels to market by January 2020, officials told a news conference in St. Croix. The Boston-based company spent two years studying the market and developed "a refinery profile we see thriving in the current marketplace," said John Erhard, an ArcLight partner. The refinery would supply low-sulfur fuels under an International Maritime Organization mandate that begins in 2020.

21 Jun 2018

East Libyan Forces Advance to Retake Oil Ports

© Essider Terminal / MarineTraffic.com

East Libyan forces said on Thursday they had retaken the shuttered oil ports of Es Sider and Ras Lanuf, though clashes resumed south of Ras Lanuf in the afternoon after a counter-attack by rival factions.Staff were evacuated from terminals in Libya's eastern oil crescent and exports were suspended last Thursday when armed opponents of eastern-based military commander Khalifa Haftar stormed the ports and occupied them.The closure has led to production losses of up to 450,000 barrels…

19 Jun 2018

Storage Tank at Libya's Ras Lanuf Oil Port Has Collapsed

Photo: NOC

One of two oil storage tanks ignited amid clashes at the Libyan oil port of Ras Lanuf has collapsed after burning for two days, a local engineer and a fire fighter said on Tuesday.Ras Lanuf's storage tank No. 12 was set on fire on Sunday, three days after another storage tank, No. 2 caught ablaze during an attack by an armed group.Libya's National Oil Corporation (NOC) has said that at least 400,000 barrels of storage capacity has been lost due the fires.Reporting by Ayman al-Warfalli Writing by Aidan Lewis

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…

08 May 2018

PDVSA Halts Caribbean Storage, Shipping; Diverts Oil Cargo

© white_bcgrd / Adobe Stock

Venezuela's state-run PDVSA suspended oil storage and shipping from its Caribbean facilities following a move by ConocoPhillips to temporarily seize the firm's assets on four islands, according to a PDVSA source and Reuters data.PDVSA has begun concentrating most shipping in its main crude terminal of Jose on Venezuela's eastern coast and recalling tankers to Venezuelan waters to avoid seizures that would further cut its exports and worsen an economy on the verge of collapse.U.S.…

01 May 2018

Buckeye Partners JV Announces Marine Terminal in Texas

Photo: Buckeye Partners, L.P

Buckeye Partners announced the formation of a joint venture with Phillips 66 Partners and Andeavor to develop a new deep-water, open access marine terminal in Ingleside, Texas. The South Texas Gateway Terminal will be constructed on a 212 acre waterfront parcel at the mouth of Corpus Christi Bay. The facility is positioned to serve as the primary outlet for crude oil and condensate volumes delivered off of the planned Gray Oak pipeline from the Permian Basin. The terminal, to be constructed and operated by Buckeye…

25 Apr 2018

Singapore's Bunker Market Rallies

© anekoho / Adobe Stock

The Singapore fuel oil market has rallied this week as inventories have dropped at the same time that some supplies in the region do not meet the standards for use as shipping fuel, further reducing the amount of supply available, five trade sources said.Cash premiums for 380-centistoke fuel oil, which is primarily sold for ship fuel, known as bunker fuel, have soared this week to the highest since May 2017. The premium of the prompt-month swap for the fuel over the second-month swap has jumped to the highest since October…

23 Feb 2018

IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake

© Arthit Somsakul / Adobe Stock

Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping. New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020. "It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said. "(Lower sulphur) marine gasoil has to build ahead of 2020. At the same…

08 Jan 2018

BW Offshore Gets Contract Extension for FPSO Polvo

BW Catcher . Photo: BW Offshore

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022. The company has also announced that BW Catcher FPSO received the First Oil Certificate following the successful completion of the 72-hour interim performance test subsequent to the introduction of hydrocarbons on 23rd December 2017. BW Catcher FPSO is owned and operated by BW Offshore and the First Oil Certificate confirms the commencement of a seven-year fixed term contract…

29 Nov 2017

A New Breed of Tug

(Photo: Gondan)

When markets expand niches are created, goes the logic. For builders of tugs, that market is “floating gas” and the expanding use of liquefied natural gas, or LNG, as a fuel. In support of LNG, there’ll be more oceangoing tug duty — the new floating storage and regasification units, or FSRUs, mean busier LNG carriers, and LNG cargo owners have an interest in tug escorts that share their “carbon footprint”. Still, new emissions rules offer ways to keep using refinery products, and the work of master tug designers suggests the new breeds of tugs are about more than fuel.

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