Sonangol News

24 Oct 2019

Brazil to Lead in Global FPSO Deployments

Graphs: GlobalData

Brazil continues to drive global floating production storage and offloading vessels (FPSOs) deployment with 21 planned and announced FPSOs during the period 2019 to 2025, according to GlobalData.Brazil is expected to deploy a total of 11 planned and ten announced FPSOs by 2025. The crude oil production capacity of these upcoming FPSOs is expected to be 2.5 million barrels per day (mmbd) during the outlook period. In Brazil, FPSOs are being deployed to develop hydrocarbons in the Santos and Campos basins.Brazilian state-controlled oil…

07 Oct 2019

W. Africa Crude-Buyers Wary as Freight Rates Weigh

AdobeStock / © Jose Gill

Sellers returned to the window on Monday to entice buyers spooked by high freight rates due to Washington's sanctions on subsidiaries of a major Chinese shipping firm at the end of September.Long-haul rates to Asia have risen sharply prompting refiners to shed some cargoes.China's Unipec offered four cargoes in the window for a third session all November loading on a fob basis. These were Angolan Saturno at dated Brent plus 35 cents, Dalia at dated Brent plus $1.90, Mostarda at…

30 May 2019

First ANS Cargo in One Year on Way to China

the Sonangol Cabinda (CREDIT MarineTraffic.com / © V. Tonic)

One million barrels of Alaskan crude is due in China next week, the first such shipment in almost a year, according to data from Refinitiv Eikon and vessel-tracking firm Kpler.China's imports of U.S. crude have fallen amid the two countries' trade dispute to 41,600 barrels per day (bpd) in the six months ended February, from 377,000 bpd in the first half of 2018, according to the U.S. Energy Information Administration.Tanker Sonangol Cabinda departed last week from Alaska's Valdez terminal carrying Alaska North Slope (ANS) crude and is projected to arrive June 6 in Qingdao…

28 May 2019

Seadrill Contract Backlog Reaches $1.9bln

Image: Seadrill

The deepwater drilling contractor Seadrill said that its contract backlog, as of May 23, 2019, totaled approximately $1.9 billion.The drilling services provider said it has added $130 million of additional backlog from March, including the AOD I award of a three year follow on contract with Saudi Aramco keeping the unit employed until June 2022, which adds approximately $82 million in backlog.In addition, Equinor exercised two options for the West Hercules in Norway adding approximately $17 million in backlog.

27 Mar 2019

Sonangol Drillship Delivered

(Photo: Sonangol)

Angola state oil company Sonangol has taken delivery of Libongos, the first of two new drillships built by Korean shipyard Daewoo Shipbuilding Marine Engineering (DSME).The new seventh-generation drillship, christened March 21 in Busan, is capable of operating in deep, ultra-deep and pre-salt waters and will be available to carry out national and international work, Sonangol said.Sonangol president Carlos Saturnino, said, "Having now in our hands a drill rig, whose specifications allow us to overcome the challenges of the new exploration and production frontiers…

09 Nov 2018

Eni CEO Claudio Descalzi Meets Angola's president

The President of Angola João Gonçalves Lourenço meets Eni CEO Claudio Descalzi. Photo: ENI

Eni president Claudio Descalzi has met Angola's president Joao Goncalves Lourenco in Luanda to discuss the Italian energy giant's operations in the country.During the meeting with President João Lourenço, Claudio Descalzi said that they discussed the participation of the Italian multinational in the studies and exploration of crude oil and in other sector-related projects.ENI plans to spend billions of dollars in exploration and development of new offshore areas next year, he has informed.In the sidelines of the meeting…

25 Jul 2018

Concordia Maritime Charters in Suezmax Tanker

© Steven Watkins / MarineTraffic.com

Tanker owner Concordia Maritime announced it has moved to strengthen its positions in the crude oil segment by chartering in another suezmax vessel.The 158,000 dwt suezmax vessel that has been chartered in was built in Korea in 2015. As with previous charters, this is a joint charter with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The contract is for 12 months, and the vessel will be employed on the spot market through the Stena Sonangol Suezmax Pool from July.Kim Ullman…

18 Jul 2018

Stena Bulk Grows Sonangol Suezmax Pool

(Photo: Stena Bulk)

Over the last six months, Stena Bulk has expanded its fleet in the Sonangol Suezmax pool with the addition of six Suezmax tankers: SKS Skeena, Istanbul, Almi Galaxy, Almi Voyager and Almi Sky. The TC in fleet consists of modern tonnage of varying length and with different options.“In what has generally speaking been a stable low market, we have recently seen opportunities to utilize our business model in the current market,” said Erik Hånell, president and CEO, Stena Bulk. “With our successful commercial management…

07 Jun 2018

PDVSA Completes Oil Transfer to Ease Tanker Bottleneck

© Claes / MarineTraffic.com

Venezuelan state-run oil company PDVSA has completed its first ship-to-ship (STS) transfer designed to ease a severe bottleneck of tankers around its main crude ports, according to sources close to the operation and Reuters vessel tracking data.PDVSA has notified customers in recent days that they must agree to load crude in Venezuela's open waters rather than its ports to avoid a possible declaration of force majeure that would temporarily interrupt some of its supply contracts.The Suezmax tanker Sonangol Kalandula…

28 May 2018

Total Launches Zinia 2 Development in Deep Offshore Block, Angola

Photo: Total

Total and its partners have taken the final investment decision to launch the Zinia 2 deep offshore development in Block 17, 150 kilometers offshore Angola. The Zinia 2 project will have a production capacity of 40,000 barrels per day (b/d), sustaining Pazflor field production, on stream since 2011. Zinia 2 is the first of several possible short-cycle developments on Block 17 that will unlock its full potential by connecting satellite reservoirs to the existing floating storage, production and offloading (FPSO) units. “Zinia 2 opens a new chapter in the history of Block 17.

28 May 2018

Concordia Maritime Charters Three Suezmax with Stena Bulk

Photo: Concordia Maritime

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime's share in the vessel charters is 50%.

25 May 2018

Concordia Boosts Tanker Biz

To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

01 Mar 2018

W. Africa Crude-Angolan Oil Trades on Spot

Nigerian crude sells into tenders, while Angolan trades more quickly on spot. * ExxonMobil had purchased two of the three Olombendo cargoes sold this week, traders said. * All three are likely to sail to the Mediterranean or the United States rather than China, the usual destination. * Angola's Sonangol sold its cargo of Dalia, which it had been offering at dated Brent minus 70 cents a barrel. The buyer was not clear, but traders said it was a western company rather than Asian. * Statoil had also sold a cargo of Angola's Saturno. * Sonangol was still offering another cargo of Dalia at dated Brent minus 70 cents a barrel and a cargo of Saxi at dated Brent plus 75 cents a barrel. * Nigerian crude cargoes Erha and Forcados were selling into tenders, but spot trade was limited.

29 Nov 2017

SBM Offshore to Pay $238 Mln in US Bribery Case

SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday. The companies agreed to settle charges related to schemes lasting more than a decade involving bribery of foreign officials in Brazil, Angola, Equatorial Guinea, Kazakhstan and Iraq, in violation of the Foreign Corrupt Practices Act (FCPA), the Justice Department said in a statement. SBM Offshore USA pleaded guilty on Wednesday in the U.S. District Court for the Southern District of Texas, the statement said.

13 Nov 2017

Major Revamp at Stena Bulk

Image: Stena Bulk AB

Stena Bulk is reorganising its business activities into three business areas: Crude & Fuel, Products & Chemicals and LNG and have appointed two new managing directors. At the same time, its business activities previously conducted under the name of Stena Weco are being coordinated and incorporated into Stena Bulk. Additionally, a new office in Copenhagen will be opened in the next few days. As a result, the company will leave its office in Rungsted, which until now has been used by Stena Weco.

03 Nov 2017

W. Africa Crude: Spot Trade Slows with Flurry of Tenders

© Anatoly Menzhiliy / Adobe Stock

Spot trade in west African crude slowed on Friday after a few Indian and Indonesian tenders were issued, though demand was seen recovering after a month in the doldrums with traders looking to do deals ahead of the year end. Demand was muted for November loading due to competing, cheaper alternative U.S. crude exports that have been going increasingly to Asia. Angola's state firm Sonangol was offering a cargo of Olombendo loading Dec. 17 and a cargo of Dalia for Dec. 19-20. Chevron sold a cargo of Agbami to a U.S. refiner.

04 Sep 2017

Vitol Signs Deal with Angola LNG

Photo: Vitol

Angola LNG (ALNG) and Vitol, the world’s largest independent energy dealer, have entered into a multi-year LNG sales agreement. Under the agreement, ALNG cargoes will be delivered to Vitol at destinations around the world. Commenting on the sales agreement, Artur Pereira, CEO, Angola LNG Marketing Ltd, said: “This sales agreement is an important step for Angola LNG and demonstrates our ability to respond to the needs of our customers and the market. Pablo Galante Escobar, Head of LNG, Vitol, said; “We are delighted to have entered into this agreement with Angola LNG.

17 Aug 2017

As IOC Books Cargoes, Nigerian October Liftings Mixed

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

India's IOC booked a total of 4 million barrels from traders Shell and Total, while Nigeria's initial October export plans mostly showed slipping levels. Export plans for Forcados, Qua Iboe, Bonny Light, Bonga Erha, Amenam and Usan nearly all showed lower figures compared with September. Forcados exports were scheduled to rise to 256,000 bpd, and Erha also showed an increase. But Qua Iboe, the largest export stream, and the other grades released were all set to slip month-on-month. There were roughly 10-15 cargoes left from the September loading plan.

23 Mar 2017

Daewoo Shipbuilding to Get Fresh $2.6 Bln Bailout

File photo: Daewoo Shipbuilding & Marine Engineering Co Ltd

South Korean state banks are preparing a fresh $2.6 billion bailout for floundering Daewoo Shipbuilding & Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Daewoo, Hyundai Heavy Industries and Samsung Heavy Industries are South Korea's top shipbuilders - a massive economic force and a source of national pride. But they slipped into the red in 2015 amid a commodities downturn and bleak trade volumes, prompting cost cuts and asset sales. Of the three, Daewoo's situation is the most difficult.

30 Dec 2016

W. Africa Crude-Trading Quiet, Nigerian Delays Dampen Demand

Oil futures were on track for their biggest annual gains since 2009 despite intraday losses, aided by OPEC's agreement to cut production from early next year. Still, demand for West African crude in spot trading was limited by holidays across Europe and uncertain demand in Asia. Gains in U.S. crude stocks showed by the U.S. Energy Information Administration this week also raised doubts over western demand for African oil in the near term. * No fresh trading was reported despite some cargoes loading Jan. 15-20 being available for purchase. * Loading delays on ExxonMobil's crude exports, which included Qua Iboe and Erha, impinged on demand as buyers worried about demurrage costs. * The bulk of the delays were because of strikes this month over layoffs by oil companies, traders said.

28 Oct 2016

Concordia Maritime Sells Tanker Stena Supreme

Photo courtesy of Concordia Maritime

Concordia Maritim said is selling the Suezmax tanker Stena Supreme as part of a sale and leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis for 12 years, with annual purchase options from year three onwards. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”. The transaction is scheduled for late November, and the sale gives rise to an accounting profit of approx. $1.8 million and a positive liquidity effect of approx. $22 million.

27 Sep 2016

Sonagol Deepens DSME's Woes

Image: Daewoo Shipbuilding and Marine Engineering

Concerns were growing again over liquidity woes of Soth Korea's largest shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), as the Angolan oil major Sonangol EP is likely to delay the takeover of its drill ships once again. According to The Korea Herald, DSME was planning to deliver the two drill ships to Angola’s state-run oil company Sonangol by this month to receive the remaining contract fee of $1 billion. The South Korean shipbuilder has completed building two drill ships…

19 Feb 2016

Asia VLCC Rates Hold Steady after Near 4-week High

Image: Dalian

Freight rates in Asian trades for very large crude carriers (VLCCs) are set to hold steady around current levels next week, after hitting a near four-week high on Thursday, as tanker supply matches cargo demand. "I can't see the market crashing, or spiking. There are enough ships - there is no real shortage of tonnage," a Singapore-based supertanker broker said on Friday. Around 32 VLCC cargoes have been fixed for loading in the Middle East in the first 10 days of March with 6 to 12 charters still to be agreed, he said.

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