State Oil Giant News

21 May 2020

Bahri Puts LNG Tanker Plan on Hold

© Björn Wylezich / Adobe Stock

Saudi Aramco’s shipping division Bahri has put on hold plans to charter up to 12 liquefied natural gas (LNG) tankers after Sempra Energy delayed its decision on whether to proceed with an LNG export project in Texas, two sources said.Bahri issued an expression of interest (EOI) last year to charter the vessels from 2025 in Saudi Aramco’s first foray into LNG as part of the state oil giant’s plan to become a major global player in the gas market.In May last year, Aramco signed a 20-year agreement to buy LNG from Sempra Energy’s planned Port Arthur export terminal and also agreed to buy a 25% eq

13 May 2020

Rosneft to Build Port for Its Vostok Oil Project

© bborriss / Adobe Stock

Russian state oil giant Rosneft plans to build a port with maximum annual capacity of 115 million tonnes of oil for its Vostok Oil project in the Russian Arctic, the RIA news agency quoted the company as saying on Tuesday.Rosneft said in a statement previously on Tuesday that the Vostok Oil project could be supplying 25 million tonnes of oil in 2024, 50 million tonnes in 2027 and up to 115 million tonnes in 2030.Vostok Oil unites Rosneft’s projects in northern Russia, including the Lodochnoye…

09 Dec 2019

Bahri Looks to Make LNG Foray

© Mike Mareen / Adobe Stock

Saudi Aramco's shipping arm Bahri has issued an expression of interest (EOI) to charter up to 12 liquefied natural gas (LNG) tankers from 2025, its first foray into the superchilled fuel, industry sources said on Monday.No further details were immediately available and Saudi Aramco declined to comment. EOIs are preliminary enquiries that may or may not turn into full-fledged orders.According to Bahri's website, the national shipping carrier of Saudi Arabia has six business units dealing in oil…

12 Nov 2019

BP, Total Pact for Adnoc LNG Supply

Photo: ADNOC

The state oil giant Abu Dhabi National Oil Company (ADNOC) signed agreements with BP and Total to book the majority of its liquefied natural gas (LNG) production up to the first quarter of 2022.With the transactions, ADNOC LNG has continued to expand its footprint into new regions and markets, said a press release.“With these new supply agreements, ADNOC LNG has shown that it can react quickly and decisively to changing market conditions while ensuring the security and quality of delivery,’’ said ADNOC LNG CEO, Fatema Al Nuaimi.

08 Oct 2018

Ensco to Buy Rowan in $2.38 Bln Deal

©  Lukasz Z / Adobe Stock

Offshore driller Ensco Plc said on Monday it plans to buy smaller rival Rowan Cos Plc in an all-stock deal valued at $2.38 billion, as it looks to expand its fleet and benefit from a partnership with Saudi Aramco.This is Ensco's second deal since OPEC-led efforts boosted oil prices in the second half of 2016. Ensco bought rival Atwood Oceanics in a similar deal last year.Rowan shareholders will receive 2.215 Ensco shares for each share held.

22 Aug 2018

Sinopec, Zhejiang to Build LNG Terminal in China

© Wojciech Wrzesien / Adobe Stock

China's Sinopec Corp has teamed with Zhejiang Energy Group Co Ltd on a 3 million tonne-per-year liquefied natural gas (LNG) terminal in east China, with the first phase set for operation at end-2021, the state oil giant said on Wednesday.The project, to be built in Wenzhou of Zhejiang province, includes four tanks each able to store 200,000 cubic meters of LNG, a berth to dock tankers of 30,000 cubic meters to 266,000 cubic meters, as well as a 26-km (16-mile) pipeline.The two…

26 Jul 2018

Middle East Oil & Gas Shipping Routes are at Risk

© Igor Groshev / Adobe Stock

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…

16 Mar 2018

Construction Begins on Saudi Aramco's Shipyard Joint Venture

Construction work has begun on a joint venture to build a shipyard on Saudi Arabia's eastern coast, oil rig builder Lamprell Plc said in a statement on Friday. The joint venture, International Maritime Industries (IMI), started operations after reaching agreement for a loan from the state-backed Saudi Industrial Development Fund (SIDF), the statement said. The SIDF agreed in principle last year to provide 3.75 billion riyals ($1 billion) in financing for the project. IMI is a partnership between United Arab Emirates-based Lamprell, state oil giant Saudi Aramco, National Shipping Co of Saudi Arabia (Bahri) and South Korea's Hyundai Heavy Industries Co.

16 Jun 2017

Mercuria, PetroChina Selling Offshore Stored Fuel Oil

File Image: CREDIT BMT

Three to four tankers storing fuel oil, down from eight or nine. Independent trading house Mercuria and Chinese state oil giant PetroChina are selling fuel oil stored in vessels off Singapore and southern Malaysia on strong demand from the shipping and power sector, several trade sources said on Friday. The number of vessels storing fuel oil has halved from a month ago as Mercuria and PetroChina may have resold cargoes purchased over March to May, the sources said. Geneva-based…

12 Jun 2017

Petrobras Says Platform Fire Briefly Halted Production

A fire on a platform belonging to Brazilian state oil giant Petroleo Brasileiro SA briefly halted oil and gas production late on Sunday, the company said, adding that there had been no injuries or damage.   The fire occurred in the Marlim field around 10:30 p.m. local time on Sunday and was put out four minutes later. Petrobras said on Monday that the accident may have been caused by a leak and would be investigated.   An explosion on Friday on the NS-32 drillship, operated by Odebrecht Oil and Gas for Petrobas and also located in the Marlim field, killed three workers. (Reporting by Marta Nogueira; Editing by Paul Simao)

31 Mar 2017

Rosneft Takes First Shipment of Kurdish Oil

Russian state oil giant Rosneft will buy its first shipment of oil from Iraq's Kurdistan in early April, becoming the first oil major to take Kurdish crude directly into its refining system, trading sources said on Friday. The shipments aboard tanker Minerva Sophia will sail from the Turkish Mediterranean port of Ceyhan to Italy's Triest, from where the oil can be taken by pipeline to Rosneft's refineries in Germany.     (Reporting by Dmitry Zhdannikov)

11 Oct 2016

New Saudi Arabia Shipyard to be ‘World’s Largest’

Photo: Royal HaskoningDHV

Developers of a new shipyard in Saudi Arabia say the facility will be the largest maritime yard in the world providing a range of services, including large shipbuilding, large ship repair, offshore rigs fabrication and offshore support vessel repair. The new facility, a joint venture between state oil giant Saudi Aramco, the National Shipping Company of Saudi Arabia, Lamprell and Hyundai Heavy Industries, will be located in the eastern Saudi port of Ras Al-Khair, north of Jubail on the Persian Gulf. It is planned to be fully operational by 2021.

07 Sep 2016

Saudi Aramco Extends Bidding for Marine Terminal Work

State oil giant Saudi Aramco has extended bidding for dredging and reclamation work at its marine terminal in Ras al-Khair by almost one month, industry sources told Reuters on Wednesday. The extension, pushing out the submission date to Sept. 29 from Aug. 31, was given after potential bidders asked for more time to prepare offers, the sources said. However, some bidders are expected to ask Aramco for several more weeks after the company requested this week additional content be included in submissions, one of the sources added on condition of anonymity. The project is the first phase of a huge ship repair and shipbuilding complex in the east of the country seen as key in the kingdom's economic transformation plan.

08 Jun 2016

Iran Strikes $2.4bn Ship Order with Korea

Image: Itexpo Team

Iran has placed orders worth around $2.4 billion with South Korean shipyards for the construction of ships to carry Iran’s oil and petrochemical products, The Wall Street Journal says. The orders have been placed by the Islamic Republic of Iran Shipping Lines (IRISL) and the oil producer Iranian Offshore Oil Company (IOOC). The Korean companies involved in the case are Hyundai Mipo Dockyard, which is a subsidiary of shipbuilding giant Hyundai Heavy Industries Group, as well as Daewoo Shipbuilding and Marine Engineering Company.

23 Oct 2015

Mexico Shuts Key Cargo Ports as Hurricane Patricia Nears

Mexico shut its key cargo ports of Puerto Vallarta and Manzanillo on Friday as one of the most powerful storms in history, Hurricane Patricia, approached, port officials said on Friday. Manzanillo is Mexico's busiest port for cargo. None of the major installations of Mexican state oil giant Pemex lie in the projected path of the storm.   (Reporting by Lizbeth Diaz and Tomas Sarmiento)

22 Oct 2015

Hurricane Patricia Strengthens, Heads for Mexico's Pacific Coast

Photo courtesy of NOAA

Hurricane Patricia was gaining strength off Mexico's Pacific coast on Thursday and was expected to land as "an extremely dangerous major" storm near a major shipping port and the tourist resort of Puerto Vallarta, the U.S. National Hurricane Center said. The storm, which became a hurricane overnight, had maximum sustained winds of about 100 miles per hour (160 km per hour) as it moved toward the west-northwest at 17 mph (28 kph). Patricia was currently located about 285 miles (460 km) south of the port of Manzanillo, where a hurricane warning had been issued.

16 Jul 2015

Saudis Pump Out Diesel as Price War Looms

New Yanbu refinery powers Saudi fuel exports; Saudi exports more diesel end-July as peak Mideast demand over. The world's top crude oil exporter Saudi Arabia has turned itself into a major power of refined fuels, offering customers millions of barrels of diesel and potentially triggering a price war with Asian competitors as its exports feed into a glut. Saudi Arabia, a leading member in the Organization of Petroleum Exporting Countries (OPEC), already pledged last November to keep crude output high to defend its market share against higher-cost producers. While the strategy has kept crude markets well-supplied and prices low, the Kingdom has seen mixed success in defending its market share as global production remains high despite low prices.

06 Apr 2015

Pemex: 2015 Output Unaffected by Platform Blaze

Mexican state oil giant Pemex expects to meet its 2015 output target of 646,000 barrels per day (bpd) for the oil-producing region where a platform exploded last week, killing four people and leaving three more missing, a top executive said on Sunday. The fire broke out on Pemex's Abkatun Permanente processing platform in the oil-rich Bay of Campeche at 3.40 a.m. local time on Wednesday, leading to the evacuation of 302 people. The blaze was not extinguished until 7.30 p.m that evening. Speaking in a televised conference from Ciudad del Carmen, on the Gulf of Mexico, Gustavo Hernandez, Pemex's head of exploration and production, said the incident had led Pemex to shutter production of about 220,000 bpd, with some 170,000 bpd coming back online between Sunday and Monday.

08 Jun 2014

Draft Mexican Energy Law For Higher Local Content Level

Mexican Lawmakers aim to set higher than first Planned Minimum requirements for Materials, How much local labor and companies investing in the Oil and Gas Industry must use, According to a Revised Draft of pending Legislation. Mexico 's Congress is in the Process of Approving so-called secondary laws to Implement the Government's December 2013 Energy reform, which the Forms of President Enrique Pena Nieto Cornerstone's Economic Growth Strategy to boost flagging. The laws, which Establish the Fine Print of the reform Ending the Oil and Gas Monopoly Granted to State Oil giant Pemex in 1938, are being Closely watched by Oil Majors Such as BP Plc and Exxon Mobil Corp..

08 May 2014

Pemex Repsol Stake Sale Would Not Be Bad Idea

Mexican Finance Minister Luis Videgaray

Mexico's finance minister said on Thursday that if state oil giant Pemex opted to sell its 9.3 percent stake in Spanish peer Repsol, it would "not be a bad decision" because the money could be invested in Mexico. In an interview with Mexican radio, Finance Minister Luis Videgaray said Pemex's board would take the decision on whether to sell the stake in Repsol. "Irrespective of what the board decides, if the decision is to disinvest in a company like Repsol that operates outside of Mexico so as to get this capital and invest it in the opportunities which Pemex will have in Mexico…

03 Aug 2000

China Oil Giant To Double Overseas Output

China's state oil giant China National Petroleum Corp. (CNPC) is expected to more than double its overseas oil output to around 120,000 barrels per day (bpd) this year, Chinese industry sources said on Wednesday. CNPC produced about 2.5 million tons of crude oil in 1999, or 51,000 bpd, up one third from the previous year. Overseas production increases this year would come primarily from the company's operations in Sudan where it is expected to reach 60,000 bpd, from Kazakhstan at 30,000 bpd, and Venezuela at 24,000 bpd, the sources said.

02 Aug 2000

Brazil Slaps Petrobras With Record Fine For Oil Spill

Brazil's government slapped state oil giant Petrobras with a record fine of nearly $100 million on Aug 1 for causing the country's worst oil spill in 25 years in a disastrous July pipeline rupture. Environmental agency Ibama said the fine - the highest-ever imposed for damage to the ecosystem - was justified due to Petrobras' inability prevent a series of oil spills this year, considered a repeated offense by officials. Petrobras has caused four spills since January. The latest government sanctions against Petrobras came after a broken pipeline oozed a million gallons of crude down the Iguacu River in southern Brazil, contaminating ecological reserves on the banks of the river.

09 Sep 2003

Petrobras May Try Cuban Oil Luck Again

Brazil's state oil giant, Petrobras, signed a letter of intent with Cuba on technological exchange as part of a strategy aimed at returning to the island in search for crude. Petrobras President Jose Eduardo Dutra said his company was studying at least one block that should be offered on a concession basis by the Cuban government.

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