India's Oil Imports Surged in 2017
India's oil imports rose by about 1.8 percent in 2017 to a record 4.37 million barrels per day (bpd) as the country boosted purchases to feed its expanded refining capacity, ship-tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. To meet its growing fuel demand India, the world's third-biggest oil consumer, raised its refining capacity in the second half of 2017. India's capacity expansion to about 5 million bpd was aided by Reliance Industries…
Saudi Aramco Shipyard Joint Venture Appoints CEO
Saudi Aramco and its partners have appointed Fathi K. Al-Saleem as chief executive of a joint venture to build a shipyard on the kingdom’s east coast, part of the Saudi Arabian government’s drive to diversify the economy beyond oil. The state-owned oil giant said in a statement on Friday that International Maritime Industries (IMI) had been officially launched in partnership with National Shipping Co of Saudi Arabia (Bahri), engineering firm Lamprell Plc, and South Korea’s Hyundai Heavy Industries Co.
Arctic Offshore Oil Drilling – Rosneft Plans Expansion
According to a report in 'Barents Observer' Rosneft will be the main partner of Statoil and Eni in the Barents Sea, where the new CEO has highlighted the importance of three grand projects in the Russian Arctic. Sechin, who was recently appointed new CEO of the state-owned oil giant, stresses that big projects like the one in the Barents Sea and the Kara Sea will be given special attention under his leadership. In a meeting with PM Dmitry Medvedev, Sechin maintained that the implementation of grand offshore projects like the ones in the Barents Sea, the Kara Sea an the Black Sea, will be a top priority along with the supply of oil products with stable prices to the Russian domestic market and the modernization of oil processing facilities.
Putin Prioritizes Oil Platforms, Tankers
Russian President Vladimir Putin prioritized the construction of oil platforms and tankers in the shipbuilding sector. Projects are being implemented for the construction of platforms for the development of oil and gas fields on the continental shelf, and a definite class of tankers, Putin said, opening a meeting devoted to shipbuilding industry issues. Russia, which holds the world's largest natural gas reserves and is among the top 10 countries in terms of oil reserves, is implementing huge oil and gas field projects, particularly the Shtokman deposit off the Arctic shelf, and Sakhalin I and Sakhalin II off the Pacific shelf, that have been the focus of the world's leading investors.
Blue Giant Named in Ceremony
Blue Giant, a ship with participation of the Mexican shipping company, Blue Marine, is capable of providing different products and services specialized for the offshore industry. Blue Giant has a large free deck area that allows containing repair and maintenance workshops of equipment from oil platforms. Likewise, it counts on surface and saturation diving equipment and a retention area for carrying out maintenance and repair tasks in the atmospheric and submarine area of the platform, as well as for maintenance and repair of submarine pipes. The vessel counts on a folding hatch on the stern and is capable of sinking its deck under the sea level for working as a dock containing up to 130-meter length vessels.
BP and Russia Sign Arctic Oil Deal
According to a Jan. 15 report from Aljazeera, BP has signed a joint venture with Russia's state-controlled energy giant Rosneft to explore for offshore oil and gas and in a deal that gives the UK company access to areas of the Arctic previously reserved for Russian companies. The British energy giant will swap five per cent of its shares, valued at $7.8b, for 9.5 percent of Rosneft in an agreement that immediately raised concerns about U.S. economic security from U.S. politicians and criticism from environmentalists. (Source: Aljazeera)
Petrobras, Exxon To Sign Brazil Oil Deals
Petrobras will reportedly sign two much-awaited oil exploration and production joint venture contracts with U.S. petroleum giant Exxon.
The Next Oil Boom: Brazil’s Lula Field
According to a report from the Houston Chronicla, Brazil's quest to remake itself into a global oil superpower is gaining momentum on a giant ship anchored about 200 miles south of Rio de Janeiro in the deep waters of the Atlantic Ocean. Crews on a tanker-like vessel recently began extracting the first barrels of oil from a giant field known as Lula, more than three miles below. A vast network of nearby "pre-salt" reservoirs are estimated to hold 50 billion to 100 billion barrels of oil — enough to turn Brazil into one of the world's top five producers of crude. (Source: The Houston Chronicle)
Vietnam Shipyard Builds Tanker for PetroVietnam
An affiliate of Vietnam shipbuilding giant Vinashin started work on the first of three 105,000 oil tankers under a contract last July with the state-run oil giant PetroVietnam. The $56m freighter to be 245m-long, 43m-wide and 20m-height will be built by Dung Quat Shipbuilding Industry Company and have state-of-the-art equipment satisfying latest international maritime conventions. The first will be handed over by the March of 2008, and the second and third by 2009 before the Dung Quat Oil Refinery goes on stream in 2009 – the first of its kind in the country which is now under construction in the central Quang Ngai Province. The company inked a $400…
Petroleos: Oil Output Is Fine
The president of Venezuelan state oil giant Petroleos de Venezuela (PDVSA) insisted he did not see any need for OPEC member countries to raise output to cool sizzling oil prices. With prices close to 10-year highs, pressure is growing on the oil cartel from consumer nations to agree to pump more oil at its next ministerial meeting in Vienna on Sept. 10. But PDVSA chief Hector Ciavaldini, reiterating a position expressed by other Venezuelan oil officials such as OPEC President Ali Rodriguez, said supply and demand of crude oil on world markets was well balanced.
Kidnappers Attack Plant, Navy Ship
Militants holding nine foreign hostages in southern Nigeria attacked another oil facility today and blew up a military vessel in ongoing violence that has cut about 20 percent of crude production in Africa's oil giant. The Movement for the Emancipation of the Niger Delta attacked a Shell-operated pipeline switching station and a navy vessel in the oil-rich southern region. Nigeria is reeling from weekend attacks in which militants blasted pipelines and sabotaged a key oil loading terminal belonging to Royal Dutch Shell, forcing the company to halt the flow of about 455,000 barrels a day. (Source: Scotsman)
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)
Giant Fuel Oil Slick Threatens French Coast
Authorities along the length of France's Atlantic coast were on alert last Wednesday as a giant fuel oil slick slowly drifted south of Brittany, threatening an ecological disaster. Maritime officials said two navy ships were heading for the slick equipped with floating booms and giant vacuum cleaners to try to contain and pump the oil which escaped from the sunken Maltese-registered tanker Erika. Three more vessels, including a British ship also equipped with vacuum pumps, were scheduled to join them on Thursday and a Norwegian ship was due on Friday. Transport Minister Jean-Claude Gayssot said France had also asked for help from Germany and Spain. Despite the international response of equipment and personnel, stormy seas were threatening to hamper the pumping.
Iran Charters 550,000 ULCC
Iran has chartered a 555,000 dwt ULCC for floating oil storage to replace two VLCCs, tanker brokers said. The 1979-built Sea Giant is scheduled to be delivered in mid November for stationing off Kharg Island to replace the VLCCs Mountain Cloud (285,000 dwt) and Union (275,000 dwt) which will apparently be redelivered. The Sea Giant has been taken by the National Iranian Tanker Company (NITC) at around $15,750 a day on a monthly basis for up to 150 days, brokers said. After chartering a number of vessels over the summer NITC now has a fleet of 14 vessels, four of which are its own, with a combined storage capacity of around 5.24 million tons.
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.
French Politician Vows To Sue TotalFina Over Erika Mishap
Philippe de Villiers, deputy head of France's RPF dissident Gaullist party, has vowed to sue oil company TotalFina for polluting the French coastline after its chartered tanker Erika sank and split apart. De Villiers, who is also president of the council of one of the areas affected by the spill, argues that the state should sue TotalFina, and said he believes the oil giant is "responsible morally and without a doubt legally" for the pollution. He said a part of the profits from the oil company, formed from the merger of TotalFina and Elf Acquitaine, should be seized.
Oil spill Trims U.S. Offshore Natural Gas Supply
According to a May 2 report from Reuters, the government said on May 1 that two offshore production platforms in the Gulf of Mexico were shut as a safety precaution, the first sign that the giant oil slick was affecting the region's energy production. But analysts said the location of the spill was well east and north of the heart of the region's oil and gas production, which accounts for about 15 percent of U.S. natural gas supply and 25 percent of crude oil output. (Source: Reuters)
North Sea Tanker Sent to Gulf Spill
According to a June 11 report from The Age, BP is sending a giant oil tanker from its North Sea operations off the Shetland Islands to help with the clean-up operation in the Gulf of Mexico as thousands of barrels of oil collected from its leaking well on the ocean floor threaten to overwhelm the capacity of its US vessels. The move came as the company revealed it had spent about $1.43b on efforts to contain the oil spill and related costs. (Source: The Age)
Upstream O&G Companies Face Interest Payments Friday
At least 10 upstream oil and gas companies, cramped for cash in the oil downturn, must make coupon payments Friday, April 15, according to Thomson Reuters data. Among them are oil and gas giant Chesapeake Energy Corp , which completed a debt swap last year, and Linn Energy LLC. Linn skipped interest payments due last month. (Reporting by Jessica DiNapoli; Editing by Phil Berlowitz)
Kazakhstan's Kashagan Ships First Oil for Export
The first batches of oil from the giant Kashagan oil field in Kazakhstan were shipped for export on Friday via two pipelines, the Central Asian nation's Energy Ministry said. Energy majors developing the field have shipped 7,700 tonnes of oil through the private CPC pipeline and 18,800 tonnes through a pipeline operated by state-controlled firm KazTransOil, it said in a statement. (Reporting by Raushan Nurshayeva; Writing by Olzhas Auyezov; Editing by Alexander Winning)
Total Expects Decision on First Libra FPSO by Summer
A decision on the first floating, production, storage and offloading (FPSO) vessels on the giant Libra project in Brazil will be made by the summer, Total's head of exploration and production said on Thursday. "We are actively working actively on Libra to have the first FPSO decided before summer," Arnaud Breuillac told an oil summit in Paris. Total is one of the partners in Libra with Brazil's state-controlled oil company Petróleo Brasileiro SA. The project will see the installation of four FPSOs in the field with a capacity to produce 180,000 barrels of oil a day (bpd) in 2020. (Reporting by Bate Felix)
Petrobras Declares Force Majeure On Oil Deliveries in Santos and Rio
Brazil's state oil giant Petrobras said Tuesday it declared force majeure on Monday on oil deliveries to barges in the ports of Santos and Rio de Janeiro. Petrobras said it was forced to declare force majeure to clients due to a federal police investigation into an alleged crime ring at the ports that is impeding deliveries. While the force majeure was declared to clients on Monday, Petrobras only confirmed it late Tuesday. "Petrobras declared force majeure on all of the oil delivery operations in Rio and Santos ports," a Petrobras spokesman said. He said he did not know how long the force majeure would be in place. The spokesman said the force majeure would hit outgoing oil deliveries to foreign and local clients…
Keppel Wins $120m in Offshore Contracts
Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries Keppel Shipyard Ltd (Keppel Shipyard) and Keppel Nantong Shipyard Co. Ltd (Keppel Nantong) won five contracts worth about $120m in total. "We are glad to have the support of repeat and new customers for a range of offshore and marine projects," said Michael Chia, MD (Marine and Technology) of Keppel O&M. "Keppel Shipyard's latest contracts bear testament to its extensive expertise and experience in Floating Production Storage and Offloading (FPSO) and Floating Storage and Offloading (FSO) conversion, upgrading and repair works.