Vattenfall Building Denmark's Largest Offshore Wind Farm
Swedish state-owned Vattenfall said on Friday it had started construction on Denmark's largest offshore wind farm in the North Sea, able to power 425,000 households. The 406 MW Horns Rev 3 wind farm will consist of 49 8.3 MW-turbines delivered by MHI Vestas, a joint venture between Vestas and Mitsubishi Heavy Industries. "Horns Rev 3 is the first of three offshore farms that Vattenfall will construct in Denmark in the coming years," said head of Vattenfall's wind division Gunnar Groebler.
Aker Solutions' Shares Surge, Recovery in Sight
Shares of Norwegian oil services company Aker Solutions surged on Friday on higher than expected quarterly earnings, a better outlook and a new contract, signalling the end of a three-year downturn in its markets. The company, controlled by Norwegian billionaire investor Kjell Inge Roekke, said it saw signs of recovery, particularly offshore Norway and in so-called brownfield project portfolios, which aim to improve output from existing fields.
Chevron Auspends Drilling Activity in Kurdistan
Chevron has temporarily suspended oil and gas drilling activity in Iraqi Kurdistan, the company said on Thursday, in the latest setback to the region following recent unrest. "Chevron has decided to temporarily suspend its operations," a company spokeswoman said in a statement. In September, Chevron drilled its first exploration well in Iraqi Kurdistan after a two-year break. "We remain in regular contact with the Kurdistan Regional Government.
Mexico Expects to Hold a Third O&G Auction in 2018
Mexico's oil regulator will likely add another oil auction in 2018 featuring conventional onshore oil and gas blocks, a senior official said on Thursday, potentially teeing up a third tender in an election year. The bid terms will be announced this year or in early 2018 while contracts will likely be awarded by the summer, Juan Carlos Zepeda, head of the National Hydrocarbons Commission (CNH), said on the sidelines of an energy forum.
SEA-3250-LT: Innovation in Offshore Wind Installations
GustoMSC is targeting the burgeoning U.S. offshore wind energy market with an innovative jack-up design that it claims will help to reduce risk and increase efficiency when installing units offshore: the SEA-3250-LT installation jack-up. Designed to be a safe, stable and solid platform to lift these heavy, delicate components to heights of more than 426 ft (130 m) in an area where technicians are performing assembly tasks at the same time.
Double On-site Seal Repair on Offshore Platform in Mexico
In August a team of Hydrex divers traveled to Veracruz, Mexico for a stern tube seal repair. The operation consisted of the underwater replacement of the damaged seals on both assemblies of a semi-submersible offshore platform. The unit left the field after its project was finished and was berthed alongside to have repair and maintenance work carried out without docking. We were asked to perform the stern tube seal repairs during the available window of opportunity.
World’s First Floating Wind Farm Starts Production
The world's first offshore floating wind farm has started to deliver electricity to the Scottish grid, providing power to approximately 20,000 households. The 30MW Hywind Scotland wind farm, operated by Statoil in partnership with Masdar 25 kilometers offshore Peterhead in Aberdeenshire, Scotland, was officially opened today by First Minister of Scotland, Nicola Sturgeon. “This marks an exciting development for renewable energy in Scotland,” First Minister Sturgeon said.
DNV GL, Taiwan Pact for Offshore Wind
DNV GL, the world’s largest resource of independent energy experts and certification body, has signed an agreement with leading Taiwanese stakeholders to collaborate on offshore wind testing and certification to drive the expansion and facilitate the development of offshore wind in Taiwan. The regulations for certification will be headed by the Bureau of Standards, Metrology and Inspection since it has been designated by the highest authority in Taiwan.
Newest Outpost for US Crude Exports: India
India is set to emerge as a key market for American crude exports in coming months, as refineries in that country are ramping up "test" purchases of U.S. grades to diversify their imports. U.S. exports recently set a weekly record with nearly 2 million barrels of crude a day sent overseas. But shipments to India have been rare, with just a few deliveries since the U.S. lifted its ban on crude exports in late 2015.
CEFC Eyes Big League with Rosneft Oil Offtake Deal
As part of its recent $9.1 billion investment in Russian oil giant Rosneft, little-known CEFC China Energy will have access to up to 260,000 barrels per day (bpd) of Russian oil - giving it the sort of market clout to potentially challenge dominant Western oil traders like Vitol. For China, the world's top crude importer, having access to Russian oil would be a big step towards its ambition to create a globally integrated oil supply chain.
Rigdon Named Interim CEO at Tidewater
Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017. “Having successfully completed the financial restructuring of Tidewater at the end of July…
Advanced Monitoring Proves Its Capabilities Offshore
New monitoring technology developed by RED Engineering has been used for the first time to improve accuracy, speed and safety during the installation of jacket foundations for wind turbines at the Beatrice Offshore Wind Farm Ltd project in the Moray Firth, Scotland. The development by the North East-based firm of engineers features remote proximity sensors to confirm the correct engagement of an internal lifting tool (ILT) in use by Seaway Heavy Lifting, a Subsea 7 company.
Bids Close on Lebanon Offshore Energy Blocks
Lebanon's energy minister Cesar Abi Khalil on Thursday said a tender had closed on a first round of offshore energy blocks, without saying how many companies had bid. It will take years for revenue from any of the blocks to start flowing to the country, he said in a televised news conference. "The first licensing round for oil exploration closed," he said. The country's petroleum authority and the cabinet will evaluate the bids, he added.
Innogy Issues $1 Bln Bond to Fund Wind Farms
Innogy, Germany's largest energy group, on Thursday issued a 850 million euros ($1.01 billion) corporate green bond to refinance wind power projects in Europe, it said. Proceeds of the bond, which has a 10-year maturity, will be used to refinance four offshore wind farms in Britain and Germany as well as an onshore wind farm in the Netherlands that is either under construction or already operating.
FLNG Hilli Episeyo Departs Singapore Early
Golar LNG Limited said today that its floating liquefied natural gas (FLNG) vessel Hilli Episeyo departed Singapore for Cameroon earlier than anticipated, leaving at 10 a.m. local time on October 12. Hilli Episeyo was scheduled to leave Singapore between October 15 and October 20, but Golar LNG said a decision was made to complete LNG bunkering in Cameroon rather than in Singapore. The voyage to Cameroon is expected to take between 32 and 40 days.
Norway Remains Among World's Top 10 Places to Discover Oil
Norway remains among the top 10 places to find oil worlwide, with the Arctic region still having much potential despite recent disappointing exploration results, consultancy firm Wood Mackenzie said on Thursday. Earlier this week Norway's Statoil reported yet another dry well in the Barents sea, some 100 kilometres northwest of the Johan Castberg discovery. However, the firm said it would continue its exploration campaign in the area next year.
BP, SOCAR to Ink Caspian Sea Exploration Deal
Azeri state energy company SOCAR plans to sign a production-sharing agreement with BP to jointly explore prospects in a new block, D-230, in the North Absheron basin of the Caspian Sea before the end of 2017, a source at SOCAR said on Thursday. BP and SOCAR signed a memorandum of understanding on joint exploration of this block in May 2016 in a move that reflected efforts by SOCAR and foreign companies to make new discoveries in the oil-rich country.
GMG Acquires Fugro’s Trenching, Cable Laying Business
Global Marine Group (GMG) will acquire Fugro’s trenching and cable laying business in exchange for an equity stake of around 24 percent in the combined business valued at $65 million, and a one year secured vendor loan of $ 7.5 million. Fugro said it will realize a gain on this transaction, valued at approximately $73 million. GMG is a supplier of subsea cable installation and maintenance services in the telecoms, offshore renewables, power and oil and gas market segments.
Total Reinforces its Exploration in West Africa
Total and the National Office of Petroleum of Guinea (ONAP) signed a Technical Evaluation Agreement to study deep and ultra deep offshore areas located off the coast of Guinea Conakry, covering approximately 55,000 square kilometers. “By taking this position on a new under-explored area, Total pursues its exploration strategy targeting deep offshore prospective basins,” declared Kevin McLachlan, Senior Vice President Exploration for Exploration & Production at Total.
Op/Ed: ASTRO Act Shoots For the Stars
National Ocean Industries Association (NOIA) president Randall Luthi weighs in after the House Natural Resources Committee held a hearing on offshore development and introduced the Accessing Strategy Resources Offshore (ASTRO) Act. Today’s hearing was a slam dunk by the House Natural Resources Committee. Not only did the Committee bring in experts and stakeholders with their own unique offshore perspectives to the hearing…
Innogy Becomes Sole Owner of Triton Knoll Wind Project
Innogy buys 50 pct stake from Statkraft; Triton Knoll will cost about 2 billion pounds. Innogy, Germany's largest energy group, became the sole owner of a 2 billion pound ($2.64 billion) British offshore wind farm project after buying out Norway's Statkraft, it said, adding the final ownership structure could still change. The purchase of a 50-percent stake in Triton Knoll for an undisclosed sum follows…
UK to Provide 557 mln stg Funding for Renewables
The British government confirmed on Wednesday up to 557 million pounds ($734 million) of funding for the next clean electricity auctions for less-established renewables. The next so-called contracts-for-difference (CfD) auction will take place in spring 2019, the government said in a statement but has not yet confirmed how much will be available for that auction. Less-established renewables include offshore wind…
Heavy Lift: Shell’s Appomattox Hull Delivered to Texas
COSCO SHIPPING Specialized Carriers Co., Ltd. The Appomattox hull is the largest and heaviest cargo transported to date by COSCO’s fleet of semi-submersible heavy lift vessels. “We are very proud to have worked closely with Shell and be part of the Appomattox project’s overall success,” said Josh Wilson, V.P. Business Development for COSCO SHIPPING Heavy Transport.
DNV GL Acquires ComputIT
DNV GL said it has acquired ComputIT, a specialist independent company for Computational Fluid Dynamics (CFD) software and R&D. ComputIT develops unique high-end technology for simulating fires, explosions and gas dispersion. “This acquisition brings us world-leading capabilities in the CFD domain,” says Are F. Tjønn, CEO, DNV GL - Software. With its roots in the offshore sector, ComputIT has also served onshore oil and gas…
New HT/HP Subsea Valve Coating Developed and Deployed
An international collaboration between Hardide Coatings and Master Flo Valve Inc (MFV) has developed a new solution to protect high temperature, high pressure (HT/HP) subsea choke valves. The valves are the first of their kind to feature the Hardide-T coating, which can be applied to choke valve stems so they can withstand temperatures up to 400°F and pressures of 20,000 psi. Canada-headquartered MFV…
Cairn Oil and Gas to Invest $4.6 bln in New Exploration
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees ($4.6 billion) in exploration projects off India's east coast and in the onshore fields of Barmer in the west, its acting CEO said. The company expects approvals to be in place by the end of October, Sudhir Mathur told Reuters on the sidelines of the India Energy Forum in New Delhi, as Cairn undertakes a fresh investment plan after the extension of its production contract until 2030.
Ampelmann Gangway System Increases Operational Efficiencies
Ampelmann has enhanced its existing E1000 gangway transfer system to speed up conversion of its gangway from personnel to cargo mode from at least ten minutes to less than one minute, providing greater operational efficiencies. The innovative and adaptable E1000 motion compensated access system can transform from a gangway into a crane boom. It is 30 meters in length and is capable of safely transferring people and up to 1…
Gazprom Neft: Work Restarted on Prirazlomnoye Platform
Russia's Gazprom Neft, the oil arm of state gas producer Gazprom, restarted work on its Arctic offshore platform Prirazlomnoye on Oct 5 after three months of maintenance, a company executive told Reuters on Monday. Andrey Patrushev was talking to Reuters on the sidelines of the India Energy Forum by Ceraweek. Prirazlomnoye field is an Arctic offshore oilfield located in the Pechora Sea. Reporting by Neha Dasgupta
NorSea Opens New MGO Facility in Peterhead
NorSea Group UK (Ltd) has completed Phase I of its multi-million dollar investment at its Shore Base within Peterhead Port with the opening of a new custom-built Marine Gas Oil (MGO) facility on Smith Quay. Two MGO tanks, which hold a combined total of 3000 cu. m. of fuel, are now operational. This represents an expansion in the range of services currently provided directly to clients by NorSea Group at Peterhead as project support and supply vessels can now be fuelled directly at the quay.
Statoil to Drill in Arctic Despite Previous Disappointments
Statoil's exploration campaign in the Barents Sea was disappointing this year, but the company has firm plans to drill another five wells there in 2018, a spokesman said on Monday. Statoil's last Barents well of 2017, at Koigen Central some 100 kilometres northwest of the Johan Castberg discovery, failed to find hydrocarbons, the Norwegian Petroleum Directorate said earlier. In five exploration wells drilled by Statoil in the Barents Sea this year, the company made only one small oil discovery.
Statoil: UK Exploration Wells Disappoint
Statoil's exploration campaign off Britain yielded one discovery, one dry well and one non-commercial discovery this year, the company said on Monday. Results of the Mariner Segment 9 and Jock Scott wells were disappointing, while the third, a sidetrack to Statoil's Verbier well in the outer Moray Firth, proved at least 25 million barrels of oil. "Whilst the results of the other two exploration wells were disappointing…
Chevron Starts LNG Output at Wheatstone Project
Chevron Corporation announced it has started producing liquefied natural gas (LNG) at the Wheatstone Project in Western Australia. The first cargo is on track to be shipped in the coming weeks. “First LNG production is a significant milestone and is a credit to our partners, contractors and the many thousands of people who collaborated to deliver this legacy asset,” said Chevron Chairman and CEO John Watson.
Ensco Completes Acquisition of Atwood Oceanics
Ensco plc announced today that Ensco shareholders voted to approve the allotment and issuance of Ensco Class A ordinary shares to shareholders of Atwood Oceanics in connection with the all-stock acquisition of Atwood at the Company’s general meeting of shareholders on 5 October 2017. The final results of the general meeting of shareholders held today indicate that 65% of the shares cast at the meeting voted in favor of this proposal.
Randgrid FSO Begins Gina Krog Field Contract
Teekay Offshore Partners announced the Randgrid FSO, which was converted from one of the Partnership’s shuttle tankers at Sembcorp’s Sembawang shipyard in Singapore, has commenced its charter contract with Statoil ASA (Statoil) on the Gina Krog oil and gas field in the Norwegian sector of the North Sea. “Today marks a significant milestone in Teekay Offshore’s FSO franchise with the start-up of our largest FSO project to-date…
Ecuador to Offer Oil Block Terms in January
Ecuador will offer oil exploration and production blocks in January under new contract terms that it expects will attract more interest and allow the OPEC-member country to compete with its neighbors for foreign investment, the oil minister said. The new terms will allow producers to be paid in oil and enable them to export or sell the barrels to local refineries, said Carlos Perez at a conference at Rice University in Houston on Friday.
NOIA Appoints Four to BoD
National Ocean Industries Association (NOIA) Chairman David Welch has appointed four new members to the association’s Board of Directors. The appointments were announced today during NOIA’s fall meeting in Jackson Hole, Wyoming, where the association is commemorating 45 years of commitment to America’s offshore energy industry. Today, the oil and gas industry, long centered in the Gulf of Mexico, produces 17% of America’s domestic oil and 5% of our domestic natural gas…
U.S. Oil Drillers Cut Rigs for 4th Week in Five
The U.S. oil rig count fell for a fourth time in the last five weeks as a 14-month drilling recovery stalled as energy firms reduced spending plans in response to recent crude price declines. The oil rig count fell by two to 748 in the week to Oct. 6, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. The rig count, an early indicator of future output…
ConocoPhillips Withdraws Workers From GoM Ahead of Nate
ConocoPhillips said on Friday it is evacuating non-essential personnel from its Magnolia oil platform in the central Gulf of Mexico ahead of Tropical Storm Nate. It joined other oil companies that have reduced staff or curtailed production on offshore platforms over the past day. Nate is expected to move up the central Gulf of Mexico and become a Category 1 hurricane before striking the U.S. Gulf Coast late Saturday or Sunday. Reporting by Ernest Scheyder
Rovco Joins NVIDIA Inception Program
UK-based subsea company Rovco has announced plans to take artificial intelligence (AI) to new depths after being selected to join the NVIDIA Inception Program. Designed to nurture start-ups that are revolutionizing industries with advances in AI and data science, the virtual incubator program supports members overcome critical stages of product development, prototyping, and deployment. Being selected by NVIDIA will see Rovco benefit from hardware grants…
T/S Nate Kills 22 in Central America, Bears Down on U.S. GoM
Tropical Storm Nate killed at least 22 people in Central America on Thursday as it pummeled the region with heavy rain while heading toward Mexico's Caribbean resorts and the U.S. Gulf Coast, where it could strike as a hurricane this weekend. In Nicaragua, at least 11 people died, seven others were reported missing and thousands had to evacuate homes because of flooding, said the country's vice president Rosario Murillo.
U.S. GoM Energy Producers Evacuating Ahead of T/S Nate
Oil and natural gas producers began evacuating staff at U.S. Gulf of Mexico platforms on Thursday ahead of Tropical Storm Nate, the second storm in as many months to threaten Gulf Coast oil and refining facilities. Nate, which has already killed three people in Costa Rica, according to local authorities, is forecast to scrape past Honduras and Mexico, enter the Gulf and strengthen into a hurricane before making landfall early on Sunday in Louisiana, near several major refineries.
No Bidders for Tie-up in Ayin-Batsil Offshore Oil Field
There were no bidders in an auction to partner with Mexican national oil company Pemex on its offshore Ayin-Batsil project, the industry regulator said on Wednesday, in a setback for the opening of the country's energy sector to private capital. Industry analysts had seen Ayin-Batsil as the most attractive of the three areas on the block on Wednesday. The results of the other two blocks are due to be announced later.
Statoil Takes First Bite of Solar Market
Norway's Statoil is taking its first step into the solar sector on Wednesday, partnering up with Oslo-listed renewable energy firm Scatec Solar in a joint venture aiming to build several large-scale solar plants in Brazil. Bruised by pressure on oil prices over the last two years, European oil companies have been intensifying their expansion into renewable energy to seek new sources of revenue. With…
Offshore Rig Firms See End to Historic Downturn
Demand for offshore rig rental globally is starting to recover from its worst ever downturn, led by oil firms' growing demand for harsh-environment exploration and triggering multi-billion dollar tie-ups among drillers hoping to profit, executives said. While the 2014-2016 oil price crash caused firms to cut exploration budgets, ending a boom in rig demand and bankrupting many owners, energy companies are now seeking to replenish their hydrocarbon reserves.
Drydocks World Takes on FPSO Aoka Mizu Projects
Drydocks World, a marine, onshore and offshore service provider to the oil, gas and renewable energy sectors, has signed an agreement for two new projects with Bluewater Energy Services B.V. and end client Hurricane Energy plc. Building on Drydocks World’s track record of 32 conversions and six turrets, the yard will now undertake a repair, life extension and upgrade project on Floating Production Storage & Offloading (FPSO) vessel Aoka Mizu…
Petrobras Kicks off Non-binding Stage of Oil Fields Sale
Brazilian state-controlled oil company Petróleo Brasileiro SA has sent additional information on several shallow water oil fields to interested parties as it kickstarts the non-binding stage of the asset-sale process, according to a securities filing on Wednesday. Petrobras, as the company is known, plans to sell the rights to exploration, development and production in seven groups of oil fields in the states of Ceará…
Brazil Oil Regulator Clears Four More Companies
Brazil's oil regulator ANP authorized four more companies to bid in auctions for exploration and production rights in the presalt region off the Brazilian coast this month, the regulator said on Tuesday. A local unit of U.S.-based Chevron Corp was cleared to bid in the second and third presalt rounds to be held on Oct. 27. Brazil's OP Energia qualified to bid in the second round. China's CNOOC Petroleum Brasil and Colombia's Ecopetrol SA were authorized for the third round of bidding.
Safety Zone Management Assurance for Offshore Installations
An Aberdeen-based maritime specialist has launched 500m Zone Management assurance and auditing for offshore Installations following the success of its training courses for offshore installation personnel to help address safety concerns. Seacroft Marine Consultants has developed a new assurance process to continue to monitor operational safety standards after providing initial training to help installations manage ship movements when they come close to platforms.
New Solution Simplifies Relief Well Operations
Energy consultancy provider Add Energy and subsea solutions provider Trendsetter Engineering have teamed up to develop the Relief Well Injection Spool (RWIS) Lite, designed to reduce the complexity of relief well operations on a global scale, when coupled with the original RWIS product. RWIS Lite is an exact structural replica of the original RWIS, which allows for duplicity in shared components. The original RWIS increases the flow capacity of a single relief well…
BrasFELS Delivers Fifth FPSO Project for MODEC
Keppel Offshore & Marine's (Keppel O&M) wholly owned subsidiary Keppel FELS Brasil's BrasFELS shipyard in Brazil has delivered the Cidade de Campos dos Goytacazes MV29, a Floating Production Storage and Offloading (FPSO) vessel, to repeat customer MODEC Offshore Production Systems (Singapore) Pte. Ltd., an EPCI arm of the MODEC, Inc. group (MODEC). The FPSO was completed safely, on time and within budget, and departed the shipyard recently for the Bananal Bay in Brazil.
Want to Bet on $100 oil? Some Already Have
Open interest trebles in December 2018 $100 calls. When crude prices crashed in early 2016 to $27 per barrel, most industry executives said the world had seen the last of oil at $100. Almost two years later, as a global crude glut shows signs of receding, the oil options market has seen a spike in activity at $100 a barrel, indicating some oil bulls are betting the price could trade around that level by this time next year.
Sonangol Names New Leadership
Angola's Sonangol has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos. The former president's daughter Isabel dos Santos remains the head of Sonangol. She announced plans last year to split the company into three units: exploration and production, logistics and a division handling concessions to international oil firms.
Energy Industry Says 'No Thanks' to Trump Offer of Marine Sanctuaries
In a bid to boost energy development, U.S. President Donald Trump’s administration is considering shrinking or eliminating 11 marine sanctuaries designed to protect 425 million acres of coral reefs, marine mammal habitats and pristine beaches. The review is part of a broader strategy to open new areas to oil and gas drilling and “put the energy needs of American families and businesses first,” according to the order Trump signed in April that triggered it.
Exxon's Big Bet on Brazil Oil Could Signal Major Pre-salt Role
Exxon Mobil Corp's big bet on Brazil's offshore Campos basin shows its willingness to pay up to replenish its reserves and may pave the way for hefty bids in October auctions in the country's rich pre-salt areas, analysts said. Marking a return to Brazilian exploration after a five-year absence, Exxon took eight blocks in the coveted basin, one of Brazil's most productive, at an auction on Wednesday. Six were taken in partnership with state-run Petroleo Brasileiro (Petrobras).
TechnipFMC Wins Peregrino 2 Contract
TechnipFMC has been awarded by Statoil an Engineering, Procurement, Construction and Installation contract. It covers the execution of the subsea pipeline connection for the new production platform in Peregrino Phase II Project, located in Campos Basin, offshore Brazil. This new fixed platform will be connected by the in-field lines to the existing platform. TechnipFMC will be responsible for the overall execution for engineering…
New Offshore Oil Investments Needed to Avoid Shortages -Hess
Higher investments in offshore oil production are critical to avoiding a supply squeeze by 2020, as expanding shale output will not match projected demand increases in the next few years, U.S. oil producer Hess Corp said on Thursday. The past four years of low oil prices have major producers pulling back on needed offshore investment, and the gap between supply and demand should help prices rebound…
Siemens Enhances Digital Coriolis Flow Portfolio
To extend the numerous process-optimizing advantages of the digital Coriolis flowmeter platform to low-flow applications such as batching, dosing and filling of both liquids and gases, the Sitrans FCT030 and FCT010 digital transmitters can now be paired with the Sitrans F C MASS 2100 and Sitrans FC300 Coriolis sensors for small line sizes from DI 1.5 to DN 15. With this major enhancement to the product line…
Wison Launches Buoyant Tower Solutions with Storage
Wison Offshore & Marine has developed a new Buoyant Tower solution with condensate or oil storage, adopting Wison’s proprietary Buoyant Tower technology. This floating concept provides a new economic and reliable option for the oil and gas development in the shallow to medium-depth waters. Originally invented by Ed Horton and Lyle Finn, the Buoyant Tower technology was first applied to BPZ CX-15 project offshore Peru when both Ed and Lyle worked for Horton Wison Deepwater Inc.
Matrix Global Plans U.S. Crude Storage Deal
Matrix plans sweet crude storage futures at LOOP. Matrix Global Holdings is planning to start up an oil storage futures contract for low-sulphur crude oil that will enable companies to build up supplies for export cargoes, as Asia looks for more crude imports from the United States. The contract will give holders access to low-sulphur, or sweet, crude oil storage space at the Clovelly, Louisiana, terminal operated the Louisiana Offshore Oil Port (LOOP).
Philippines, China to Explore for Oil & Gas Near Disputed Waters
The Philippines said on Thursday it was pursuing a long-delayed oil and gas exploration project with Chinese state-owned entity CNOOC Ltd and a Canada-listed company in an area near disputed waters in the South China Sea. Energy Secretary Alfonso Cusi said the Philippine government was also looking for a "win-win solution" with other South China Sea claimants, including China, to pave the way for oil and gas exploration within contested waters.