Oil continues to fall on the back of weak China data and the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday, as OPEC+ is expected to increase production in October. Meanwhile, signs of sluggish consumption in China and America, the two biggest oil consumers in the world, have raised concerns over future growth. Brent crude futures dropped 61 cents or 0.8% to $76.32 a bar by 0450 GMT, while U.S.
Oil prices continue to fall on the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday as investors weighed higher OPEC+ output in October against a sharp decline in Libyan production amid sluggish demands in China and the U.S. Brent crude futures dropped 57 cents or 0.7% to $76.36 per barrel at 0108 GMT, while U.S.
LNG Suited for Select VLCC Routes
SEA\LNG has released the results of its third investment study, which underlines liquefied natural gas (LNG) as a compelling investment solution for Very Large Crude Carriers (VLCCs) on the Arabian Gulf to China trade route.Conducted by Opsiana, the study demonstrates…
Dubai Intros Floating Solar Power Plants
The Dubai Electricity and Water Authority (DEWA) has issued a request for proposal (RFP) to appoint consultants to study, develop and construct floating solar photovoltaic plants in the Arabian Gulf."This is a new and innovative initiative by DEWA to use solar power that…
Oil&Gas Industry Records 1242 Contracts in Q1
The Oil and Gas industry reported 1242 contracts, of which 1178 were awarded contracts, said Quarterly Oil & Gas Industry Contracts Review.Europe, the Middle East and Africa (EMEA) region recorded the most contracts with 569 contracts, representing around 48% of the total awarded contracts in Q1 2019…
Rowan Rig Wins Repsol's Guyana Well Order
The offshore drilling contractor Rowan announced that Repsol Exploracion Guyana, a unit of Spanish energy major Repsol, has signed a contract for the EXL II, a high-specification Super 116E Jack-up rig, for work in Guyana.The contract is for one well beginning in the third quarter of 2019 with a duration of approximately 45 days…
Saudi Aramco, ADNOC to Cooperate on LNG
The state-owned energy giants of Saudi Arabia and the United Arab Emirates, Saudi Aramco and Abu Dhabi National Oil Company (ADNOC), signed a cooperation deal to explore potential areas for mutual collaboration in the LNG value chain aimed at bolstering gas production…
Rowan Sells Two Jack-up Rigs to ARO Drilling
Texas-based offshore drilling contractor Rowan Companies announced that it has concluded the sale of two LeTourneau TARZAN Class jack-up rigs, the Scooter Yeargain and the Hank Boswell, to ARO Drilling.The net economic impact of this transaction was that Rowan received…
Cantium Contracts Rowan Jack-up
Rowan Companies plc announced that the Rowan EXL III, an EXL Class high specification jack-up rig, has been awarded a six-month contract from Cantium in the U.S. Gulf of Mexico.The contract is expected to commence in early November 2018. The EXL III is currently under contract with Cantium in the U.S.
Mermaid Maritime Wins Middle East Contract
Thailand-based subsea and offshore drilling services company Mermaid Maritime Public Company announced that its Middle East business unit has been awarded a subsea services contract in a GCC country with an initial contract value of USD 16 million.The contract award, with…
Oil Breaks Losing Streak ahead of US Inventory Data
Oil prices edged up in volatile trading on Tuesday, rebounding from six days of losses, ahead of U.S. crude inventory data forecast to show a drawdown. U.S. crude futures settled up 33 cents to $49.56 a barrel, breaking a streak that saw the benchmark lose 7.4 percent. Brent crude settled up 50 cents at $52.10 a barrel.
Demand for Arabian Gulf Crude Export Dips in Q1
Seaborne demand for Arabian Gulf crude exports down 14 percent in first quarter 2017 in very large crude carriers (VLCC) and Suezmaxes. In the first quarter of 2017, more than 2.5 trillion ton miles were completed by the global VLCC and Suezmax fleet. This was down 4.6…
McDermott Wins EPCI Contract from Saudi Aramco
McDermott International, Inc. has been awarded a contract from Saudi Aramco for engineering, procurement, construction and installation (EPCI) services in the Safaniya and Zuluf fields offshore Saudi Arabia. The brownfield project is part of a wider program to replace…
Oil Eases as Iran, Libya Output Rises
Iran crude, condensate sales near 2011 peak; Libya oil production rises above 500,000 bpd. Oil prices eased on Tuesday on news that Iran and Libya have continued to increase production, overshadowing an OPEC agreement struck last week to freeze output levels in a bid to stem a two-year price rout.
East Libyan Oil Firm AGOCO Says Production Rises
Libya's Arabian Gulf Oil Company (AGOCO) said on Monday that its production had risen to 320,000 barrels per day (bpd), from 290,000 bpd late last week. The increase had come after production at Sarir field rose to around 200,000 bpd, and production at Nafoura had reached 29,000 bpd, spokesman Omran al-Zwai said.
ASRY Reaches 100 Rig Milestone
ASRY, a ship and rig repair yard in the Arabian Gulf, has welcomed its 100th rig repair job to the yard, as 2016 posts the highest number of rig repair contracts in the yards history. The project is on the high specification jack-up rig ‘Bob Palmer’, one of the largest jack-up rigs in the world…
Damen Bags Jack-up Pontoon Contract
Damen Shipyards Sharjah (DSS) in the United Arab Emirates has won a contract to build a shallow draught, self-propelled Jack-up Pontoon 3526 for the UAE-based contractor Aqua Diving Services Ltd. Once delivered, it will be used primarily to deliver offshore support services…
Has the Link between OPEC Production and VLCC Rates broken?
For the tanker market, in particular for VLCCs, increasing Middle East OPEC production is typically a good sign. Poten and Partners in its Shipbrokers Reports says that does not appear to be the case at this particular moment, since the tanker market is mired in a slump with rates hitting multi-year lows.
Tanker Market Shows Mixed Trend -McQuilling
McQuilling Services’ 2016 Mid-Year Tanker Market Outlook Update examines the tanker shipping market from January, and forecasts the balance of 2016 through 2020 based on market conditions in the first half of the year. Findings from the report can be found below. Global…
Libyan Deal to End Oil Ports Blockade Needs Signing
Libyan Petroleum Facilities Guard (PFG) commander Ibrahim Jathran said on Monday he was ready to end a blockade at key oil terminals, but the U.N.-backed government still needs to sign an agreement for exports to resume. The PFG has been demanding payment of workers' wages as part of any deal to end the blockade of Ras Lanuf…
