BP Targeted with First Shareholder Resolution on Climate Goals
Pressure on oil companies to tackle climate change is growing after an activist group for the first time filed a shareholder resolution urging BP to set hard targets for reducing overall carbon emissions.Follow this, a Dutch organization that spearheaded a number of climate shareholder resolutions at Royal Dutch Shell's AGMs over the past three years said it also filed one with the Anglo-Dutch company for 2019.It also plans to file a resolution with U.S.
Attempted Oil Theft Leads to Spill
At least 60,000 liters (377 barrels) of oil spilled into Rio de Janeiro's Guanabara Bay and a nearby river over the weekend after an attempted robbery on a pipeline, Petroleo Brasileiro SA's Transpetro unit said, highlighting the dangers of Brazil's thriving trade in stolen oil."It was a leak of significant proportions, with an impact on the mangroves," said Maurício Muniz, an analyst at the Instituto Chico Mendes, which…
Equinor, Faroe Petroleum in Asset Swap
Britain's Faroe Petroleum has agreed to swap oil and gas fields with Norwegian state firm Equinor as it fights a hostile takeover from Norwegian oil and gas operator DNO.It appears that Faroe in fight-back mode after DNO’s so-called ‘opportunistic’ bid.The oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK said in a press note that it has signed a binding agreement with Equinor Energy to swap its interests in the Njord…
Scrubber Manufacturers Slams Singapore Open-Loop Scrubbers Ban
Exhaust Gas Cleaning Systems Association (EGCSA) has attacked Singapore's restrictions on open-loop versions of the systems as "disappointing" and "politically motivated."The scrubber manufacturing industry body said in a press release: "The recent announcement by the outgoing CEO of the Maritime and Port Authority of Singapore (MPA) banning the discharge of process water from open loop scrubbers for vessels visiting…
Petrobras Fires Employee Accused of Corruption
Brazil's state-controlled oil company Petroleo Brasileiro said on Wednesday it had fired a Houston-based employee accused of participating in a corruption scheme involving bribes allegedly paid by trading giants including Glencore.Rodrigo Garcia Berkowitz, who worked as an oil trader, is just the latest Petrobras employee to be ensnared by graft allegations, amid Brazil's Car Wash investigation, which has uncovered a sweeking corruption scandal implicating politicians and businesses.(Reporting by Marcelo Rochabrun; Edit
Major Traders Bribed Petrobras Staff -Prosecutors
Brazil prosecutors alleged on Wednesday that trading giants Vitol, Trafigura and Glencore paid over $30 million in bribes to employees at state-owned oil company Petroleo Brasileiro SA in return for business.The alleged graft was the latest finding of the country's sweeping "Car Wash" investigation, which has uncovered the largest corruption scheme in Brazil in decades and has revealed damaging information about activities at Petrobras…
Execs of Big Oil Traders Knew of Petrobras Bribes
Brazilian investigators said on Wednesday that "top executives" of trading giants Vitol , Trafigura and Glencore had full knowledge that their employees paid millions in bribes to executives of state-controlled oil company Petroleo Brasileiro SA in return for business.Police and prosecutors said in a press conference that there are strong indications the scheme is ongoing, citing prison visits that company representatives made to Petrobras executives already convicted and serving time in Brazilian jails.
Ørsted Hires Focus Consultants on Sustainable East Coast Offshore Hub
Focus Consultants has been appointed to deliver sustainability services for a new East Coast Hub for the offshore wind giant, Ørsted, which is currently building the biggest offshore wind farms in the world.Currently in construction on the Royal Docks at Grimsby, Lincolnshire, the building will represent a state-of-the-art operations and maintenance hub to support both the construction and operation of Ørsted’s offshore wind farms…
Mitsubishi Corporation Part-divests in Moray East Offshore Wind Project
Japan's largest trading company Mitsubishi Corporation (MC) announced the divestment of shares in Diamond Green Limited, with 30% to be transferred to The Kansai Electric Power Co., Inc (KEPCO) and 20% to Mitsubishi UFJ Lease & Finance Company Limited (MUL).Diamond Green is an intermediate holding company wholly owned by Diamond Generating Europe, which itself is a wholly owned subsidiary of MC based in the UK. DGE has been MC’s executing arm for the Moray East Offshore Windfarm Project located in the North Sea…
Shell Sells Upstream Interests in Ireland for $1.3bln
Shell Overseas Holdings, an affiliate of Royal Dutch Shell plc, has completed the sale of its shares in Shell E&P Ireland Limited (SEPIL), which holds a 45% interest in the Corrib gas venture, for up to $1.30 billion, to Nephin Energy Holdings Limited (NEHL), a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB).A press release said that completion follows receipt of all necessary partner and regulatory…
Energy Transfer Defends Mariner East 2 NGL Pipe Plan in Pennsylvania
Energy Transfer LP representatives are heading to Pennsylvania's capital on Thursday for a hearing before utility regulators to defend the company's plan to put the Sunoco Mariner East 2 natural gas liquids pipe into service by year end.Energy Transfer wants to temporarily connect an existing 1930s-era 12-inch (30.5 centimeter) pipe to the parts of its long-delayed 20-inch Mariner East 2 pipeline that it has already completed…
Precision Drilling Demands Breaks Away Fee for Trinidad Drilling
The largest driller in Canada Precision Drilling Corp said it is entitled to a $20-million break fee after Ensign Energy Services Inc. announced that it will take control of Trinidad Drilling Ltd. by acquiring a majority of Trinidad’s shares.Ensign Energy Services, an oilfield services provider based in Calgary, has taken up 56.38 percent of Trinidad Drilling Limited’s shares in a hostile offer.Following Ensign’s announcement on unsolicited offer to purchase and takeover bid circular…
Ørsted Completes Divestment in Hornsea 1 Offshore Wind Farm
Danish offshore wind farm developer Orsted A/S has completed the divestment of 50% of the Hornsea 1 Offshore Wind Farm to Global Infrastructure Partners (GIP).Three months ago, Ørsted signed an agreement to sell 50% of the 1,218MW offshore wind farm Hornsea 1 to Global Infrastructure Partners (GIP). Hornsea 1 is under construction and will be the world’s largest offshore wind farm when commissioned in 2020.As part of the agreement, Ørsted will construct the wind farm under a full-scope EPC contract.
Shell Australia Agrees to Sell Stake in Natural Gas Fields to Timor-Leste
Royal Dutch Shell's Shell Australia said Wednesday it entered into a sales agreement with Timor-Leste to sell the government a 26.56% interest in the Greater Sunrise fields for $300 million.The Greater Sunrise fields, comprised of the Sunrise and Troubadour gas and condensate fields, are located about 150 kilometers (93 miles) southeast of Timor-Leste and 450 kilometers (279 miles) northwest of Darwin in the Northern Territory…
China Names CNPC Exec Top Energy Official
China's government has appointed a senior oil industry executive as the country's top energy official, state-run media China Energy News reported on Wednesday.Zhang Jianhua, president of China's largest oil and gas group CNPC, has been named director of the National Energy Administration, according to China Energy News, becoming the first oil industry executive to take that role.Zhang, 54, has spent most of his career in the refining industry…
Petrobras Resubmits Agreement with CNPC
State-controlled oil company Petroleo Brasileiro SA said in a document resubmitted on Tuesday to Brazil's securities regulator it has signed an agreement with China National Petroleum Corp to study the economic viability of completing construction of the Comperj refinery in Rio de Janeiro.Petrobras originally announced the move in an October 16 statement.(Reporting by Gram Slattery; Editing by Jeffrey Benkoe)
US warns sanctions still an option against Nord Stream 2
The United States could yet impose new sanctions to try to block construction of the Russian Nord Stream 2 gas pipeline across the Baltic Sea to the European Union, the U.S. ambassador to the EU said on Tuesday.Asked if Donald Trump could take further measures to thwart a project which the president has said would leave EU countries even more beholden to Moscow for their energy, Gordon Sondland said: "We have not deployed…
Saudi Aramco CEO says IPO will 'certainly' happen
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.(Reporting by Rania El Gamal; writing by Maher Chmaytelli)
Gazprom Says Nord Stream Payments Blocked by Swiss Injunction
Gazprom said a Swiss court has issued an injunction blocking payments from the operators of the Nord Stream gas pipeline as part of a legal dispute between the Russian gas producer and Ukraine's Naftogaz.All payments from Nord Stream AG and Nord Stream 2 AG are to be directed to the Swiss bailiffs, Gazprom said in a program for a eurobond issue dated November 9.Gazprom intends to challenge the injunction in court, TASS news agency quoted Viktor Zubkov, the head of Gazprom's board of directors, as saying.Zubkov was quote
Total Wins 40% Stake in Unconventional Gas Concession
Abu Dhabi National Oil Company (Adnoc) has awarded a 40 per cent stake in the Ruwais Diyab gas concession to French energy major Total.Adnoc group, for which the award is an important milestone to reach the target of 1 Bcfd of unconventional gas production before 2030, said in a press release that it will retain a 60% stake in the concession.Under the terms of the agreement, Total will explore, appraise and develop the…
US Judge Halts Keystone XL Oil Pipeline
A U.S. judge in Montana has halted construction of the Keystone XL pipeline designed to carry heavy crude oil from Canada to the United States, drawing a sharp rebuke on Friday from President Donald Trump.The ruling of a U.S. Court in Montana late on Thursday dealt a major setback to TransCanada Corp, whose stock dropped 2 percent in Toronto. Shares of companies that would ship oil on the pipeline also fell.TransCanada said in a statement it remains committed to building the $8 billion…
Tailwind Completes EOG UK Acquisition
London-based Tailwind Energy has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business, subject to regulatory approvals. As part of the inherited EOG UK portfolio, Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non…
Brazil Regulator Approves Diesel Subsidy Payment to Petrobras
Brazilian oil regulator ANP said on Thursday it has approved a diesel subsidy payment to state-run oil company Petroleo Brasileiro SA of 1.04 billion reais ($277 million).ANP also said in a statement that it had denied diesel subsidy payments to Petrobras' fuel distribution unit, Petrobras Distribuidora SA.($1 = 3.76 reais)(Reporting by Gram Slattery Editing by Leslie Adler)
Decommissioning Gets into Deep Water in GoM
LOC Group’s Houston office provides perspective on decommissioning developments in the Gulf of Mexico.The Gulf of Mexico basin covers approximately 1.6 million km2 and is one of the most important petroleum production regions in the world. A significant portion of the area is shallow continental shelf waters. These areas were developed first by oil companies, with deeper water development only being undertaken once the ‘easier’ sites had been exploited.
Sempra Energy Signs New Mexican LNG Terminal
Sempra Energy, the US group that aims to build a liquefied natural gas (LNG) export facility near Ensenada, Mexico, to serve customers in Asia moved closer to becoming reality as the natural gas utilities holding company announced agreements with three international firms.The San Diego-based company announced in a press release that that its subsidiaries Infraestructura Energetica Nova (IEnova) and Sempra LNG & Midstream have signed three Heads of Agreements (HOAs) with affiliates of Total, Mitsui & Co.
Gabon Launches Offshore Exploration Round
Gabon plans to scrap a 35 percent corporate tax on energy companies as part of a revised hydrocarbons law and has launched a new offshore oil and gas exploration licensing round for 34 blocks, Oil Minister Pascal Ambouroue said on Wednesday.In March, Gabon, a member of the Organization of the Petroleum Exporting Countries, said it planned to revise its hydrocarbons code, under which the state holds a minimum 20 percent stake in oil projects…
Nigeria senate to probe state oil firm over Nigeria LNG funds
Nigeria's Senate voted on Tuesday to probe the state oil firm's alleged withdrawal of $1.05 billion from gas company Nigeria LNG.The Premium Times newspaper reported on Monday that the Nigerian National Petroleum Corporation (NNPC) had used proceeds from Nigeria LNG - a venture between the state oil firm, Royal Dutch Shell, Total and ENI - to fund purchases of, and subsidies for, fuel during a shortage in early 2018.NNPC was not available for immediate comment.(Reporting by Camillus Eboh; writing by Paul Carsten; editin
US Grants Temporary Iran Oil Waivers to Eight Countries
The United States has granted exemptions to eight countries allowing them to temporarily continue buying Iranian oil, Secretary of State Mike Pompeo said on Monday, as Washington reimposed sanctions on Iran's banking, energy and shipping industries.Some of the eight countries - China, India, Greece, Italy, Taiwan, Japan, Turkey and South Korea - include OPEC member Iran's top customers.Pompeo said more than 20 countries have already cut their oil imports from Iran, reducing purchases by more than 1 million barrels per d
EDF Sells Stake Dunkirk LNG Terminal
European electric utility company Électricité de France (EDF) group has sold its stake in the Dunkirk liquefied natural gas (LNG) terminal, after obtained the requisite regulatory approvals.According to a press release from the integrated energy company the modalities set out in the press release published on 29 June remain unchanged, the transaction having been made on the basis of an average enterprise value of EUR2.4…
Pieridae Energy to Construct Goldboro LNG
Pieridae Energy has welcome the decision of the Nova Scotia Utility and Review Board to issue the permit to construct the Goldboro LNG Facility.Pieridae will now proceed diligently to satisfy each of the associated conditions of that permit and to commence the construction of the Goldboro LNG Facility as soon as a positive financial investment decision is taken by Pieridae.In anticipation of the commencement of construction, Pieridae has engaged Hatch Ltd. to act as its engineering adviser.
PDVSA Ex-exec Admits Taking Bribes
A former finance executive of Venezuelan state oil company PDVSA accepted $17 million in bribes as part of a broad embezzlement scheme, U.S. federal prosecutors said on Wednesday, in a case that implicates a French oil firm and a Russian bank.The former executive, Abraham Ortega, admitted to taking the bribes as part of a guilty plea to one count of attempting to launder $12 million of the illegal payments, the U.S. Attorneys'…
Petrobras, Engie Unlikely to End TAG Talks Before Feb -Engie CEO
Talks between Brazil's Petroleo Brasileiro SA and France's Engie over the latter's acquisition of pipeline company TAG are not expected to end before February or March of next year, the chief executive of Engie's Brazilian unit said in a conference call with analysts.Eduardo Sattamini said even if Petrobras, as the oil company is known, were successful in overturning an injunction blocking the sale and resumed talks with Engie immediately, a deal could not be reached this year.
BP Completes $10.5-billion BHP Billiton Acquisition
London-based BP Plc BP has completed the $10.5-billion acquisition of BHP’s U.S. unconventional assets in a landmark deal that will significantly upgrade BP’s U.S. onshore oil and gas portfolio, in a move that upgrades and repositions its American onshore business.The portfolio includes assets in the highly-prized Permian-Delaware basin in Texas, along with two premium positions in the Eagle Ford and Haynesville basins in Texas and Louisiana (see map…
Skangas Inks LNG Bunker Deal with Gothia Tanker Alliance
Skangas entered into an agreement with parts of the Gothia Tanker Alliance to supply liquefied natural gas (LNG) as fuel.The new agreement comprises current as well as new vessels with LNG propulsion soon to come, said a press release from the supplier of liquefied natural gas (LNG) in the Nordic markets.The main Swedish shipping companies that will get the advantage of the supply agreement with Skangas are Furetank Rederi AB, Erik Thun AB and Rederi AB Älvtank.
EnBW Launched Green Bond
German utility EnBW Energie Baden-Württemberg AG has launched its first green bond on the capital market, with an issue size of €500m ($570.8m), which was oversubscribed within hours, the energy company said in a press release.The bond issue, with a 15-year term to maturity, was oversubscribed within hours. The coupon is 1.875 percent.In contrast to conventional corporate bonds, the proceeds from a green bond must be used exclusively to fund climate-friendly projects.
Goldsboro LNG Project Eligible for $1.5bln German Loan
Pieridae Energy announced that its proposed financing of upstream activities within the Goldboro LNG project has received a written confirmation of eligibility in principle for up to US $1.5 billion of untied loan guarantee by the German federal government under its UFK program (Bundesgarantien für ungebundene Finanzkredite).According to the press release, this confirmation not only satisfies a critical condition leading…
Denbury to Acquire Penn Virginia for USD 1.7 bln
Texas-based Denbury Resources will acquire Houston-based upstream energy company focused on the Eagle Ford Shale Penn Virginia in a deal valued at $1.7 billion, including the assumption of debt.According to a press release, the deal is expected to close in the first quarter of 2019. Denbury stockholders will own about 71 percent of the combined company, and Penn Virginia shareholders will own the other 29 percent.For each share of PVAC…
Teekay Offshore Reaches Settlement with Petrobras
Teekay Offshore Partners L.P. announced Monday that certain of its subsidiaries have entered into a settlement agreement with Petróleo Brasileiro S.A. and Petroleo Netherlands B.V. – PNBV S.A. with respect to various disputes relating to the previously-terminated charter contracts of the HiLoad DP unit and Arendal Spirit unit for maintenance and safety (UMS).As part of the settlement agreement, Petrobras has agreed to pay a total amount of $96 million to Teekay Offshore…
Galp, ENI Give Up On Drilling for Oil Near Portuguese Coast
Portugal's Galp Energia and its Italian partner ENI have abandoned plans to drill Portugal's first deep-water offshore exploration well due to legal problems after injunctions and protests by environmental activists.The project was being prepared by the consortium off the Alentejo region's Vicentine coast, known for its beaches and large natural park."As for Portugal, we've decided to abandon the exploration," Galp CEO…
Jacobs Sells ECR Division to WorleyParsons
Australia's WorleyParsons has entered into a binding agreement to acquire US contractor Jacobs Engineering's Energy, Chemicals & Resources (ECR) division, a leading global technical services provider across Hydrocarbons, Chemicals and Mining & Minerals.ECR has a global footprint with long-term, blue-chip relationships in key strategic markets, most notably the US, Canada, the Middle East and India. The business has more than 30…
U.S. DOI Okays Hilcorp AK Offshore Oil & Gas Project
Carlyle Group Acquires EnerMech from Lime Rock Partners
Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP)…
MEG Energy Rejects Husky's Bid
MEG Energy announced its Board of Directors has unanimously determined that Husky Energy's unsolicited bid to acquire MEG significantly undervalues the common shares of MEG and is NOT in the best interests of MEG or the holders of Common Shares.On October 2, 2018, Husky made a formal offer to acquire all of the issued and outstanding Common Shares, at the election of the MEG Shareholder, for (i) $11.00 in cash or (ii) 0.485 of a common share of Husky for each Common Share…
Bpifrance, TechnipFMC File Complaint Against Naval Group
French state-owned bank Bpifrance and oil services company TechnipFMC have filed a complaint against Naval Group for willful misrepresentation, a source close to the matter told Reuters, confirming a story in Challenges magazine.The complaint was filed in a Paris tribunal after Naval Group decided to wind down its tidal energy division, in which both Bpifrance and Technip had also invested, Challenges magazine wrote.Naval Group declined to comment.(Reporting by Matthieu Protard and Cyril Altmeyer; Writing by Ingrid Mela
Several US States Likely Withheld from Offshore Drilling Plan
Interior Secretary Ryan Zinke has hinted to at least six coastal states that he will keep their waters out of a looming plan to expand U.S. offshore drilling, telling some they lack enough oil to be included anyway, according to state officials and transcripts from public hearings.Zinke's comments are the clearest indication to date that the Trump administration’s initial proposal to open nearly all U.S. waters to drilling, announced in January, will be significantly pared back by the time it is finalized.
Algeria Hopes to Have Energy Law Ready by 2019 - Sonatrach CEO
Algeria wants to have a new energy law ready by the first half of 2019 and might use Mexico's legislation as inspiration, the CEO of state energy firm Sonatrach said on Tuesday.The North African OPEC member has been preparing changes to its hydrocarbon law in a bid to attract foreign investors that have stayed away in recent years, citing bureaucracy and tough terms."A good model of an energy law is Mexico's as it allowed them to attract $300 billion in investment ...
Shell Sees Nigeria Corruption Trial Lasting Many Months
Royal Dutch Shell expects a landmark corruption trial over a Nigerian oil deal to last many months, warning staff of continued critical media coverage in the $1.3 billion case, according to an internal memo seen by Reuters.Shell's Legal Director Donny Ching encouraged employees to study an internal web page that the Anglo-Dutch company set up for the case before responding to questions from relatives and friends.Shell and Italian peer Eni are defendants in a Milan bribery trial…
Mexico Plans to Enforce Odebrecht Fines via Seizure
Mexico plans to enforce fines imposed on Odebrecht over corruption allegations by confiscating some $30 million owed by state oil company Pemex to the Brazilian firm, a top official at the public administration ministry said.Christian Ramirez, coordinator-general of the public administration ministry (SFP), told Reuters on Tuesday that he expected Mexico's tax authority to seize the $30 million "in the coming months."Brazilian…
EU Readies 'Polluter Pays' for Ship Waste
The Transport Committee of the European Parliament adopted the Meissner report on the Port Reception Facilities and gave a mandate to the Rapporteur to start negotiations with the Council to finalise the text of the new law.The European Sea Ports Organisation (ESPO) welcomes in particular the proposal to strengthen the ‘polluter pays’ principle by discouraging the delivery of unreasonable quantities of garbage, including dangerous waste…
US Grants BP, Serica Licence to Run Iran-owned North Sea Field
BP and Serica Energy received a conditional licence from U.S. authorities to continue operating a North Sea gas field partly owned by Iran's national oil company, Serica said in a statement.The U.S. Office of Foreign Assets Control extended a licence for U.S.
Bill Allowing US to Sue OPEC Drawing Renewed Interest
With oil prices hitting fresh four-year highs, long-dormant proposals to allow the United States to sue OPEC nations are getting a fresh look in Congress, though they were once considered a longshot to becoming law.A U.S. Senate subcommittee on Wednesday will hear testimony on the so-called No Oil Producing and Exporting Cartels Act, or NOPEC, which would revoke the sovereign immunity that has long shielded OPEC members from U.S. legal action.The bill would change U.S.
Sakhalin-1 Consortium to Pay $230 mln to Rosneft
Russia's Sakhalin-1 consortium, led by ExxonMobil, has agreeed to pay $230 million to Russian energy giant Rosneft as part of an out-of-court settlement, the managing director of consortium partner ONGC Videsh told Reuters on Friday.The deal was related to a dispute over how oil should be shared between the Sakhalin-1 concession and an adjacent Rosneft field."Rosneft was demanding that it should be paid $1.4 billion ...
HFW, BIMCO to Draft First 2020 Bunker Clause
The law firm HFW has helped shipping association BIMCO draft its first clause relating to the International Maritime Organization's 2020 sulphur emission rules.The Global, sector-focused law firm said that the new clause, focused on compliance, has been fast-tracked and may be published as soon as the end of October.BIMCO will produce several clauses dealing with specific issues relating to IMO 2020, which sets a new…
Petrobras to Pay $853 Mln US Fine in Car Wash Probe
Petróleo Brasileiro SA will pay an $853.2 million fine to settle U.S. criminal charges the Brazilian state-run oil company bribed politicians and then sought to conceal the payments, the Justice Department said on Thursday.The settlement with U.S. prosecutors is an important milestone for Petrobras, as the company is known, as it tries to put behind it numerous corruption allegations stemming from the landmark "Car Wash"…
Total Buys out Chevron Denmark
French oil and gas major Total has agreed to take all of Chevron’s share capital in the Danish Underground Consortium (DUC), which will increase its stake in the project and expand its North Sea presence."Total has agreed to purchase from Chevron all the share capital of Chevron Denmark Inc. which holds a 12% interest in the Danish Underground Consortium (DUC), a 12% interest in Licence 8/06, and a 7.5% interest in the Tyra West pipeline.
Tax Sops for Shore-Side Electricity Supply for Ships in EU
The Transport committee of the European Parliament supported yesterday the removal of tax barriers for the uptake of shore-side electricity supply (OPS) in ports for ships at berth.The Ertug report on the deployment of infrastructure for alternative fuels in the EU which was voted by the Transport committee, pointed out that taxation has a major impact on the price competitiveness of alternative fuels and underlined that…
GSF Condemns Maersk's Sulphur Surcharge
The Global Shippers Forum has reacted with suspicion to the announcement by the Maersk container shipping line of new fuel surcharge arrangements from 1 January 2019 to recover presumed costs from the introduction of low-sulphur marine fuel from 1 January 2020.Based on the information released by Maersk, the new charges, which are additional to agreed contract rates, are based on two factors - an average cost of fuel…
MSC to Introduce Global Fuel Surcharge
Improving the environmental performance of the container shipping supply chain is a common goal shared by shipping lines, shippers, freight forwarders and non-vessel operating common carriers, as well as governments, regulators, and the public around the world.The UN International Maritime Organization (IMO) requires that from 1 January 2020, Sulphur content in the fuel used for international shipping must be limited globally to 0.5%…
Lukoil Gets Approval for LPG Supplies to Ukraine
Russia's No.2 oil producer Lukoil has obtained approval from a Russian export control regulator on supplies of liquefied petroleum gas (LPG) such as propane and butane to Ukraine, traders said on Friday.LPG and diesel were listed as goods of dual purposes, meaning they can be used both for civil and military aims, amid Moscow's tensions with Ukraine.Only Kremlin-controlled Rosneft has the rights to export LPG to Ukraine, to the tune of around 40,000 tonnes per month.
Samsung Heavy in Talks to Resolve Nigeria Industry Zone Dispute
The Nigerian arm of Samsung Heavy Industries is in talks to resolve a court action launched by an industrial zone in the west African country where the company has been building a floating oil platform for Total, Samsung Heavy said on Friday."We are in discussions to iron out any misunderstanding or issues raised between the parties," a Samsung spokesperson said in a statement sent to Reuters on Friday."We are yet to…
Swedish Court Revokes Suspension of Gazprom vs Naftogaz Ruling
A Swedish appeals court said on Thursday it had revoked a previous suspension of an arbitration ruling that blocked attempts by Ukraine's Naftogaz to seize Gazprom's foreign assets in a long-running dispute over gas contracts.Reporting by Olof Swahnberg
Environmentalists File Second Complaint to Block Nord Stream 2
Environmental campaign group ClientEarth has filed a complaint with a court in Sweden to block the construction through Swedish waters of the Nord Stream 2 gas pipeline intended to transport Russian gas to Germany, it said on Wednesday.Sweden approved the pipeline in June, but ClientEarth's complaint argues that the Swedish Ministry of Enterprise and Innovation failed to consider the impact the project would have on wildlife…
Novatek Signs Pact for Kamchatka LNG Transshipment Complex
Russia’s natural gas producer Novatek has signed an agreement of intent on implementing a project for the construction of a marine liquefied natural gas (LNG) transshipment complex in the territory of Kamchatka.PAO Novatek, the Ministry of the Russian Federation for the Development of the Far East and the Government of the Kamchatka Territory signed an agreement of intent on implementing a project for the construction…
Qatargas, PetroChina Sign 22-Years LNG Supply Deal
Qatargas, the world’s largest LNG producer, has announced a long-term Sale and Purchase Agreement (SPA) with PetroChina International Company Limited, a unit of PetroChina Company Limited (PetroChina), to supply China with around 3.4 million tonnes of liquefied natural gas (LNG) per annum.Under the 22-year SPA, which ends in 2040, Qatargas will supply LNG from the Qatargas 2 project, a joint venture between Qatar Petroleum…
Gunmen Attack Headquarters of Libya's State Oil Firm
Several armed men attacked the headquarters of Libya's National Oil Corporation (NOC) in the capital Tripoli on Monday, killing at least two oil staff, a security official said.In the first attack of its kind against the top managers of Libya's state oil industry, two of the gunmen were also killed and at least 10 NOC staff wounded, officials said.Security forces said they had regained control of the landmark glass-fronted…
International Tribunal Rules in Favor of Chevron in Ecuador Case
Chevron Corp said on Friday an international tribunal ruled in its favor and that Ecuador had violated its obligations under international treaties.The tribunal unanimously held that a $9.5 billion pollution judgment by Ecuador's Supreme Court against Chevron "was procured through fraud, bribery and corruption and was based on claims that had been already settled and released by the Republic of Ecuador years earlier."The tribunal was administered by the Permanent Court of Arbitration in The Hague.Reporting by Karan Naga
SBM Offshore to Pay Additional Fines to Petrobras
SBM Offshore has reached a settlement to pay additional leniency fines of 200 million reais ($48.27 million) to Brazil's state oil company Petroleo Brasileiro SA, Brazilian prosecutors said on Wednesday.As a result of a long-running corruption investigation, the Dutch marine engineering group SBM has agreed to pay a total of 1.4 billion reais in fines and compensations for its role in the scandal.
Suncor Holding Off On Crude Expansion Amid Canada Pipeline Confusion
Suncor Energy Inc , one of Canada's biggest oil producers, will not sanction further expansions of crude production until it becomes clearer when new pipelines will be ready, Chief Executive Steve Williams said on Wednesday.A court overturned last week the Canadian government's approval of the Trans Mountain pipeline expansion, adding to "troubling" pipeline delays, Williams said at a Barclay's investor conference in New York.Reporting by Rod Nickel in Winnipeg
U.S. Shale Producer Magnolia Looks to Triple Market Footprint
U.S. oil producer Magnolia Oil & Gas Corp aims to at least triple in market valuation in coming years as it develops shale acreage across eastern and southern Texas, Chief Executive Steve Chazen said on Wednesday.Magnolia's shares have rallied about 33 percent this year alongside a rise in crude prices and as the company has focused on shareholder returns amidst rising pressure from Wall Street on the sector.The company…
Brazil Okays Shell, Total, BP, Others for Pre-Salt Bids
Brazil's oil industry regulator ANP said on Wednesday it has approved six energy companies to bid for four pre-salt blocks in the Campos and Santos Basins to be auctioned on Sept. 28.The companies approved to bid are Shell, Total, BP, Germany's DEA, QPI from Qatar and Chinese-owned CNODC Brasil Petróleo e Gás Ltda.
Colorado Vote on Drilling Rules Coming in November
A Colorado ballot initiative that would mandate increased distance between new oil wells and populated areas will face the state's voters in November, state officials said on Wednesday.The proposal, opposed as anti-fracking by oil and gas producers, would require new projects to be at least 2,500 feet (762 m) from buildings, parks, streams and certain wildlife areas. The state currently requires as little as 500 feet (152 m) of separation.Reporting by Liz Hampton
Oil Hits Multi-Week Highs on U.S. Inventories, Falling Iran Exports
Oil prices rose more than 1 percent on Wednesday, with Brent at its highest in seven weeks and U.S. crude touching a three-week peak, supported by a drawdown in U.S. crude and gasoline stocks and reduced Iranian crude shipments as U.S. sanctions deter buyers.Brent crude jumped $1.19, or 1.6 percent, to settle at $77.14, after touching $77.41, its highest since July 11.U.S. oil settled 98 cents, or 1.4 percent higher at $69.51 a barrel, after touching $69.75, its highest since Aug. 7.U.S.
OPEC could Compensate for Sanction-Related Iranian Supply Drop
OPEC will discuss in December whether producers can compensate for a sudden drop in Iranian oil supply after U.S sanctions against Tehran start in November, the head of Iraq's state-oil marketer SOMO, Alaa al-Yasiri, told Reuters on Wednesday.Yasiri said a sudden drop in Iran oil exports will have a negative impact on prices and market fundamentals.Iraq has resumed crude shipments to Iran from its Kirkuk oil fields following a few days stoppage due to logistical issues, he said, adding that so far Iraq had only shipped
Petrobras to Appeal Dutch Ruling Favorable to Vantage Drilling
Brazil's state-run oil company Petroleo Brasileiro SA said on Wednesday it will appeal an unfavorable Dutch court ruling related to the suspension of a drilling contract with U.S.-based Vantage Drilling Co.Petrobras said it was informed that a Dutch court had granted a request by the U.S.
Oil Higher on Lower Iran Exports, Rising U.S. Supply
Oil prices rose on Wednesday, supported by news of a fall in Iranian crude supplies as U.S. sanctions deter buyers, but gains were limited by evidence of a rise in U.S. inventories.Benchmark Brent crude oil was up 45 cents at $76.40 a barrel by 1225 GMT. U.S. light crude was 50 cents higher at $69.03 a barrel.Iran's crude oil and condensate exports in August are set to drop below 70 million barrels for the first time since April 2017, well ahead of the Nov. 4 start date for a second round of U.S.
US Energy Companies Fume over Rejected Steel Tariff Exemptions
The U.S. Commerce Department recently granted a tariff exemption to oil major Chevron for its imports of 4.5-inch Japanese steel tubes for oil exploration.But the department rejected a similar request from Borusan Mannesmann Pipe to exclude 4.5-inch steel pipes imported from Turkey for casing used to line new oil wells.The reason: multiple U.S. steelmakers objected to Borusan's application, arguing they could supply the product, according to the department. Chevron drew no such objections.When U.S.
Former Banker Pleads Guilty to Role in Laundering Embezzled PDVSA Funds
A former executive with Swiss bank Julius Baer pleaded guilty on Wednesday for his role in a billion-dollar scheme to launder money embezzled from the Venezuelan state-owned oil company PDVSA, the U.S. Justice Department said.Matthias Krull, 44, a German national who is a former Julius Baer Panama vice chairman, pleaded guilty to one count of conspiracy to commit money laundering, the department said in a statement.Reporting by Eric Beech in Washington
Pemex Unit Fined $22 Mln by Competition Authority
Mexico's competition authority said on Tuesday that it has fined a unit of state-owned oil company Pemex for presenting an annual compliance report on antimonopoly measures in the recently opened fuel market a year after it was due.The Federal Commission for Economic Competition, or COFECE, fined Pemex's Industrial Transformation unit, responsible for a range of refining and logistical activities, 418.31 million pesos ($22.1 million) for the late report.COFECE said the report…
PDVSA to Resume Use of Caribbean Oil Terminal
Venezuela's PDVSA and NuStar Energy LP have reached an agreement over outstanding storage fees, allowing the state-run company to resume use of a key storage terminal in the Caribbean, the U.S. energy firm said on Monday.NuStar had suspended PDVSA several times since 2017 from using its St. Eustatius facility over millions of dollars in missed payments.The terminal played a role in a legal dispute between PDVSA and ConocoPhillips…
ConocoPhillips Signs $2 Bln Settlement with PDVSA
U.S. oil producer ConocoPhillips said on Monday it has settled with Venezuela's state-run oil company, PDVSA, to recover about $2 billion in arbitration payment.The International Chamber of Commerce awarded ConocoPhillips that amount in April after PDVSA failed to uphold various contractual commitments.ConocoPhillips began seizing PDVSA's overseas assets in May.(Reporting by Nivedita Bhattacharjee; Editing by Anil D'Silva)