Oil Rallies but Oversupply, Economic Growth Weigh
Oil prices rose on Monday after a key Middle East oil minister suggested the market was rebalancing, but investor sentiment remained under pressure from oversupply and concern over the prospects for global economic growth and fuel demand.Brent crude oil was up 30 cents a barrel at $60.58 by 1430 GMT. U.S. light crude was 10 cents higher at $51.30."Oil prices are regaining some ground on the back of bullish rhetoric from OPEC officials…
Tendeka Launches FloFuse
Independent global completions service company Tendeka said it has launched a new technology that increases oil recovery by improving injected water conformance in fractured reservoirs or by ensuring effective placement of matrix stimulation acids.When installed across a segmented wellbore, FloFuse autonomously chokes back injection into thief zones or large fractures that dominate the outflow profile and ensures effective injection into the rock matrix or fracture structure.
ADES International Renews Offshore Rig Contract
The oil and gas drilling and production services company ADES International said that it has renewed an existing contract for the offshore rig known as Admarine 657, which is currently operating in Saudi Arabia.The renewal for Admarine 657 would come into effect after the expiry of its existing contract during first quarter of 2019, said the Middle East and North Africa (MENA)-focused drilling services provider.The renewal tenor was for seven years…
Trafigura Boosts LNG Volumes by 22%
Geneva based commodity trading company Trafigura increased its liquefied natural gas (LNG) traded volumes by 22% to 9.9 million mt in its financial year ending September 30 2018, driven by sales to China and South Korea, with the Asian share of our LNG business jumping to 30 percent.According to the annual report from the multinational commodity trading company, which is legally registered in Singapore, the big story in the LNG market in 2018 was a surge in demand in Asia.
Tractebel Acquires Deutsche Offshore Consult
Belgium-based Tractebel Engie has, through its subsidiary Lahmeyer International, acquired Deutsche Offshore Consult GmbH (DOC) to strengthen its position in the offshore wind sector.German outfit DOC has staff covering all aspects of the offshore wind development process, including engineers, geographers and logistics experts, Tractebel said.Just a few weeks ago Tractebel has successful takenover Overdick, pointed out a press…
Petronet Seeks Long-term Deal to Buy US LNG
Top Indian gas importer Petronet LNG is looking to sign a deal in a year's time to buy at least 1 million tonnes of U.S. natural gas annually for a period of up to 10 years, as it pushes to diversify its supply sources beyond the Middle East.As part of any deal, the firm could potentially take a stake in a U.S. liquefied natural gas (LNG) project, said Petronet's managing director, Prabhat Singh."The U.S. market is open compared to other markets where the state is (often) the controller of minerals…
Swissco Sells Vessels to Allianz Middle East
Singapore’s Swissco Holdings, currently under judicial management, announced that it is disposing of a substantial part of its offshore support vessels division, which is expected to help reduce the group's liabilities.UAE's Allianz Middle East Ship Management has signed a deal to buy most of the OSV fleet of Swissco, said a stock exchange annoucement from the restructuring vessel-owner."The Vessels are being sold on an “as-iswhere-is” basis. Only 3 of the 25 Vessels proposed to be disposed of are on charter.
Oil Surges 5 pct as OPEC Agrees Output Cut
Oil prices jumped more than 5 percent on Friday as big Middle East producers in OPEC agreed to reduce output to drain global fuel inventories and support the market.Benchmark Brent crude oil rose $3.26 a barrel to a high of $63.32 by 1355 GMT. In early trade, Brent had fallen below $60 when it looked as if oil exporters might not agree.U.S. light crude rose $2.62 to a high of $54.11 a barrel before slipping to around $53.90.Prices…
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other…
Eni in Talks to Grow Presence in the Gulf
Italian major Eni is in talks to grow its footprint in Oman and the United Arab Emirates as part of plans to build its asset base in the oil-rich Gulf and offset its reliance on Africa, a source close to the matter said.The international oil company has a limited presence in the Middle East, where some of the world's biggest oil and gas reserves lie, producing more than half its output in Africa."Eni is in talks with Oman for various opportunities…
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20, or 2.0 percent, to a low of $58.31 a barrel on Friday, before recovering to around $58.50 by 1425 GMT. U.S.
DNO Makes Hostile Bid for Faroe Petroleum
Norway's DNO has launched a hostile bid to buy all of Faroe Petroleum in a deal valuing the London-listed company at around 608 million pounds ($781 million), sending Faroe shares up by a quarter.DNO, which already owns 28 percent of Aberdeen-based Faroe, returned to the North Sea last year after years of expansion in the Middle East focusing on Iraqi Kurdistan, with the aim of growing via acquisitions and other investments.Shares in Faroe shot up 26 percent to 158.4 pence by 1415 GMT, above the 152p cash offer price.
Norway's Equinor strikes LPG Deal with Malaysia
Norwegian oil and gas firm Equinor has entered into a long-term agreement with Malaysia's Global Petro Storage for a terminal and storage for liquified petroleum gas (LPG) volumes in Port Klang, in South-East Asia.According to statement from the petroleum and wind energy company, GPS will build a new facility to execute this agreement with startup of operations planned for mid-2021. Equinor will bring LPG to the terminal and sell into the domestic market in Malaysia as well as selling volumes to markets like Bangladesh…
SafeSTS Debuts in the Middle East
SafeSTS, which is owned by Future Marine Services, has made a strong start in the Middle East region, undertaking five UAE ship-to-ship transfers for two oil majors in its first six weeks of operation.The charterers to conduct ship-to-ship transfers said that the first two transfers took place at the company’s Khor Fakkan “C” Anchorage, whilst the next three were at its Fujairah “S” Anchorage; both anchorages are in the Gulf of Oman and a total of nearly 2…
Most of Nord Stream 2 Project to be Paid for by 2019 - OMV CEO
The Nord Stream 2 gas pipeline project connecting Russia to Germany will be 70 percent paid for by next year, the chief executive of Austrian oil and gas company OMV said on Friday.The project partners will likely make another cash transfer by the end of 2018, OMV CEO Rainer Seele told Reuters in an interview."We will move into 2019 with more or less 70 percent of the project financed already," Seele said, adding that OMV has so far invested 531 million euros in the project.Nord Stream 2 AG, which will double the existing Nord St
Teekay Expects Recovery in Tankers Market
Crude tanker rates have continued to strengthen during the early part of the fourth quarter of 2018, particularly in the Atlantic Basin with Aframax tanker rates in this region attaining levels not seen since December 2016 and Suezmax tanker rates averaging the highest since March 2017, says Teekay Tankers.The conventional tanker fleet operator said that crude tanker spot rates firmed counter-seasonally during the third quarter of 2018…
MENA Region to Lead Global Oil and Gas for Decades to Come: DNV GL
The world will need less energy from the 2030s onwards, but it will still require a significant amount of oil and gas in the lead-up to mid-century according to DNV GL’s 2018 Energy Transition Outlook, an independent forecast of the world energy mix in the lead-up to 2050.The report says, the Middle East and North Africa (MENA) region will remain the main global supplier of oil and gas for decades to come."Among its forecasts for 10 global regions…
ADNOC LNG Wins Extension of Gas Supply Contract to 2040
The Abu Dhabi National Oil Company (ADNOC), has agreed, in principle, to extend to 2040 its gas supply agreement with ADNOC LNG, in coordination with ADNOC LNG’s joint venture partners, Mitsui, BP and Total.The the state-owned oil company of the United Arab Emirates said that the new gas supply agreement is scheduled to take effect from April 1, 2019, replacing an existing agreement, due to expire on March 31, 2019.The extension…
Penspen Bags ADNOC Contract
Penspen, a provider of engineering and project management services to the energy industry, said it has been awarded a contract by Abu Dhabi National Oil Company (ADNOC) Onshore, with a value exceeding $70 million.The project is for the provision of project management consultancy (PMC) services for the company’s 15 major projects and will cover different stages of engineering, procurement and construction (EPC) activities, from…
India's African Oil Imports Hit 3-year High
India's oil imports from Africa in October rose to their highest level since August 2015, after a fall in Brent's premium to Dubai swaps made African crude more attractive, tanker arrival data from industry sources showed.India's overall imports in October rose 14.1 percent from a year earlier to 4.7 million barrels per day (bpd) with shipments from Africa more than doubling to 874,000 bpd, according to the data.Indian oil imports…
