Wednesday, May 22, 2024

State Oil News

Bangladesh Puts to use China-built Crude Oil Offloading Facility

Copyright andriano_cz/AdobeStock

Bangladesh started in recent days a large crude oil receiving and offloading facility built by China that allows the south Asian oil importer to significantly reduce the cost of shipping in crude oil.The single-point mooring facility at Chattogram port last Sunday offloaded 82,000 tons (about 600,000 barrels) of crude oil from a 100,000-ton tanker, said an official with state-run Bangladesh Petroleum Corp (BPC).The project is majority-funded by t

PetroVietnam Beats Q1 Crude Output Target

Long Tau River, Vietnam - March 12, 2019: Phuoc Khanh area. Blue river tank vessel sails in front of concrete factory and PetroVietnam power
generation plant chimneys in back. 

Copyright Klodien/AdobeStock

Vietnam's state oil firm PetroVietnam said on Monday its crude oil output was 2.6 million tonnes in the first quarter this year, 12.6% higher than its target.The figure, however, is lower than the company's crude oil output of 2.74 million tonnes in the same period last year. PetroVietnam, formally known as Vietnam Oil and Gas Group, reported natural gas output of 1.97 billion cubic metres in the January-March period…

Petronas Clean Energy Arm Sees India, Australia as Key in Rapid Growth Plans

© Dan / Adobe Stock

Gentari, the clean energy arm of Malaysia's state oil firm Petronas, sees India and Australia as its key markets for growth and expects to tap more financing to meet its ambitious targets, its chief executive told Reuters.Petronas launched Gentari as a separate entity in June, aiming to build renewable energy capacity of 30-40 gigawatts and produce up to 1.2…

Venezuela's PDVSA Freezes Most Oil Exports for Contract Reviews

© poonsit / Adobe Stock

The new head of Venezuela's state oil company PDVSA has suspended most oil export contracts while his team reviews them in a move to avoid payment defaults, according to an internal document seen by Reuters and people familiar with the matter.Since U.S. trading sanctions were first imposed on PDVSA in 2019, the company has increasingly resorted to little known middlemen to allocate its oil exports…

ADNOC, AG&P Agree FSU Lease for Philippines First LNG Terminal Launch in July

©ADNOC

The logistics arm of state oil firm Abu Dhabi National Oil Company (ADNOC) will supply a floating storage unit to LNG logistics company AG&P to launch the Philippines' first LNG import terminal in July, the companies said on Wednesday.Singapore-based Atlantic, Gulf & Pacific International Holdings (AG&P) signed an 11-year charter agreement, extendable by four years…

Two Gasoline Tankers Divert from Nigeria

Copyright KALADA/AdobeStock

Two tankers carrying gasoline loaded in Antwerp, Belgium, have turned back to their load-port after initially being destined for Lagos in Nigeria, Refinitiv Eikon ship tracking and sources said on Friday.The two tankers, STI Symphony and Velos Diamantis, turned back in last week. The U-turns happened after Nigeria rejected other gasoline cargoes loaded in Antwerp…

Saudi Aramco Q2 Profit Soars Nearly 300% to $25.5B

The Manifa field is designed to produce Arabian Heavy crude oil, sour gas, and hydrocarbon condensate. Photo courtesy Aramco

Saudi Arabian state oil producer Aramco reported a near four-fold rise in second-quarter net profit, beating expectations and boosted by higher oil prices and a recovery in oil demand.Aramco said its results were supported by the global easing of COVID-19 restrictions, vaccination campaigns, stimulus measures and accelerating economic activity in key markets.

15 Bids in To Market Guyana Governent Crude

© Peter Hermes Furian/AdobeStock

Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded. Bids were due on Aug. 3, and…

US House Bill Seeks $8 Bln for Abandoned Oil and Gas Well Cleanup

© muratart / Adobe Stock

A U.S House of Representatives Democrat introduced a bill on Thursday authorizing $8 billion to plug and clean up abandoned oil wells nationwide, a measure aimed at creating jobs for oil and gas workers and reducing climate-warming emissions.More than a century of oil and gas drilling has left behind millions of abandoned wells, many of which are emitting methane, a potent greenhouse gas, into the atmosphere.

Saudi Aramco's Profit Plunges, Sees Signs of Recovery

(Photo: Saudi Aramco)

State oil giant Saudi Aramco's profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world's biggest oil exporter.But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.All major oil companies have…

Indonesia's Pertamina Expects up to 180,000 bpd from Rokan Block when It Takes Over from Chevron

Rotan block - Credit: Chevron

Indonesian state oil company PT Pertamina expects to produce 170,000-180,000 barrels per day (bpd) at the Rokan block when it takes over in August next year, the chief executive of Pertamina Hulu Energi, Budiman Parhusip, said on Wednesday.The government decided in 2018 that the operation of Rokan, Indonesia's second-biggest crude oil producing block, would be…

Libya's NOC to Lift Force Majeure at Es Sider Oil Port

Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing a tanker on standby to load crude from storage.The state oil company urged all Libyan parties to support it and called on what it described as "foreign mercenaries and armed groups" to leave the oil port immediately.The Delta Ocean Suezmax tanker arrived at the port on July 5 and has been waiting since then…

Angola Resisting Pressure to Taper Oil Output

Angola is resisting pressure by OPEC's de-facto leader Saudi Arabia for a steeper oil output cut to comply fully with record supply curbs, OPEC and industry sources said.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, have been cutting oil output since May by a record 9.7 million barrels per day after the coronavirus crisis destroyed a third of global demand.After July…

Indonesia Targets IPOs of Pertamina Sub-holdings

Indonesia's State-Owned Enterprise Minister Erick Thohir said on Friday he aimed to group units of state oil and gas company PT Pertamina into "sub-holdings" and launch initial public offerings within two years.Thohir is trying to revamp hundreds of Indonesian state companies to boost profitability, as well as improve transparency and public trust.In the case of Pertamina…

Petronas Braces for Severe 2020 Hit. 1Q Profit Down 68%

(File Photo: Petronas)

Malaysian state oil firm Petronas posted a 68% slump in first-quarter profit on Friday and said it would cut capital expenditure and operating expenses as it braces for a big hit to its full-year performance due to the coronavirus pandemic.Petronas pointed to "unprecedented" market conditions resulting from a combination of severe demand destruction from the pandemic and a global oil market glut."The Board expects the overall financial year perfo

Trafigura Merging China Oil Operations in New Shanghai Trading Desk

Shanghai - Image by daizuoxin / AdobeStock

Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China's Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter.Trafigura earlier this year created a head oil trader position in its Shanghai office, which has long focused on metals, said the sources.

China Issues Second Batch Fuel Export Quotas

©  Igor Groshev / Adobe Stock

China has issued 28 million tonnes of refined fuel export quotas in the second allotment for this year, little changed from the first batch of 27.99 million tonnes issued last December, according to four sources with knowledge of the matter.The quotas were released last week to five state oil companies, PetroChina, Sinopec, China National Offshore Oil Corp, Sinochem Group and China National Aviation Fuel Corp…

Pemex Trading Arm Mulls Canceling May-June Cargos

© Vladimir / Adobe Stock

The trading arm of Mexican state oil company Pemex is mulling options to slash the number of fuel cargoes the country imports in May and June as demand plummets because of the coronavirus, three sources close to the talks told Reuters.Pemex last week declared force majeure over fuel supplies from its trading arm PMI Comercio Internacional after a bottleneck of more than 60 vessels built up outside Mexican ports…

Angola Says Producer Cuts Insufficient, More Action Needed

(File photo: Total)

Angola sees an oil production curb by OPEC, its allies and other top producers as insufficient to balance global markets, state news agency ANGOP quoted resources and petroleum minister Diamantino Azevedo as saying on Friday."It is up to everyone to understand that, despite the measures taken by OPEC, oil producers in various countries should be aware that they may be called to take more drastic measures," Azevedo said."Because of the lack of sto

Ex-BP Boss Browne Warns Oil Will Stay Low

John Browne  - Image Wikimedia / Commons under CC BY 3.0 license

The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.U.S. crude prices dropped below $0 for the first time ever on Monday, with May futures for U.S. crude plummeting to -$37.63 a barrel, though the prices returned to positive territory on Tuesday.Browne…