Monday, December 10, 2018

United Arab Emirates News

Swissco Sells Vessels to Allianz Middle East

Image: Swissco Holdings

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.

Petrobras Nears Terms Over TAG Pipeline Sale

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Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale.The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn, in one of the company’s largest-ever asset sales, three sources familiar with the process said.

Qatar to Leave OPEC

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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 Arab states.Qatar said its surprise decision was not driven by politics but in an apparent swipe at Riyadh…

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," the source told Reuters…

Boskalis Inks Pact with Saudi Aramco

Image: Boskalis

Dutch offshore services provider Royal Boskalis Westminster has been selected as a contractor on Saudi Aramco's Long Term Agreement (LTA) for Offshore Facilities program.Boskalis acquired the agreement in consortium with the United Arab Emirates-based company Lamprell."The LTA is part of an ambitious offshore investment program and covers engineering, procurement, construction, transportation and installation (EPCI) contracts to support Saudi Aramco's Offshore Maintain Potential Program…

Wintershall Gains 10% Stake in Ghasha Gas Project

(Photo: ADNOC)

The United Arab Emirates has awarded Wintershall Holding a 10 percent stake in the Ghasha ultra-sour gas mega project, the Abu Dhabi National Oil Co. (ADNOC) said on Monday.The deal builds on ADNOC's new integrated gas strategy aimed at unlocking value from Abu Dhabi's gas reserves as the country moves towards gas self-sufficiency, it said in a tweet.(Reporting by Maher Chmaytelli Writing by Maha El Dahan Editing by Louise Heavens)

Oil Slumps 7 Percent

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Oil prices tumbled about 7 percent on Tuesday, with U.S. crude plunging to its lowest level in more than a year, caught in a broader Wall Street selloff that was fed by rising concerns about slowing global economic growth.U.S. West Texas Intermediate (WTI) crude futures were down $3.90, or 6.8 percent, at $53.30 per barrel by 2:01 p.m. EST (1901 GMT). The contract fell as much as 7.7 percent earlier in the session to $52.77 a barrel, the lowest since October 2017.So far in the session…

Oil Drops 4 pct as Equities Slide Sparks Demand Worries

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Oil prices fell about 4 percent on Tuesday, with U.S. crude plunging to its lowest in over a year, caught up in Wall Street's broader selloff fed by growing concerns about slowing global growth.U.S. West Texas Intermediate (WTI) crude futures were at $54.72 per barrel, down $2.48, or 4.3 percent by 11:14 a.m. EST (1614 GMT). The contract fell as much as 6.2 percent earlier in the session to $53.63 a barrel, the lowest since October 2017.So far in the session, more than 585,000 U.S.

ADNOC LNG Wins Extension of Gas Supply Contract to 2040

Image: ADNOC

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 announcement follows…

Saudi Aramco, ADNOC to Cooperate on LNG

Saudi Aramco and ADNOC MoU signing ceremony. Photo: Saudi Aramco

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 and revenue.The Saudi Arabian national petroleum and natural gas company based in Dhahran said in a press release that it has signed a framework agreement  with ADNOC to explore opportunities…

OMV Forms JV with Sapura

(Photo: Sapura Energy)

Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm, called SEB Upstream Sdn Bhd (SUP), of which OMV has agreed to refinance half, an OMV spokesman said.OMV also agreed to pay up to an extra $85 million, dependent on whether exploration in Mexico is successful and on oil prices, the OMV spokesman said, adding that there was no time

Bahrain's Oil Company Targets $1 Bln Through Dual-tranche Bond

Shaikh Mohamed bin Khalifa bin Ahmed Al Khalifa, Chairman (Photo: Nogaholding)

Bahrain's state-owned oil company Nogaholding plans to raise $1 billion through a dual-tranche U.S.

Gulf Marine Services Bags New Contract

Image:  GMS

UAE-based Gulf Marine Services (GMS), a provider of self-propelled self-elevating support vessels (SESVs) serving the offshore oil, gas and renewable energy sectors, said it secured a new contract for one of its Small Class vessels.The new charter is for 12 months (including options) and is scheduled to commence shortly. The vessel will be supporting well intervention activities for a national oil company (NOC) in the MENA region.Duncan Anderson, Chief Executive Officer of GMS…

India's Petronet LNG says Talks to Invest in Qatar Have Slowed

India's Petronet LNG Ltd said on Monday its talks to invest in Qatar's exploration and production sector had "slowed down," as the company had not been able to reach an agreement on pricing with the Middle Eastern nation."Qatar is still at a very preliminary stage. We were actually looking at getting the molecule (gas) at the well head price. They want to sell it at market price," said Prabhat Singh, managing director of Petronet LNG.Petronet LNG, India's biggest liquefied natural gas (LNG) importer…

OMV Starts Offshore Oil Production in United Arab Emirates

(Photo: OMV)

Austria's OMV started production at Abu Dhabi's SARB and Umm Lulu's offshore oil fields, expecting to produce 25,800 barrels per day by year-end, it said on Thursday.The gas and oil group took a 20 percent interest in the two oilfields off the United Arab Emirates under a $1.5 billion deal agreed with the Gulf state's national oil company ADNOC in April.OMV will initially produce 10,000 barrels per day and expects to increase its output to 43,000 barrels per day by 2023.(Reporting by Kirsti Knolle ; Editing by Tassilo Hummel)

Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions

© Kees Smits / MarineTraffic.com

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have been floating off the UAE since August after South Korea halted imports from Iran while China's demand dropped during summer, according to several industry sources and shipping data.The…

Oil Rises to $76 as OPEC+ Committee Sees Production Increasing

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Brent oil prices rose to near $76 a barrel on Monday as a committee monitoring a deal on oil output curbs between OPEC and non-OPEC producers saw production rising while a U.S.-China trade dispute capped gains.International Brent crude oil futures were at $76.04 per barrel at 1326 GMT, up 22 cents from their last close.U.S. West Texas Intermediate (WTI) crude futures were up 13 cents at $68.85 a barrel.Trading activity was limited due to a public holiday in Britain…

Oil Producers Cut July Output by 9 pct More than Agreed

File Image (CREDIT Adobestock /   © Mike Mareen

An OPEC and non-OPEC monitoring committee found that oil producers participating in a supply-reduction agreement cut output in July by 9 percent more than called for in their pact, two sources familiar with the matter said on Monday.The committee groups representatives from Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.Reporting by Rania El Gamal and Alex Lawler

Oil Futures Steady on Market's Long-term Bearish Focus

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Brent oil futures steadied under $74 a barrel on Friday as the market focused on bearish longer-term factors after gains in the previous session, which were driven by U.S. crude inventories in at a major hub falling to their lowest in nearly four years.U.S. West Texas Intermediate (WTI) crude futures were at $68.86 per barrel at 1321 GMT, down 10 cents from their last settlement, while Brent crude futures were at $73.55 per barrel, up 10 cents from…

Oil Up; Traders Cite Crude Build at Cushing

File Image: CREDIT Adobestock / © Hansenn

Traders say Genscape reports crude draw at Cushing; prices rally on hopes latest weekly draw was an anomaly.Oil prices strengthened Thursday, turning higher after traders saw an industry report suggesting U.S. crude stockpiles would soon begin to decline again after a surprise rise in the latest week.Traders said prices rallied when industry information provider Genscape reported that crude inventories at Cushing, Oklahoma, delivery hub for U.S. crude, dropped 1.1 million barrels since Friday, July 27.On Wednesday, prices sank when the U.S.