US Sanctions on Rosneft Trading Shifting Crude Flows
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.The United States on Tuesday redoubled efforts to oust Venezuelan President Nicolas Maduro by barring U.S. dealings with Rosneft Trading S.A., a subsidiary of Russia's state oil major Rosneft, which Washington said provides him a financial lifeline. Russia has called the sanctions illegal and said it plans to consider options in reaction.The ban will likely hit some U.S.
Liberia Lines Up 2020 Offshore Licence Round
The Liberia Petroleum Regulatory Authority (LPRA), has announced the launch of the next licensing round, expected to commence in April 2020.In a meeting held between NOCAL, LPRA and TGS, the next steps were unanimously agreed, to allow the government of Liberia to conduct a successful license round and thereby to attract the right investors to this promising exploration region.Nine blocks will be on offer in the Harper Basin, one of the last unexplored and undrilled regions offshore West Africa. TGS holds a range of multi-client data across this acreage to support the licensing round…
Offshore: OSV Market Report
The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S. Gulf of Mexico remain tepid as customer demand is highly sensitive to oil and gas prices.” In spite of these efforts…
Petronas in Game for a Third FLNG Unit
Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) would build a third floating liquefied natural gas (FLNG)unit if there’s a demand.Petronas is the only company to own and operate two FLNGs, namely PFLNG Satu and PFLNG Dua.Bernama reported, quoting the gas and new energy business executive vice-president and chief executive officer Adnan Zainal Abidin, that if there is a reservoir with a sizeable amount of reserves and with the right gas composition that it is economically viable, it opens up a case for another floater.According to the Bernama report…
LR Bolsters Well Management Team
Lloyd’s Register announced it has made several key appointments to its wells engineering and project management consultancy following a series of major contract wins and global growth.John O’Neill brings more than 25 years’ experience in global wells projects to the newly created position of Head of Wells Delivery. Having worked predominantly across the North Sea and Middle East for BP, Shell and Schlumberger, he most recently held the role of UK Director – Wells at Maersk Oil followed by Drilling Manager at Total post-acquisition.Joining O’Neill is Melvin Banford, who assumes the new role of Head of Wells Assurance.
Premier Oilfield Group Names Keenan CEO
Premier Oilfield Group has appointed Patrick “Paddy” Keenan as CEO, beginning October 28, 2019, the oilfield services company announced on Tuesday.Keenan brings to the role experience in both the US and international oil and gas industries, having held leadership roles in a number of oilfield service companies, including technology startups, and was also the CEO of an exploration & production (E&P) company. These include GeoMechanics International, Coherence Technology Company, NUMAR Corporation, Guardian Global Technologies and FRAM Exploration ASA.Keenan…
W. Africa Crude-Freight costs ease, especially for VLCCs
Freight rates eased further on Friday, especially for the largest oil tankers, promising some recovery for West African oil prices which had touched multi-year lows. VLCC freight costs eased more rapidly than smaller Suezmaxes, making it less advantageous to ship on the latter. Prices for Suezmaxes were estimated around world scale 190-200, with one European buyer estimating further relief to around 150 by the end of next week.Nigeria's NNPC cut its November official selling price for Bonny Light crude to dated Brent plus 58 cents per barrel and for Qua Iboe to plus 63 cents per barrel…
U.S. Shipping Sanctions Give Boost to EU Refiners
U.S. sanctions imposed last month on subsidiaries of vast Chinese shipping fleet Cosco have given an unexpected boost to European refiners as less crude oil from the North Sea and West Africa heads east, traders and analysts said.Freight rates have soared as oil producers scramble for non-blacklisted vessels, discouraging longer-distance voyages.Complex refining margins for advanced facilities capable of extracting even more valuable products like diesel and gasoline, have been especially strong in Europe, industry sources said.The U.S. sanctions have had a particularly heavy impact on the cost of hiring very large crude carriers (VLCCs)…
Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers
A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day, or about half the country's output.That set off a scramble for alternative cargoes of crude, particularly in the United States, which lined up available tankers sailing from the Mediterranean, West Africa and continental Europe to pick up cargoes. Shipping sources said they were unlikely to cover all the demand for ships."The global market pull on the U.S.
Lekoil Acquires Interest in Niger Delta Basin
Nigeria and West Africa-focused oil and gas exploration and development company Lekoil has agreed to acquire, subject to the receipt of the required consents, a 45% participating interest in the production sharing contract (PSC) in relation to the oil prospecting licence (OPL) 276.The PSC is acquired by Lekoil 276 Limited, which is a 100 per cent. owned subsidiary of Lekoil Nigeria, covers a territory located onshore in the eastern Niger Delta basin.The agreed acquisition, from Newcross Petroleum, is for a total staged consideration of US$5million.
W African Firm Builds LNG Import Capacity
Equatorial Guinea is set to construct the first liquefied natural gas (LNG) storage and regasification plant in West Africa, advancing efforts to monetize gas resources through the creation of a domestic gas-to-power infrastructure.Located at the Port of Akonikien, the landmark regasification plant will enable the storage, transportation and distribution of liquefied natural gas (LNG) to the country’s mainland; 12 bullet tanks will carry 14,000 cubic meters of storage capacity, supported by a truck loading station and 12-kilometers of ten-inch gas and diesel pipelines…
MDL Wins Equatorial Guinea Pipelay Work
Maritime Developments (MDL), a provider of back-deck equipment for the subsea sector of oil and gas industry, has been awarded a contract to supply a complete pipelay spread and personnel for a flexible installation offshore Equatorial Guinea.The award comes from a new client, whose work scope covers the launch of a number of new wells in an existing network of drill centres in the West African basin, MDL said.The MDL spread will consist of the MDL Horizontal Lay System (HLS), delivered with a 4-track pipelay tensioner; an MDL Second-generation Reel…
Aqualis Offshore Establishes Office in Australia
Marine and offshore engineering consultancy Aqualis Offshore has set up an office in Perth, Western Australia, to support oil and gas developments in the Australasia region.“We have supported important projects offshore Australia in recent years and believe it represents a market with good potential. There seems to be an increasing confidence in growth in offshore activity here, so we feel the time is right to set up a dedicated office in Australia,” says David Wells, CEO of Aqualis Offshore, which is part of Oslo-listed energy consultancy group Aqualis ASA.In 2017…
Total Green-lights Ikike Oil Project in Nigeria
French oil group Total will approve plans to proceed with the Ikike project in Nigeria in the coming months, and also aims to expand its liquefied natural gas (LNG) project in the country, CEO Patrick Pouyanne said on Monday.Total is one of the strongest players in the African oil sector, holding more proven reserves on the continent than any of the other top global oil companies.The 60,000 barrels-per-day (bpd) Ikike project is one of several projects the group has earmarked in Nigeria for a final investment decision, including the 70,000 bpd deepwater Preowei project…
Senegal Awards LNG, Oil Advisory Job to Doris Engineering
French engineering services provider Doris Engineering has been awarded an advisor contract by the Senegalese ministry of petroleum and energies for the development of oil & gas projects offshore Senegal.This two-year mission consists in reviewing the optimization and the robustness of the field development performed on these projects to be in line with the Ministry expectations. It focuses on two projects: Grand Tortue Ahmeyim, operated by BP, and the SNE project, operated by Woodside.Grand Tortue Ahmeyim is located at the border between Senegal and Mauritania and lies in ultradeep-water.
Yinson, First E&P in $902 Mln FPSO Deal
Malaysia’s floating production storage and offloading (FPSO) operator Yinson and Nigerian oil company First Exploration & Petroleum Development Company Ltd (First E&P) have executed a contract for an FPSO to be deployed offshore Nigeria.The contracts worth $901.79 million were entered into via its wholly-owned subsidiary Yinson Nepeta Production Ltd (YNPL) and indirect subsidiary Yinson Operations & Production West Africa Ltd (YOPWAL).The estimated aggregate value of the contract is based on the assumption that the extension options are fully exercised…
New Managing Director at Magma Products
Oil and gas commissioning and start-up specialist Magma Products announced Tuesday it has appointed Philip Tweedy as managing director.Tweedy, previously commissioning manager at Magma, will be responsible for day-to-day operations at the company’s Aberdeen, Great Yarmouth and Bucharest offices.Previous managing director Paul Rushton will assume the role of chairman to focus on strategy, growth and business development with a number of industry projects due to come on stream in late 2019 and 2020.“The appointment of Phil as managing director ensures a smooth transition for the team, our clients and current projects,” Rushton said.
Petrobel Contracts Shelf Rig
UAE-headquartered offshore drilling contractor Shelf Drilling has received a contract award for one of its jack-up rigs with Belayim Petroleum Company (Petrobel) for operations in the Gulf of Suez, offshore Egypt.According to a press release from the shallow water offshore drilling contractor, the Trident 16 jack-up drilling rig had been awarded a one-year contract.It said that the contract includes mutually agreeable options, and the planned start-up of operations is Q1 2019.The Trident 16 jack-up rig was built in 1982 by Mitsui Ocean Development & Engineering (MODEC) and its last upgrade was in 2012. The rig is of a Modec 300 C-38 design.Petrobel is a joint venture of Eni S.p.A.
BP Dishes Greater Tortue Ahmeyim Contracts
Oil major BP has awarded subsea umbilicals, risers and flowlines (SURF) and subsea production system (SPS) equipment contracts to services providers McDermott International and Baker Hughes, a GE company (BHGE), for the Greater Tortue Ahmeyim natural gas project, located offshore Mauritania and Senegal.The Tortue/Ahmeyim gas field is located offshore on the border between Mauritania and Senegal, and contains an estimated resources of 15 trillion cubic feet of gas.Initial subsea infrastructure will connect the first four of 12 wells consolidated through production pipelines leading to a floating production, storage, and offloading (FPSO) vessel.
Shelf Drilling Bags Gulf of Thailand Gig
Dubai-headquartered offshore drilling contractor Shelf Drilling has secured a contract for the Shelf Drilling Scepter jack-up rig with Chevron Thailand Exploration and Production for operations in the Gulf of Thailand.The contract for the 2008-built rig is expected to commence in Q1 2020 and run until Q2 2022 and includes a one-year option.David Mullen, Chief Executive Officer, Shelf Drilling, said: “We are pleased to continue our long-standing partnership with Chevron through this award for the Shelf Drilling Scepter. The high specification jack-up rig has been a significant enhancement to our fleet…