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Oil prices soared more than 1% in the international market on Wednesday, supported by an unexpected drop in US crude stockpiles. Brent crude futures jumped 1.3% to $65.91 a barrel. US WTI crude futures were up by 1.8% to $58.98 per barrel. API data released on Tuesday showed an unexpected fall of 7.5 million barrels in US crude stockpiles last week to 474.5 million.
4D seismic survey for Tyra, Tyra SE and Roar fields of Total has been awarded to Shearwater GeoServices. This survey will be performed by Shearwater’s SW Amundsen vessel. The company has 20 years of experience in 4D source and streamer position, fleet and towing equipment, and sensor technologies. “We are pleased to see Total’s selection of the Isometrix multi-sensor acquisition system for their North Sea 4D season", said Shearwater's CEO.
PKN Orlen-owned Czech oil refiner Unipetrol has halted oil import through the Druzhba pipeline from Russia, citing chloride contamination. The chief of Czech state strategic reserves yesterday tweeted, “Unipetrol has stopped taking oil from the Druzhba pipeline due to detected contamination by chlorides. Further tests of samples are underway”. Czech Industry and Trade Minister was earlier quoted informing about detecting an increased level of contamination in the Druzhba pipeline.
Drilling services provider, ADES has landed a two-year contract for its Admarine IV offshore jack-up rig. The contract award comes from an energy company in Egypt. CEO, ADES said: “Award of a new contract with a leading Egyptian energy company reinforces the strength of ADES’ business model that focuses on providing tailored solutions and superior services in a highly competitive market.
State-run Qatar Petroleum has inked an agreement with Chevron Phillips Chemical to construct a new petrochemicals complex. The new petrochemical plant, which is expected to come online by 2025, will be developed in Ras Laffan Industrial City. While Chevron Phillips Chemical Co (a JV between Chevron Corp and Phillips 66) will possess a 30% interest in the complex, Qatar Petroleum will own the rest.
On Tuesday, oil prices were dragged down by the concerns of crude demand outlook. But the market received support when new sanctions were announced by Washington on Iran. Brent decreased by 0.9% and was traded at $64.29 a barrel. WTI fell by 1% and was traded at $57.32 a barrel. Further, the Federal Reserve Bank of Dallas on Monday revealed slacking manufacturing data which increased the crude demand worries.
BHGE and C3.ai are entering into a joint venture with an aim to deliver digital transformation technologies to the industry. BHGE's CEO said, "The oil and gas industry is rapidly evolving, and digital technology is critical to achieving increased levels of productivity, efficiency and safety for ourselves and for our customers,". C3.ai technologies including C3 AI Suite and applications will be marketed and deployed in the industry business immediately.
McDermott has received a contract from energy supermajor Saudi Aramco. The contract is for engineering, procurement, construction and installation (EPCI) services in the Marjan and Zuluf fields in Saudi Arabia. The project will be carried out by McDermott's Al Khobar office and Dammam fabrication facility. The project will start immediately and will be reflected in the second-quarter 2019 backlog of McDermott.
PTT Exploration and Production Public Co Ltd (PTTEP) has decided to acquire Partex Holding BV. The acquisition will be worth approximately US$622mn. This decision will help PTTEP expand in Oman and open the gates for future investment opportunities in the Middle East. "This acquisition will allow us to create a new business partnership with both national oil companies of Oman and the UAE,” said PTTEP's CEO.
A deal was signed between Shell and Augean North Sea Services (ANSS) in January. As a part of that deal, Shell's Curlew vessel has arrived in Dundee for cleaning and waste disposal. “This is a significant project for Augean and the port and clearly demonstrates the unrivalled capability of our infrastructure and the supply chain", said the Chief Operating Officer at Forth Ports.
One of the largest shareholders of Exxon, Legal & General Group Plc is not satisfied with the company's stance on climate change. As a result, it has liquidated 19 of its funds from the company. Although the oil investor only owns about 0.6% of the company, so the divestment might not affect Exxon much but it will surely create immense pressure on the Irving, Texas-based firm.
Sources familiar with the wreckage at the Philadelphia refinery have revealed that the Alkylation unit at the site has been completely destroyed in the fire. The 335,000 barrel-per-day (bpd) Philadelphia refining complex was engulfed in fire on Friday, setting a number of explosions. The wreckage is said to hamper the supply of gasoline from the region’s largest refinery, owned by Philadelphia Energy Solutions (PES).
While India’s refinery major, HPCL continues to acknowledge its majority shareholder ONGC as a promoter, the Government of India has now stepped up and started giving ONGC its due credit. Sources have revealed that state headhunter PSEB called on ONGC Director to assist in picking the new Director (Finance), HPCL. ONGC completely acquired Government’s 51.11% stake in HPCL last year, the refiner has consistently listed "President of India" as its promoter.
Oil prices continued its uphill journey in the international market, supported by the growing tensions in the Middle East. International benchmark, Brent crude futures rose by 0.4% to $65.45 a barrel. US West Texas Intermediate crude climbed by 0.6% to $57.80 a barrel. U.S. Secretary of State Mike Pompeo has indicated imposition of “significant” sanctions on Tehran on Monday. Oil prices jumped last week after Iran shot down a US military drone.
A massive fire engulfed Philadelphia Energy Solutions Inc’s (PES) oil refinery yesterday, inflicting severe damage to the plant. Officials believe that the refinery might have to stay shut for a very long period. A number of explosions took place at the 335,000 barrel-per-day (bpd) refining complex on Friday morning. Philadelphia Deputy Fire Commissioner said that they couldn’t entirely put out the fire as it is still being fed fuel.
Petrobras yesterday said in securities filing about making a payment of $700 million to US oilfield services provider, Vantage Drilling Company. The payment pertains to the termination of a 2015-contract awarded by Petrobras to Vantage. The payment comes after US court decision denied Petrobras’ request to revoke the result of an earlier arbitration in Holland. Petrobras has said that the payment does not imply an end to the litigation.
Mærsk Giant has been sold to the LOTOS Petrobaltic Group. Its new owners have decided to use the rig for drilling in the Baltic Sea, for jobs involving the LOTOS Petrobaltic Group and other contracting parties. CEO of Maersk Drilling said, “After reviewing different options, we believe that a sale of Giant creates the highest shareholder value". And this sale is a part of the company's fleet optimization process.
Climate group, Greenpeace has ended a 12-day standstill with oil supermajor BP. Greenpeace had forced BP-contracted Transocean drilling rig to cancel on its journey to Vorlich field several times over the past week. With the campaigners blocking the track with an icebreaker ship and two inflatable launches, BP suffered a loss of over £1.5 million.