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Forum Energy Technologies have bagged a contract to supply specialist subsea equipment for a cable maintenance project in South East Asia. The Equipment purposes to support telecommunication contracts between South East Asia and the Indian Ocean. Under the project, the Forum will be manufacturing and then installing the vehicle on the client's vessel by early 2021. Additional to this Forum will also be providing some operational and maintenance training to the client's personnel.
With the US natural gas prices topping the prices chart in Europe and Asia, the buyers have started cancelling the cargos. The buyers of the two continents have already cancelled the loading of around 20 cargoes from the United States in June. Henry Hub benchmark in Louisiana settled over both the Japan/Korea Marker (JKM) according to the most recent price data.
After the US crude futures collapsed into negative territory, the suppliers have become very cautious. According to the sources, crude and condensate sellers to Asia have added 'zero price' clause in their contracts. This will prevent the prices of their crude to go down below $0 and protect their interests. The new clause has been appreciated by Asian buyers.
S&P Global Platts yesterday informed about publishing the first-to-market suite of hydrogen price assessments. Platts’ hydrogen price assessments will indicate the value of hydrogen produced at hubs in the significant regions of consumption across the US and Europe. Platts is also looking to assess other additional prices in other geographies, including Asia. S&P Platts is an independent provider of information and benchmark prices for the commodities and energy markets.
EPC giant, McDermott Asia Pacific Sdn Bhd has signed up Aqualis Offshore for its engineering reviews and marine warranty services. Aqualis will stay associated with McDermott for five years on the contract, supporting McDermott’s offshore operations in the Asia Pacific region. Under the scope of the agreement, Aqualis Offshore will provide engineering reviews and approvals, vessel surveys, towage approvals and marine warranty services for McDermott’s projects.
Oil prices held fast today amidst early jump in Asian stocks. International Benchmark Brent crude oil futures climbed 0.2%, to $77.77 a barrel. US West Texas Intermediate (WTI) crude futures rose by 0.4%, at $67.89 a barrel. Analysts however believe that sentiments remain cautious after financial markets plunged last week over concerns of slowing global growth.
Ongoing trade war with the US has forced Asia's refiners to look for alternatives. China has bought 1.71 MMbpd from West Africa for October, which is the highest since August 2011. Also, the nation has decided to increase its crude imports from West Africa. Further, the overall crude import of Asia from West Africa will climb to 2.44 MMbpd in October, which is the highest in seven year.
Santos has completed its sale of interests in the Sampang PSC and Madura Offshore PSC in Indonesia, and Vietnam Block 12W PSC. It follows the company’s announcement in May 2018 when Santos decided to sell its non-core Asian portfolio to Ophir Energy plc. Santos received a cash proceed of $144 million after the completion. It will help the company reduce its debt which was $2.2 billion till Aug. 31, 2018.
As a result of the surge in the crude stockpiles of U.S. and slow economic growth, mainly in Asia, oil prices slipped on Wednesday. Brent futures fell down by 0.4%, at $73.91 a barrel and WTI dropped down by 0.6% and was traded at $68.38 a barrel. The signs that the supply in the Bab al-Mandeb Strait will be resumed soon also affected the oil prices.
Oil prices, in wait of fresh fundamental drivers, stabilized today with a marginal rise. Brent crude prices remain untouched from last week’s settle at $74.29 per barrel, while the NYMEX September light sweet crude contract was 0.28% higher, traded at $68.88 per barrel. Last week, the market was mostly driven by Saudi’s oil halt and other factors.
Leading oilfield services company, Houston-based Schlumberger yesterday announced second quarterly earnings, reporting a profit for the company. Schlumberger CEO, Paal Kibsgaard regarded the second quarter as both busy and exciting. Schlumberger reported second-quarter revenue in North America to be around $2.5 billion, which is an increase of 12% sequentially. In the international markets of $4.4 billion, profits for the company grew by 6%.
Typically peaking during winter and summers, the LNG demand in Asia has already increased to such levels that the prices have increased by 32 percent. Since mid-April, the gas prices have soared up to $9.60/million British thermal units (Btu) and are edging to $10/million Btu. Lower domestic gas production, industrial demand, and early stock building to prepare for the coming winter are some reasons attributed to the current scenario.
The Petroleum Planning and Analysis Cell (PPAC) of the Indian Oil Ministry has disclosed that the countrywide fuel consumption for the month of April totaled to 17.67 million tonnes. This indicates a rise in India’s fuel demand by 4.4%, and is owed to the surge in cooking gas (LPG) and auto fuel consumption. The data from the PPAC also showed an increase in Petrol, Diesel, ATF and other fuels.
JODCO Lower Zakum Limited, a wholly-owned subsidiary of Japan’s INPEX Corp. has been appointed as the asset leader for Abu Dhabi’s Lower Zakum concession area by ADNOC. This move is followed by the award of 10% stake in offshore Lower Zakum concession to INPEX in February, 2018. INPEX also maintained its 40% stake in Satah and increased its Umm Al Dalkh share from 12% to 40%.
India’s oil minister, Dharmendra Pradhan, revealed that India is seeking Japan’s help to build infrastructure to boost the usage of liquefied natural gas (LNG) in India and elsewhere in Asia. India wants to increase the share of this cleaner fuel to 15 percent of its energy usage by 2030.
Maharashtra’s Konkan region’s proposed site of a large refinery and petrochemicals complex has become a political hot potato as the regional leader Mr. Thackeray has challenged against the proceedings of the 3 trillion INR Saudi Aramco’s project saying, “We won’t allow the government to acquire even an inch of land.”
GAIL (India) Ltd. to be split by March next year. It shall be divided into two companies: one marketing gas and another operating pipeline that can be used by consumers who buy directly from producers as told by the head of the sector's regulator to Reuters. To ease the process in future, GAIL is already keeping separate accounts for its gas pipeline and marketing business.
Aazhivaikal villagers have put banners demonstrating a bar on entry to ONGC and others to explore natural resources. K. Ilanthirayan, a farmers’ association leader said that no agency should be allowed to damage the ecosystem of the village. Villagers in one voice said that “The Central and State governments must value our sensitivities and should not indulge in hydrocarbon exploration in Aazhivaikal.”