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Maersk Supply Service announced that it has sold two of its Anchor Handler Tug Supply Vessels (AHTS). The divestitures of the Maersk Advancer and Maersk Asserter vessels were made due to the current market situation and the global oversupply of offshore supply vessels, Maersk Supply Service outlined. The vessels have been sold to an “international buyer” and will be modified for use in a non-competing industry, according to the company.
Brazil’s Petroleo Brasileiro SA has told shippers it will not hire any tankers that have visited Venezuela in the past 12 months, the state-controlled oil company said on Friday, signalling adherence to U.S. sanctions on the Latin American nation. Washington has said it could add to its sanctions list, a move that could disrupt sea-borne trade by sharply raising tanker rates.
The Canadian government-owned Trans Mountain pipeline has been shut down since early Saturday following an oil spill at a pump station in British Columbia. The pipeline crew are responding to a release at its Sumas Pump Station in Abbotsford, British Columbia, after an alarm was received early in the morning, Trans Mountain Corp said in a statement. The spill has been contained and cleanup is underway, the company said.
Russian oil pipeline monopoly, Transneft yesterday reported a 13% jump in the first-quarter net earnings Y/Y to 56.7 billion roubles ($822 million). The firm climbed on the back of higher sales to register a 1.3% jump in net revenue to 263.3 billion roubles. Transneft has also paid oil suppliers a whopping sum of $71 million for the April oil contamination.
The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.The sanctions would be imposed through the Treasury Department and are intended to avoid a U.S. military confrontation with the countries, the person said on the condition of anonymity.
Saudi Arabia's export revenue was Riyal 197.84 billion ($52.69 billion) in Q1 2020, down 20.7% from the same quarter in 2019, mainly due to a 21.9% decline in oil export revenue, the kingdom's General Authority for Statistics announced June 7. Total oil export revenue for Q1 was Riyal 149.95 billion, down from Riyal 192.03 billion for the same quarter the previous year.
Qatar has signed a deal worth around $20 billion with South Korean shipbuilders to help cement its position as the world’s largest producer of liquefied natural gas. The Gulf emirate entered into agreements with Daewoo Shipbuilding & Marine Engineering Co., Hyundai Heavy Industries Co. and Samsung Heavy Industries Co. The three Korea-based firms will reserve a “major portion” of their LNG ship-construction capacity for QP through 2027.
Polish President Andrzej Duda has informed that the construction of Baltic, a new pipeline, will commence soon. This major gas pipeline from Norway will mark the independence of Poland from Russian gas. Its capacity is said to be 10 billion cubic meters of gas per year. Italian oilfield services major, Saipem who will take care of pipeline's construction said that the contract is worth $307 million.
Oil and gas producer, Chesapeake Energy Corp has been slapped with a $48.8 million lawsuit by Pipeline operator Glass Mountain LLC for allegedly defaulting on an oil transportation contract. Shale gas pioneer, Chesapeake had earlier borrowed aggressively to buy and drill properties and started making losses as gas prices toppled. A Chesapeake spokesman didn't respond to requests for comment.
A crude oil spill due to pipeline bursting prompted by a landslide this week has Ecuador sweating as it tries to limit the environmental impact in the country’s Amazon region. A statement released by the Ecuadorean Energy Ministry said that it had put barriers around the spill in an area inhabited by indigenous communities and near a drinking water source for the city of El Coca.
According to the sources, Saudi Arabia has planned to cut crude supplies to China by at least 500,000 bpd. This decision has been taking keeping in the slower refinery demand after the coronavirus outbreak. China is the world's largest crude importer and takes 1.8 million bpd to 2 million bpd of Saudi crude. Due to slower demand, the refineries in China have also cut their crude processing rate in February.
According to the sources, Petronet LNG and Tellurian Inc, US, are planning to sign a $2.5 billion deal. The deal will be finalized during US President Trump's maiden visit to New Delhi later this month. Petronet will invest for five years in the Driftwood LNG export project in Louisiana. A preliminary non-binding deal was signed by the two companies in September last year.
South Korean coast guard and the refiner S-Oil, yesterday, informed about containing a crude oil spill from the refiner's offshore buoy off the southeastern coast of the country. The leak which occurred early Wednesday was attributed to the buoy's broken pressure gauge, however, the leak source was later sealed, the Ulsan Coast Guard said in a statement. S-Oil is investigating the case, a spokesman for the company said.
Energy Ministry of Kazakhstan, KazTransOil has informed that it has reduced its exports to China and is changing the supply schedules to domestic refineries. Organic chloride contamination was found earlier this month in crude supplied by a Kazakh. This step has been taken to restrict the spread of contaminated oil. According to sources, oil transit via Russia has also been brought down by 100,000 tonnes for February.
Libyan state-run National Oil Corporation yesterday informed that the country's oil production fell by almost 80% ever since the Libyan National Army blocked its five key ports on January 18. The blockade has pushed the oil major to enact force majeure on exports from the terminals. NOC took to Twitter to inform that Libya's oil output tumbled to 284,153 b/d on January 24, from over 1.2 million b/d.
The Trump Administration, on Thursday, sanctioned petrochemical and petroleum companies based in Hong Kong, Dubai and Shanghai for allegedly aiding Iran's NIOC to trade hundreds of millions of dollars in crude oil, petrochemical and refined products. The sanctions were imposed on Hong Kong's Triliance Petrochemical, Sage Energy, Shanghai-based Peakview, and Dubai-based Beneathco DMCC. In a related move, the US also sanctioned China's Shandong Qiwangda Petrochemical Co., and Hong Kong's Jiaxiang Industry Hong Kong Limited.
Midstream giant, Kinder Morgan yesterday recorded a 26% jump in the quarterly profit, climbing on the back of higher gas carryout from Permian Basin through its Gulf Coast Express pipeline. The Houston-based company filed a net income of $610 million in the fourth quarter, rising from $483 million, a year earlier. The Gulf Coast Express pipeline, which came into service in September 2019, can transport 2 billion cfd.
Downstream giant, IOCL has planned to monetise its pipelines and storage infrastructure. The state-run oil guzzler has aimed to maximize the asset utilisation and lock future revenue using special purpose vehicles (SPVs). According to sources, many PE and VC funds have agreed to invest in IOC assets because of the assurance of elevated returns given by the refining major. IOC has expected this investment to raise its profitability and dividend payout.