Global Crude Market Finds Support From China Demand
China, the global oil market's lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place.China, the world's largest importer of crude, is the only major buyer expected to see…
Greece Shortlists Glencore, Vitol in Hellenic Petroleum Majority Stake Sale
Greece has shortlisted Anglo-Swiss Glencore and Swiss Vitol to submit a binding bid for a majority stake in the country's biggest oil refiner Hellenic Petroleum, its privatisation agency said on Wednesday.Athens last month received five expressions of interest for a 50.1 percent stake that Greece and Paneuropean Oil and Industrial Holdings…
Glencore, Vitol Shortlisted in Hellenic Stake Sale
Anglo-Swiss Glencore Energy and Swiss Vitol will be qualified to submit a binding bid for a majority stake in Greece's biggest oil refiner Hellenic Petroleum, sources close to the process said on Tuesday. Athens last month received five expressions of interest for a 50.1 percent holding in Hellenic in one of the biggest asset sales under the country's three international bailouts since 2010.
Shell Active in Mideast, Russia Crude Liftings
Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades…
AISUS Bags Contract in the Middle East
Offshore inspection company AISUS announced its first major contract win in the Middle East with North Oil Company (NOC). The six-figure agreement marks a milestone for the firm and provides the foundation on which the company plans to build its growing business in the Middle East. The project, which is currently underway, will see AISUS…
Revolution or Evolution? Iraq Mulls Oil Trading Changes
There is little doubt that Iraq's mooted shift to using Dubai crude futures from long-standing price assessor Platts will shake up the trading of Middle East oil, but is it a once-off shock or the first of the dominoes to fall. Iraq's state oil marketer SOMO has asked its customers for feedback on a planned move to use Oman futures traded…
Maersk: 140,000 bpd Possible From South Pars
Denmark's Maersk Oil has estimated potential output for the second phase of Iran's South Pars oil deposit at 120,000-140,000 barrels of oil per day, Fars News Agency reported, citing an official at National Iranian Oil Company (NIOC). The estimate is part of Maersk Oil's development study for the second development phase of the offshore oilfield…
Total to Invest $3.5 Bln over Five Years in Qatari Field
France's Total will invest $3.5 billion over five years in Qatar's offshore Al Shaheen oilfield and expects to keep production running at 300,000 barrels per day in future, French and Qatari executives said on Tuesday. Total's investment commitment was announced while Qatar is embroiled in a political crisis. Saudi Arabia, the United Arab Emirates…
Total to Maintain 300,000 bpd Output from Al Shaheen Oilfield
Total CEO Patrick Pouyanne aims to maintain production of 300,000 barrels a day from the Qatari offshore Al Shaheen oilfield for "many years", he said on Tuesday. Pouyanne was speaking at a news conference in the Qatari capital Doha to mark the inauguration of North Oil Company (NOC) as the new operator and developer of Al Shaheen, taking over from Denmark's A.P. Moller-Maersk.
Qatari Export Costs to Rise as Port Ban Disrupts Trading
Region's largest bunkering hub shuns Qatari vessels; affected shippers may face delays, higher costs. The costs of Qatari energy and commodity exports are likely to rise as the United Arab Emirates' ban on Qatari vessels cuts the ships off from the region's main refuelling port, forcing ships to sail further for fuel or pay higher prices.
Platts Restricts Qatari-loading Crude in Pricing Process
Oil pricing agency S&P Global Platts said it will not automatically include Qatari-loading crude in its Middle East benchmark after Saudi Arabia and some other Arab states cut ties with Doha, a move that disrupted traditional shipping routes. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain said on Monday they would sever all ties including transport links with Qatar…
Euronav Bags Five-Year FSO Deals
Euronav's joint venture with International Seaways (INSW) has signed a contract for five years for the FSO Africa and FSO Asia in direct continuation of the current contractual service. The contract was signed with North Oil Company (NOC), the future operator of the Al-Shaheen oil field, whose shareholders are Qatar Petroleum Oil & Gas Limited and Total E&P Golfe Limited.
Maersk, DONG in Talks over $10 Bln Oil Merger
Denmark's A.P. Moller-Maersk and DONG Energy are in talks to merge their oil and gas operations in a deal that would create a business worth more than $10 billion including debt, sources familiar with the matter said. Maersk is working with Bank of America on the potential deal, while JP Morgan is assisting Dong Energy, said the people, who cautioned there is no certainty the parties would come to terms.
Global Crane Contracts Give EnerMech $105m Lift
EnerMech’s cranes and lifting division has benefited from a £85 million-plus ($105m) uplift to its order book with a series of contract wins, extensions and renewals. The Aberdeen-based mechanical engineering group has consolidated its position as a major international cranes services provider, strengthening its reputation in the Caspian region and extending its reach by winning new work in the Gulf States…
Qatar Oil Contract Loss Raises Questions over Maersk Oil's Future
Maersk Oil's loss of a major oil production contract in Qatar this week raises questions about the future of the company's oil business at a time when parent A.P. Moller-Maersk has said it is considering a break-up. Maersk Oil has lost the contract to operate Al-Shaheen, Qatar's largest oilfield, which made up 40 percent of Maersk Oil's output last year.
Total to Invest over $2 bln in Al-Shaheen Development -CEO
Total plans to invest more than $2 billion in developing the Al-Shaheen oilfield over five years, the company's chief executive said on Monday, after the French major won a 30 percent stake to operate Qatar's largest offshore oilfield. "We have a plan to invest for five years 2017-2022, more than $2 billion in that field in order to integrate technology…
Total Wins 30% Stake in Al-Shaheen Oilfield
France's Total has won a 30 percent stake in a new contract to operate Qatar's largest offshore oilfield, a source familiar with the matter told Reuters on Monday. The source said state-owned Qatar Petroleum (QP) will keep the remaining 70 percent in the new joint venture for the Al-Shaheen field, which is 80 km (50 miles) off Qatar's coast and currently produces around 300,000 barrels per day (bpd).
Qatar Navigation to buy Qatar Petroleum stake in Al Shaheen
Qatar Navigation (Milaha) has reached a preliminary agreement to buy Qatar Petroleum's stake in oilfield services firm Al Shaheen Holding, Milaha said in a bourse filing on Sunday. Qatar Petroleum hired HSBC in February to advise it on the sale of Al Shaheen as the state-owned Qatari energy giant, grappling with low oil and natural gas prices, seeks to divest from non-core businesses.
Maersk Could Lose Qatar field, its Largest Oil Asset
Denmark's A.P. Moller-Maersk said for the first time on Wednesday there was a risk it could lose its largest oil producer, a 300,000 barrel per day Qatari field, and may not replace the production by buying other assets. Chief Executive Nils Smedegaard Andersen's comments give some insight into Maersk's view of how the oil industry will evolve, after oil prices more than halved in the past two years.
Qatar Petroleum Picks HSBC as Adviser on Al Shaheen Sale
Qatar Petroleum has chosen HSBC to advise it on the sale of its Al Shaheen Holding subsidiary, three sources with knowledge of the matter said on Thursday, as it seeks to cut costs in response to lower oil prices. The chief executive of the state-owned Qatari firm said in June it would reduce staff numbers as part of a restructuring, which would also see it exit all non-core businesses.
