The Numbers Tell the Story of Oil Industry Crisis
Global oil producers and refiners are struggling with a series of unprecedented dislocations as the simultaneous epidemic and volume war between Saudi Arabia and Russia rip through every element of the supply chain.Some idea of the extraordinary speed and scale of the disruptions was evident in the "Weekly Petroleum Status Report" published by the U.S. Energy Information Administration on Wednesday.The United States is the world's largest oil consumer and producer…
Saudi Arabia's Tanker Power Play Could Backfire
Top exporter Saudi Arabia has chartered an armada of ships to flood the market with additional oil, but in the process has driven freight costs so high refiners are reluctant to take the shipments.That could leave the kingdom stuck with tens of millions of barrels in expensive ships at anchor when the coronavirus outbreak has destroyed oil demand and international prices have lost more…
Southeast Asia Bullish on OFS Market
Offshore project sanctions in Southeast Asia could lift greenfield investments in the oilfield services market by nearly 70 percent in 2020, said Rystad Energy.According to Norwegian energy research firm, the growth will be driven by a handful of new mega-projects across Malaysia, Myanmar and Vietnam, according to the latest tally of project commitments in Southeast Asia by the Norwegian…
Venezuela's Oil Exports top 800,000 bpd Again
Venezuela's oil exports eased in October, but surpassed 800,000 barrels per day (bpd) for second month in a row, helping to drain an inventory buildup that had forced the OPEC country to cut output, according to documents and data.Since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA in January to oust socialist President Nicolas Maduro, the OPEC-member country…
Bumi Armada Profit Up 28.5% in Q1
Malaysia's offshore oilfield services firm Bumi Armada announced that its first-quarter net profit jumped 28.5% on-year, mainly thanks to joint ventures, lower cost of sales, and lower distribution costs.Net profit for the January-March period climbed to 62.21 million ringgit ($14.86 million), compared with a 48.42 million in the same quarter a year ago, said a stock exchange announcement.However, its revenue fell by 18.1% to RM491.61mil from RM600.34mil a year ago.
Chrysaor to Buy ConocoPhillips’ UK Assets
Chrysaor has reached a deal to acquire ConocoPhillips’ oil and gas exploration and production assets in the UK for $2.675 billion, the companies announced on Thursday.Full-year 2018 production and year-end 2018 proved reserves associated with the assets being sold were approximately 72,000 barrels of oil equivalent per day (boepd) and approximately 99 million barrels of oil equivalent (boe), respectively.
Global FPSO Market to Hit USD30Bln by 2025.
The floating storage and offloading (FSO) vessel market is anticipated to surpass USD 30 billion by 2025, said a study.The FPSO market is set to witness vigorous growth on account of shifting trends toward offshore exploration & production driven by depleting onshore oil & gas reserves, said a market report by GM Insights.Development challenges including excessive costs, material transportation…
Port of East London to Expand its Petroleum Footprint
More than 100 attendees representing 97 companies have shown keen interest in the Port of East London’s plans to recommission an existing tank in the port for handling of liquid bulk and to introduce a liquid bulk terminal through a 25-year port concession awarded to a private, empowered entity.The companies attended a compulsory briefing on May 9, 2018 held by Transnet National Ports Authority (TNPA).
Chrysaor, Baker Hughes Embark on North Sea Drilling Campaign
North Sea oil and gas producer Chrysaor is embarking on a drilling campaign under a three-year partnership with oil services firm Baker Hughes using a Rowan Gorilla VII jack-up rig, Chrysaor said on Friday. Chrysaor is one of a group of private equity-backed North Sea oil and gas producers that have bought up assets from traditional producers such as Shell and OMV. Backed by Harbour Energy…
Chrysaor buys North Sea Fields from Spirit Energy
Chrysaor to own 100 pct of Armada, Maria, Seymour oilfields. Chrysaor, which bought a portfolio of Royal Dutch Shell assets last year, said on Thursday it would acquire stakes in three ageing North Sea fields from Spirit Energy. "The acquisition is part of Chrysaor's strategy to prolong asset life, maximise recovery and deliver value from the UK North Sea," Chief Executive Officer Phil Kirk said in a statement.
Chrysaor to Begin Oil Drilling in 2018 after Shell Purchase
North Sea producer Chrysaor plans to begin drilling for oil and gas in early 2018 after completing a $3 billion acquisition from Royal Dutch Shell, Chrysaor Chairman Linda Cook said on Wednesday. Chrysaor became the largest independent oil and gas producer in the Britain's North Sea following the deal, as new private equity-backed firms gradually take over from long-standing producers in the ageing offshore basin.
PDVSA Readies Armada of Fuel Imports
About a dozen tankers are sailing to Venezuela or waiting offshore to discharge cargoes after state-run oil company PDVSA ramped up tenders to buy gasoline and other fuels to offset its weak refining output, according to traders and Thomson Reuters data. Petroleos de Venezuela SA (PDVSA) recently awarded BP , Castleton Commodities, Rosneft and CT Energia contracts to buy more than 15 cargoes of gasoline blend stock…
LR to Perform Armada Olombendo FPSO Risk Inspection
Lloyd's Register has won an inspection contract with Bumi Armada Berhad for its Armada Olombendo FPSO. The contract agreement provides Bumi Armada with access to Lloyd’s Register’s risk-based inspection services and technical software which will help to develop quantifiable risk profiles. These profiles will give critical knowledge and insight for Bumi Armada Berhad’s management team on how best to approach short and long term CAPEX/OPEX decisions.
Mistry Resigns as a Director of Bumi Armada
Malaysia-based international offshore energy facilities and services provider Bumi Armada Berhad has announced that its Non-Executive and Non-Independent Director, Shapoorji Pallonji Mistry, has resigned from the Board of Directors of the Group. Mistry joined the Board of Bumi Armada in October 2014. Mistry is the Chairman of the Shapoorji Pallonji group, a conglomerate involved in construction, real estate, infrastructure and renewable energy.
Shell to Sell Some North Sea Assets to Chrysaor
Shell has agreed to sell a package of UK North Sea assets to Chrysaor for a total of up to $3.8bn, including an initial consideration of $3.0bn and a payment of up to $600m between 2018-2021 subject to commodity price, with potential further payments of up to $180m for future discoveries. The package of assets consists of Shell’s interests in Buzzard, Beryl, Bressay, Elgin-Franklin…
Bumi Armada Achieves First LNG in Malta
Bumi Armada Berhad, Malaysia-based international offshore energy facilities and services provider has announced that its liquefied natural gas (LNG) floating storage unit (FSU), Armada LNG Mediterrana, has achieved its first LNG in Malta last week, on January 16, 2017. This project represents the company’s maiden floating LNG project and heralds the start of a partnership between ElectroGas…
Shell to sell $3B in North Sea Assets
Royal Dutch Shell is nearing the sale of a large part of its North Sea oil and gas assets to private equity-backed Chrysaor for $3 billion, banking sources said, marking a milestone in its drive to reduce debt after buying BG Group. Chrysaor, a North Sea-focused oil company backed by private equity fund EIG Partners, will acquire from Shell a mix of older fields, new developments and…
Keppel to deliver third FPSO for Shapoorji Pallonji, Bumi Armada JV
Keppel Offshore & Marine's (Keppel O&M) wholly-owned subsidiary Keppel Shipyard Ltd (Keppel Shipyard) is on track to deliver a Floating Production Storage and Offloading (FPSO) vessel to Armada Madura EPC Limited (Armada Madura), a joint venture between Shapoorji Pallonji Group (Shapoorji Pallonji) and Bumi Armada Berhad (BAB). The spread-moored FPSO unit was named Karapan Armada Sterling III during a naming ceremony held earlier this month at Keppel Shipyard.
Bumi Armada Berhad Names Its News FPSO
Bumi Armada Berhad, Malaysia-based international offshore energy facilities and services provider celebrated the naming ceremony of the Armada Olombendo Floating Production Storage and Offloading (FPSO) last weekend. Armada Olombendo FPSO represents Bumi Armada’s largest FPSO and it will operate in Angola on Block 15/06, East Hub, a wide area of 2,984 square-kilometer (km2) in the Angolan deep offshore…
EnQuest: Kraken FPSO to Sail for North Seas
EnQuest PLC stated that following good progress on commissioning the water systems, the Floating, Production, Storage and Offloading (FPSO) vessel, Armada Kraken for the Kraken field development, is expected to sail away in the coming days, from deep water anchorage off the coast of Singapore, for the North Sea. The journey should complete around mid-January 2017. The Kraken development project remains on course to deliver first oil in H1 2017.
