Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers.
Russian Oil Bought by PDVSA for Cuba Discharges in Curacao
A tanker that for more than a month was unable to deliver Russian crude to Venezuela's PDVSA amid a dispute between the state-run firm and ConocoPhillips has discharged its cargo in the Caribbean, and a second vessel is soon to follow, according to Reuters data and a source with knowledge of the sales. Conoco in May got court orders to seize PDVSA's assets, inventories and oil cargoes in the Caribbean to satisfy a $2 billion arbitration award.
The waning power of the petrodollar: McGeever
When the Federal Reserve begins reducing its holdings of U.S. Treasuries as expected later this year, some of the most consistent buyers of U.S. bonds over the last 15 years may be less than willing to fill the breach. Before the financial crisis, the flow of "petrodollars" was one of the most powerful forces driving the U.S. bond market and the dollar, as oil exporters invested their booming trade surpluses into Treasuries. But that flow isn't what it once was, and may be about to dry up further.
Ocean Rig Redomiciles to Cayman Islands
Ocean Rig UDW Inc. (NASDAQ:ORIG) (“Ocean Rig” or the “Company”), a global provider of offshore deepwater drilling services, has moved its corporate domicile from the Republic of the Marshall Islands to the Cayman Islands. Effective April 15, 2016, Ocean Rig’s common shares will commence trading under new CUSIP number G66964100. All shares of Ocean Rig will automatically convert by operation of law into shares of the same class of the redomiciled Ocean Rig on a one-for-one basis.
Volatility Draws Billions into Oil Funds
Assets of top oil funds quadruple to $5.4 bln since July; contango structure trims gains through roll costs. Billions of dollars are pouring into oil exchange-traded funds as investors, many of them small savers more familiar with stocks than commodities, risk big losses and focus on the chance of huge rewards. Five of the biggest oil ETFs have seen their assets more than quadruple since July to $5.4 billion as the oil market has had a roller-coaster ride, collapsing by 60 percent then rallying by almost a third.
Petrobras Probe Seeks to Question Overseas Witnesses
A Brazilian lobbyist implicated in the country's largest-ever corruption probe has called witnesses from four foreign countries to bolster his defense against bribery charges, highlighting the Petrobras scandal's growing international reach. The judge overseeing the probe agreed to the lobbyist's request to call five witnesses from South Korea, the Netherlands, Cayman Islands and Japan for questioning over alleged kickbacks for former…
Total Eyes Closing Nine Units Located in Tax Havens by 2017
French oil major Total disclosed a list of all its 903 subsidiaries worldwide in a transparency move on Wednesday after recurring criticism about the group's presence in tax havens. Total, vying with Sanofi for the crown of France's biggest listed company, said it was working on withdrawing nine of the 19 entities in countries deemed to be tax havens by the end of 2016. The group did not specify which ones, but among the subsidiaries listed were Pars LNG Limited…
Eurasia Drilling, Schlumberger Merger Update
Eurasia Drilling Company Limited (the "Company") announces that Schlumberger B.V. ("SLB") and the Company are continuing to cooperate with the Russian Federal Anti-Monopoly Service ("FAS") to respond to requests for information regarding the transaction described in the circular to Shareholders dated 20 January 2015. The merger (the "Merger") between the Company and EDC Acquisition Company Limited ("EACL") and the related transaction…
Fortis Bags 39.7 MW Project in Grand Cayman
Fortis Inc. announced that the Electricity Regulatory Authority has selected the proposal of Caribbean Utilities Company, Ltd., the Corporation's operating utility on Grand Cayman, Cayman Islands, to build new generation capacity in response to the ERA's request for proposals issued on January 31, 2014. As a result, Caribbean Utilities will develop and operate a new 39.7‑megawatt diesel power plant, including a 2.7-MW waste heat recovery steam turbine.
Norway Appeals Transocean Tax Fraud Case Decision
Transocean, advisers had been acquitted of all charges; Norway appeals parts of the decision. Norway is appealing a decision by an Oslo court to acquit Swiss-based rig firm Transocean and some of its advisers of tax fraud in connection with shifting assets between affiliated companies, the police economic crimes investigation unit said. On July 2 the Oslo district court acquitted several Transocean subsidiaries and three individual advisers of all charges.
Seafarers’ Legislation Faces Year-Long Ratification Delay
Full ratification of the Maritime Labour Convention (MLC) which will have far reaching implications for the whole shipping industry, including commercial yachts, is now likely to be delayed by a year until April 2012. “Although the required gross tonnage figure has been reached there is, however, some doubt as to whether the necessary number of countries will be achieved by the end of this year,” said John Wade, technical services manager with Isle of Man-based Dominion Marine.
Port Security Legislation Reinforces Security
Like so many areas of our economy since the terrorist attacks of September 11, the port and maritime areas of the United States are being scrutinized for vulnerability to terrorism. Catastrophic scenarios are all too easy to imagine, and the threats can come from so many directions. To illustrate the complexity of the maritime law enforcement challenge, the Coast Guard Commandant, Admiral James M. "Imagine for a moment the information requirements associated with a hypothetical 6…
