Mitsubishi Shipbuilding to Build LNG Bunkering Vessel
Mitsubishi Shipbuilding Co. signed a contract with KEYS Bunkering West Japan Co., Ltd. for construction of a liquefied natural gas (LNG) bunkering vessel, the first to operate in western Japan. The vessel will be built at the Enoura Plant at MHI’s Shimonoseki Shipyard & Machinery Works in Yamaguchi Prefecture…
BP Invests $6 Bln in Offshore Azerbaijan Project
The British multinational oil and gas company BP and its partners will lead a $6 billion development of the giant Azeri-Chirag-Deepwater Gunashli (ACG) oil-field complex offshore Azerbaijan.The supermajor said that the Azeri Central East (ACE) project includes a new offshore platform and facilities designed to process up to 100…
Verus Petroleum Up For Sale
Private equity firm HitecVision is seeking to sell its British North Sea oil and gas production unit Verus Petroleum, which last year completed a string of large acquisitions ramping up its output, industry and banking sources said.The sale process is being run by investment bank Jefferies and could fetch $500 million…
Verus Petroleum Buys UK Oil Firm Cieco
Aberdeen-based Verus Petroleum has agreed to acquire Cieco, a subsidiary of Japanese commodity trading house Itochu for an undisclosed sum, Verus' majority owner, Norwegian private equity firm HitecVision, said on Thursday.The acquisition, which includes a 23-percent stake in the Western Isles field development project, a 25.8 p
MOL Takes Delivery of LNG Schneeweisschen
Mitsui O.S.K. Lines (MOL) announced that the LNG carrier, LNG Schneeweisschen, jointly ordered by MOL and Itochu Corporation was delivered on July 31st at the Okpo shipyard by Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.The 180,000 cbm newbuilding…
Itochu Seeks North Sea Sale
Japanese commodity trading house Itochu is seeking buyers for stakes in two North Sea oilfields, a pipeline and a terminal, a document seen by Reuters shows.The sale, run by Scotiabank, could fetch up to $250 million, according to banking sources.The transaction would…
Shell to Sell West Qurna 1 Stake to Itochu for $406 Mln
Oil major Royal Dutch Shell on Friday agreed to sell its entire stake in Iraq's West Qurna 1 oilfield to Japan's Itochu Corp for $406 million. The deal comes shortly after the Anglo-Dutch company agreed to exit the Majnoon oilfield, one of the largest fields in OPEC member Iraq…
EU Mergers and Acquisitions
The following are mergers under review by the European Commission that could be of interest to the global maritime and energy communities. -- Austrian company Borealis, Canada's Nova Chemicals and French oil and gas major Total to set up a joint venture (notified Feb.
Azerbaijan Ratifies Oil Deal with BP-led Consortium
Azerbaijan's parliament on Tuesday ratified a new oil field development contract between the Caucasus nation and a BP-led consortium. BP and Azerbaijan agreed in September to extend to 2050 the contract to develop the country's biggest oilfields, Azeri-Chirag-Guneshli (ACG)…
25 More Years in the ACG Field
Statoil, together with co-venturers and the Azerbaijan Government sign amended and restated Azeri-Chirag-Deepwater Gunashli PSA. The Azerbaijan Government and the State Oil Company of the Republic of Azerbaijan (SOCAR) together with BP, Statoil, Chevron, INPEX, ExxonMobil…
BP to Sign Azerbaijan Oilfield Extension
British oil company BP expects to sign a contract at the end of June extending its production sharing deal for Azerbaijan's biggest oilfields until 2050, the company's regional head said on Wednesday. The existing deal is due to expire in 2024 and BP-led consortium…
Trafigura Snaps up Reliance Naptha Cargo
European trader Trafigura has bought 55,000 tonnes of naphtha from India's Reliance Industries for end-May loading from Sikka, adding to its unusually high purchases of the fuel from the Singapore cash market, traders said on Wednesday. Trafigura paid a slightly above…
Will LNG Remain a Key Energy Source?
Japan imported 8.3 million metric tons of LNG in January, an increase of 1.06 million metric tons compared to the previous year. The data, released by the Japanese Ministry of Finance, also reveals that the amount the country pays for LNG imports had increased by 6.7 percent since 2015.
SOCAR, AIOC Team-up to Develop ACG oil field
SOCAR (the State Oil Company of the Republic of Azerbaijan) and AIOC (the Azerbaijan International Operating Company) today signed a letter of intent (LoI) for the future development of the Azeri-Chirag-Gunashli (ACG) field in the Azerbaijan sector of the Caspian Sea.
Azerbaijan extends BP's deal for giant oilfields until 2050
Existing deal was meant to expire in 2024; production to date exceeds 3 billion barrels of oil. Oil major BP has agreed with Azerbaijan to extend a contract to develop the country's biggest fields by a quarter of a century to 2050 in a move to unlock billions of dollars of fresh investments in the Caspian Sea deposits.
LNG Prices Rise as South Korea to Wrap Up Major Tender Award
Asian spot liquefied natural gas (LNG) prices rose this week as strong expected demand from South Korea added to appetite from India and Taiwan, while supply from the United States was slow to return from maintenance. The price of LNG for December delivery was $6.95 per million British thermal units (mmBtu)…
Japan's Itochu Attacked by short-seller Glaucus
Glaucus questions how Itochu's classifies some investments. Japan's Itochu Corp became the target of short-seller Glaucus Research Group on Wednesday with a report criticising the trading company's accounting practices, sending its shares tumbling as much as 10 percent.
Work On Indonesian Thermal power plant to Start
The construction of a $4 billion, 2,000-megawatt coal-fired power station in Indonesia will begin on April 1 after years of delay as land acquisitions are finally complete, Japan's Nikkei business daily said on Sunday. PT Bhimasena Power Indonesia, a joint venture…
Platts: Terminal, Floating Storage Now in Pricing Process
New delivery points to be included from Sept 25. Fuel oil storage tankers anchored at Tanjung Pelepas, Johor. Oil pricing agency Platts said on Monday it will include gasoil deliveries to a terminal on Pulau Seraya in Singapore and two fuel oil delivery points in southern…
Fuji Oil Buys Oct Mideast Crude at Deep Discount
Japanese oil refiner Fuji Oil Co Ltd bought two cargoes of Middle East crude via a tender at deep discounts amid soft demand in Asia, traders said on Tuesday. The company bought 500,000 barrels of Banoco Arab Medium from Statoil and the same volume of Qatar Land from Itochu, they said.
