Flexible LNG supply is needed to meet the variable demand for electricity.
Industry executives stated on Tuesday that Japan and other major LNG buyers want more flexibility to adjust to changing power demands. Qatar and other LNG suppliers prefer long-term agreements with buyers, which can last for decades. This is to secure funding for multi-billion-dollar projects. In recent years, with more producers entering into the global market, buyers have sought shorter-term contracts that allow them to resell their cargoes if demand is low. Jonathan Westby said at an industry conference that JERA Global Markets in Japan…
Flexible LNG supply is needed to meet the variable demand for electricity.
Industry executives stated on Tuesday that Japan and other major LNG buyers want more flexibility to adjust to changing power demands. Qatar and other LNG suppliers prefer long-term agreements with buyers, which can last for decades. This is to secure funding for multi-billion-dollar projects. In recent years, with more producers entering into the global market, buyers have sought shorter-term contracts that allow them to resell their cargoes if demand is low. Jonathan Westby said at an industry conference that JERA Global Markets in Japan…
Serica Energy's UK first-half profits and production fall
Serica Energy, an oil and gas company, reported a lower profit for 2024's first half on Tuesday. A tax charge of $106 million was to blame. A planned shutdown of the Triton Hub, located in UK Central North Sea, also affected production. Serica reported that it produced 43.700 barrels equivalent to oil per day (boepd), down from 49.350 boepd last year. Serica said that due to unplanned downtime, its full-year production average is expected to fall below the previously stated range of 41-46,000 boepd, according to a company statement.
Two Gasoline Tankers Divert from Nigeria
Two tankers carrying gasoline loaded in Antwerp, Belgium, have turned back to their load-port after initially being destined for Lagos in Nigeria, Refinitiv Eikon ship tracking and sources said on Friday.The two tankers, STI Symphony and Velos Diamantis, turned back in last week. The U-turns happened after Nigeria rejected other gasoline cargoes loaded in Antwerp for containing too much methanol.Reuters was not able to immediately confirm the methanol content in these two cargoes or why they turned back.Earlier this week…
15 Bids in To Market Guyana Governent Crude
Guyana received bids from 15 different companies aiming to market the government's share of the crude produced off the South American country's coast, according to Guyana's National Procurement and Tender Board Administration website on Wednesday.The government re-launched the search last month after a previous tender was discarded. Bids were due on Aug. 3, and companies were asked to indicate the commission they would charge per barrel of crude exported. The board did not indicate when it would select a partner.An Exxon Mobil Corp-led consortium has discovered more than 8 billion barrels of oil and gas off Guyana's coast…
Mercuria Teams Up with Envysion for Project Investment
Trading house Mercuria and Singapore-based asset manager Envysion Wealth Management have agreed to co-invest in mining and energy projects, as default-hit banks tighten their purse strings and leave commodities firms seeking other funding.The deal, signed on Wednesday, will see Mercuria present potential projects for investment to Envysion, founded and led by former Julius Baer banker Veronica Shim. Envysion will then decide whether to participate via a fund with a start-up amount of $100 million to…
Is an Oil Market Recovery Underway? Energy Trader Mercuria Sees Positive Signs
Global oil markets are showing early signs of re-balancing after production cuts by OPEC and the United States, with the market's pricing structure indicating that storing oil on idle tankers may soon no longer be profitable, Mercuria Energy Group said.Oil futures are cheaper for nearby delivery than for a few months ahead, a pricing structure known as contango, which is usually a sign of oversupply. Traders use this structure to store oil to sell it later at a profit.The contango for Brent oil futures has shrunk from more than $3 a barrel during most of April to around $1.50 a barrel on Friday.
30+ Companies Compete for Guyana Crude Trading Deal
More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract to market the Guyanese government's share of the country's crude, the government said on Tuesday.The National Procurement and Tender Board administration unveiled the bids after their Tuesday morning deadline. Other major companies submitting expressions of interest included units of Mercuria, Lukoil, PetroChina…
Oil Traders Vie for Guyana Marketing Deal Despite Price Tumble
Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said.Oil major Royal Dutch Shell and commodities traders Gunvor and Mercuria were among the companies that have submitted expressions of interest ahead of the Tuesday morning deadline, the people said on condition of anonymity as they were unauthorized to discuss the matter publicly.Mark Bynoe…
Saudi Aramco joins oil blockchain platform Vakt
Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.The VAKT platform specializes in post-trade processing.
Record Number of VLCC Liftings at LOOP
Medium-sour crudes from the U.S. Gulf of Mexico are being snapped up by overseas buyers, paving way for a record six supertankers to load at the Louisiana Offshore Oil Port (LOOP) in a matter of weeks, according to people familiar with the matter.The six scheduled loadings in late May and early June would double the record of Very Large Crude Carriers (VLCCs) reached in December. An unusual influx of Gulf of Mexico crudes to the U.S. deepwater export port and weakening prices are contributing to the exports…
Oil Majors Join Blockchain Platform
Oil majors Chevron and Total, along with major Indian refiner Reliance Industries, have joined the blockchain-based platform Vakt, London-based Vakt said on Tuesday.Vakt, already in use by other major trading firms since the end of last year, is the first of many blockchain pilot schemes for commodities trading to go live.The firm was created in 2017 by a consortium that includes oil majors BP and Royal Dutch Shell, Norway's Equinor, global energy trading firms Mercuria Energy Group and Koch Supply and Trading…
Panoro Completes OMV Tunisia Acquisition
London-based international independent oil and gas company Panoro Energy ASA announced Friday it has completed its $65 million acquisition of OMV Tunisia Upstream GmbH from Vienna-based integrated oil and gas company OMV.Panoro Tunisia Production AS (PTP, 60 percent owned) now holds an indirect 49 percent interest in five oil producing concessions in Tunisia ( the Cercina/Cercina Sud, El Ain/Gremda, El Hajeb/Guebiba and Rhemoura) with net 2P reserves of 8.1 million barrels as at July 1, 2018, and current net production of approximately 2,000 bopd from 14 wells.
Tailwind Completes EOG UK Acquisition
London-based Tailwind Energy has announced the completion of the acquisition of Houston-headquartered oil and gas firm EOG Resources's UK portfolio. The oil and gas venture announced two months ago it has agreed with EOG Resources Inc to acquire EOG’s UK business, subject to regulatory approvals. As part of the inherited EOG UK portfolio, Tailwind will own and operate 100% of the producing Conwy oil field, a 25% non-operated interest in the Columbus gas development project and other minor asset interests in the North Sea.
NNPC Says Shell, ExxonMobil Also Looking at Crude Swaps
Nigeria's state oil firm NNPC could sign crude-for-product deals with Shell and ExxonMobil, similar to one signed with BP last week, a senior NNPC official said on Monday.Nigerian National Petroleum Corporation (NNPC) announced last Wednesday that it had signed such a deal with BP and would provide more details later."Unfortunately, Shell and ExxonMobil exited the downstream sector in Nigeria a couple of years ago but they are coming back for this particular arrangement, because it’s an opportunity for them to get crude and sell their products to the refineries…
NNPC, BP Swap Crude for Products
Nigeria's state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP.In its brief statement on Twitter late on Wednesday, NNPC said more details would be provided later. BP and NNPC did not immediately respond to requests for comment on Thursday.NNPC imports about 70 percent of Nigeria's fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil…
Key People Changes in Aegean Marine Petroleum Network
International marine fuel logistics company Aegean Marine Petroleum Network (AMPNI) announced that President Jonathan McIlroy will leave the Company, effective November 15, 2018.The marine fuel and lubricants supplier announced last month the appointment of Kostas Polydakis to the position of Chief Operating Officer, as well as his qualifications and experience.Polydakis is serving on the Company’s Management Committee, along with the Company’s Chief Financial Officer, and the Company’s Global Director of Supply and Trading. Effective November 15, 2018, Polydakis will assume Mr.
Oil Prices Surge After OPEC Rebuffs Trump
Oil prices jumped more than 2 percent to a four-year high on Monday after Saudi Arabia and Russia ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.The Organization of the Petroleum Exporting Countries and non-OPEC states, including top producer Russia, gathered in Algiers on Sunday for a meeting that ended with no formal recommendation for any additional supply boost to counter falling supply from Iran."The market's still being driven by concerns about Iranian and Venezuelan supply…
Oil Could Rise to $100 by 2019
Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore.Almost 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the U.S. sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a crude…
Mercuria Energy Takes 30% Stake in Aegean Marine
Mercuria Energy Group and Aegean Marine Petroleum and have signed a Memorandum of Understanding (MoU) making Mercuria the only lender to Aegean. Both are working towards landing a billion dollar credit deal and closer collaboration.Mercuria and Aegean have executed a letter agreement detailing the US$30 million of incremental liquidity Mercuria is providing to the Company by way of amendments and waivers to the Trade Finance Facility and other financing arrangements.With this significant step completed, the two parties intend to begin exploring a broader, global strategic partnership.
