MODEC’s FPSO Anita Garibaldi MV33 Achieves First Oil in Brazil
Japan's MODEC said its FPSO Anita Garibaldi MV33 has achieved first oil production for Petrobras at the Marlim field in the Campos Basin off the coast of Brazil.The FPSO…
Brent's Fall Creates Steepest Contango in 11 Years
The discount on front-month Brent crude oil futures to later contracts increased to an 11 year high on Thursday, as the coronavirus pandemic continued to cause an unprecedented slump in global demand.
Stena Oil Rolls Out Scandinavia's Largest Bunkering Terminal at Frederikshavn
Stena Oil has signed an agreement to create a new marine fuel terminal in the Port of Frederikshavn. The facility will be fully adapted for the new Sulphur Directive 2020…
PDVSA Escapes Bonaire Restrictions - for now
A regulatory agency has decided not to impose restrictions on Venezuelan state-run oil company PDVSA's operations at its terminal on the Dutch Caribbean island of Bonaire after receiving new repair assurances…
Pressured for Profit, Oil Majors Bet Big on Shale Technology
Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once - without ever setting foot on a rig. Part of a team working to cut the cost of drilling a new shale well by a third…
Workers at Sri Lanka's State-run Oil Firm Call off Strike
Workers at Sri Lanka's state-run oil firm CPC called off a strike on Monday less than 24 hours it started after the government agreed to consult them before signing an oil tank deal with India.
Shell Signs 3-year Contract to Lease Oil Tanks in Panama
Oil company Royal Dutch Shell has signed a three-year contract to lease storage tanks at a large terminal in Panama that had been used by U.S. refining company Tesoro Corp…
Sinopec to Open Zhanjiang Oil Tanks; SPR Site Delayed
Commercial crude storage of 8.5 mln bbls due start by June; Sinopec also building a rock cavern strategic reserve base nearby. Sinopec Corp is expected to start operating…
Company to Pay $9.5 Mln for Actions Leading to US Gulf Explosion
Wood Group PSN Inc., a Nevada corporation headquartered in Houston, was ordered to pay $9.5 million in two separate cases involving its conduct in the Gulf of Mexico. Specifically…
Saudis, Russia Diverge on speed of Output Cuts
OPEC and non-OPEC members have pledged to cut their combined oil production by an average of just over 1.7 million barrels per day (bpd) in the first six months of 2017.
Brent Curve Signals Oil Tanks Will Start Emptying in H2 2017: Kemp
OPEC and non-OPEC oil producers have agreed to reduce their combined output by more than 1.7 million barrels per day for six months from January 2017. But the agreement…
Salvors Assessing Grounded Transocean Drilling Rig
A team of eight salvors is now making its way on board the drilling rig Transocean Winner which is currently grounded off the Isle of Lewis. They’ll now be carrying out…
First Aramco Spot Crude Lifting to Chinese Teapot Refiner
Saudi Aramco has sold a crude oil cargo to an independent Chinese refinery, its first spot sale to such a buyer in a sign that the world's biggest exporter is trying to…
Shortage of Caribbean Storage Forces Some Crude Sales at Loss
A saturated oil storage network in the Caribbean is forcing some South American and African producers to keep selling crude at prices that do not cover production costs, brokers and sources told Reuters.
Ample Storage Could Limit Energy Price Moves
New storage capacity to come on line in Asia this year. There is more storage space for crude around the world than anticipated, which will help prevent further sharp falls…
NOC Empties Ras Lanuf Storage after Islamic State Attacks
The Libyan National Oil Corp (NOC) has emptied oil storage tanks at the Ras Lanuf terminal as a precaution after Islamic State militants attacked the country's two biggest oil ports last week…
Fire Spreads at Libyan Oil Port Terminals
Fires have spread to seven oil tanks at Libya's ports of Ras Lanuf and Es Sider following attacks this week by Islamic State militants, a Petroleum Facilities Guards (PFG) spokesman said on Thursday.
Falling U.S. Inventories Boost Oil Prices
Official U.S. inventory data to be published on Wednesday; brimming oil tanks compound oversupply. Oil rose on Wednesday on reports of falling stockpiles and rising refinery activity in the United States…
China Crude Tanks Operational from End-August
Vopak storage site in Hainan due for start-up next month. State-owned and private companies will start up about 26 million barrels of new oil tanks in southern China in coming months…
How Do You Lose 100 Million Barrels of Oil?
Oil-market watchers are struggling to reconcile the large estimated oversupply in the market with the much smaller buildup of reported inventories and narrowing contango in futures prices.
