Stories

Petrobras to Receive about $200 Mln from Corruption Repayments

December 5, 2017

Brazilian state oil company Petroleo Brasileiro SA will receive about 650 million reais ($201 million) in funds recovered from the country's largest-ever corruption investigation, known as Car Wash, the federal prosecutors office for the state of Paraná said on Tuesday.

First Libra Pre-salt Oil Shipment Likely in Early January

December 1, 2017

Petróleo Brasileiro SA is likely to begin shipping oil from the Libra pre-salt area early in January, an executive at the Brazilian state-controlled oil company said on Friday. Operations at Libra kicked off this week with an output of around 17…

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First Oil and Contract Start-up for Libra FPSO

November 30, 2017

Teekay Offshore Partners L.P. announced that its jointly owned floating production storage and offloading (FPSO) unit, the FPSO Pioneiro de Libra (Libra), has achieved first oil and commenced its 12-year charter contract with a group of international oil companies…

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Yinson to Take Over Layang FPSO from THHE

November 30, 2017

Malaysia’s Yinson Energy Sdn Bhd plans to take over the Layang floating production storage and offloading (FPSO) project from TH Heavy Engineering Bhd (THHE) Edge Markets reported. THEE, which has the Layang FPSO contract with Japan’s JX Nippon.

SBM Offshore to Pay $238 Mln in US Bribery Case

November 29, 2017

SBM Offshore NV, a Netherlands-based maker of offshore oil drilling equipment, and its U.S. subsidiary, SBM Offshore USA Inc, agreed to settle criminal charges of bribing officials in five countries and pay a $238 million penalty, the U.S. Justice Department said on Wednesday.

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Statoil Confident Eni Will Resolve Problems at Goliat Field

November 28, 2017

Norway's Statoil said on Tuesday it was confident Eni would resolve problems besetting their joint Arctic Goliat oilfield, as a shutdown there neared its second month. The 100,000 barrels-per-day field - operated by Eni, the senior partner in…

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Wärtsilä’s Ambitious Vision of a Digital Future

November 27, 2017

Digitization sets the new standard for the entire industry, says Wärtsilä on a November 24 press meeting in London. Wärtsilä has announced an ambitious vision to lead the marine industry into a smart technology future by catalyzing innovative…

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First Oil from Brazil's Libra Field Flowing to FPSO

November 27, 2017

First oil has flowed from Brazil's giant Libra field operated by Petrobras and a consortium that includes Total, Shell and China's CNPC and CNOOC, the companies said on Monday. Libra, which has recoverable volumes estimated by oil regulator ANP at between 8 billion and 12 billion barrels…

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Catcher FPSO to Add about $200 mln in EBITDA/year

November 26, 2017

BW Offshore CEO Carl Arnet in FPSO (floating production, storage and offloading) firm BW Offshore Ltd says the Catcher field project in the British North Sea will add about $200 mln in annual EBITDA to its results when it comes on stream in December 2017.

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Total CEO Not Worried over Possible Norway Fund Capital Exit

November 26, 2017

The possible exit of Norway's sovereign wealth fund from the capital of French oil and gas major Total will take place over time and is thus unlikely to hurt Total's stock price, Chief Executive Officer Patrick Pouyanne said on Friday. "I can tell you that…

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Summit Signs Floating LNG Facility Contract

November 22, 2017

Summit LNG Terminal, a subsidiary of Summit Power International, signed a USD 100 Million turnkey contract with marine work contractor consortium comprising of Geocean SAS and MacGregor for design, engineering, procurement, fabrication, installation…

Trafigura to Develop Another Pakistan LNG Import Project

November 20, 2017

Swiss commodity trader Trafigura said it plans to develop its second liquefied natural gas (LNG) import terminal in Pakistan, alongside an existing project in which it has a minority stake. At a inauguration ceremony for Pakistan's second LNG import project…

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Liberian Registry, ICS Challenge Brazilian Court Ruling

November 20, 2017

The Liberian Registry, in cooperation with the International Chamber of Shipping (ICS), has succeeded in helping the holder of a Liberian mortgage to overturn a decision of the Brazilian courts which, if left uncontested, could have had serious…

Wison Signs MOU for Medium Large Floating LNG Power Solution

November 17, 2017

Wison Offshore & Marine has signed a Memorandum of Understanding (“MOU”) on strategic cooperation with Shanghai Electric Power Generation Group. Two parties will join their efforts in medium to large-scale floating LNG power generation barge…

Deal for Floating LNG Powerplant in China

November 17, 2017

As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges.

Pakistan LNG Import Project Consortium Folds -Hoegh LNG

November 16, 2017

A consortium behind a liquefied natural gas (LNG) import project in Pakistan, including oil giant Exxon Mobil, France's Total and Qatar Petroleum, has been dissolved, shipping company Hoegh LNG said on Thursday. Hoegh LNG was due to supply the project's ship-based import terminal…

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BW Group, Mitsui Form FSRU Joint Venture

November 14, 2017

A joint venture agreement between Japan’s Mitsui & Co. and Singapore’s BW Group Limited will see Mitsui purchase a 49 percent share in the floating storage and regasification unit (FSRU) BW Integrity, while BW will maintain a 51 percent share.

GTT to Design LNG Tanks for New FSRU/LNG Carriers

November 14, 2017

GTT has won a contract to design the liquefied natural gas (LNG) tanks for two dual purpose vessels capable of operating as efficient LNG carriers and floating storage and regasification units (FSRUs) that are presently on order at Hudong-Zhonghua Shipbuilding (Group) Corp.

Petrobras Q3 Net Profit Falls, Misses Estimates for Large Rise

November 13, 2017

Petróleo Brasileiro SA's third-quarter profit fell compared with the second quarter, the Brazilian state-controlled oil giant said on Monday, missing analysts' forecasts for a big rise. Petrobras posted net profit of 266 million reais ($81.1 million) in the quarter…

Ghana, Exxon Discuss Deepwater Drilling

November 13, 2017

Ghana has opened talks with Exxon Mobil Corp to allow the U.S. oil firm to undertake deepwater exploration off the West African nation's coast, a deputy energy minister said on Monday. "The negotiations are ongoing according to our current laws ...

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Asian Floating Storage Declines as Crude Market Tightens

November 10, 2017

Strong demand is tightening the market but rising US output could sap efforts to rebalance market. The amount of oil stored on tankers around Singapore has dropped sharply in the last months, the latest indication that OPEC-led supply cuts are successfully tightening crude markets even as U.S.

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