Stories

Petrobras to Join Oil and Gas Climate Initiative

January 25, 2018

Brazilian state-controlled oil company Petróleo Brasileiro SA will join the Oil and Gas Climate Initiative (OGCI), becoming the 10th member of the group which aims to lead the industry's response to climate change. Petrobras' entry is subject to the approval of the OGCI and Petrobras' board…

Golar Agrees 15-year LNG Import Terminal Deal for Jamaica

January 25, 2018

Norwegian shipping company Golar LNG Partners will deploy a floating storage and regasification unit (FSRU) to Jamaica for up to 15 years from the fourth quarter of 2018, according to industry sources. An FSRU allows for the import of liquefied natural gas. On Jan.

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Golar LNG Bags New Long-term FSRU Contract

January 21, 2018

Golar LNG Partners announced that it has executed a 15-year charter with an energy and logistics company for the provision of an FSRU (floating storage and regasification unit) and related services in the Atlantic Basin. The charter provides…

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Petrobras: Fire Contained on Platform in Lula Field

January 16, 2018

Brazil's state-controlled oil company Petróleo Brasileiro said on Tuesday a fire at a platform in the Santos Basin was contained and did not cause injuries or environmental damage. Production there remains halted until safety tests can be completed, the company said.

Shell Announces Plan for Penguins Filed Redevelopment

January 16, 2018

Shell announced the final investment decision for the Penguins field redevelopment project in the U.K. sector, which includes the construction of a new-build Sevan Marine designed cylindrical floating production, storage and offloading ( FPSO) vessel.

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SBM Offshore Hands over FPSO Turritella to Shell

January 16, 2018

SBM Offshore said it has completed the transaction related to the sale of floating production storage and offloading (FPSO) vessel Turritella to Shell E and P Offshore Services B.V. Shell exercised an option to purchase the FPSO from SBM Offshore in summer 2017.

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Four Japanese Companies Join Modec in Sepia FPSO Deal

January 10, 2018

Four Japanese companies will invest in a new company established by compatriot Modec with an aim to provide a floating, production, storage and offloading (FPSO) unit for the Petrobras-operated Sepia field offshore Brazil. "MODEC, Mitsui, Mitsui O.S.K.

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BMT and MSI in Joint Alexandroupolis FSRU Terminal Project Award

January 9, 2018

BMT and Metocean Services International (MSI) have been jointly awarded a contract by Gastrade to deploy an Environmental Monitoring System (EMS) and develop metocean criteria to be utilized for the design of the offshore moored FSRU and the subsea pipeline to shore.

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BW Offshore Mulls Spin-Off of Oil & Gas

January 8, 2018

BW Offshore's CEO Carl Arnet made the following comments: "We have changed our vision and purpose. We are not exploring for oil, but oil that is found and to some extent proven. We will be exposed to oil price risk." Arnet wants focus on small…

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BW Offshore Gets Contract Extension for FPSO Polvo

January 8, 2018

BW Offshore has signed an agreement with Petrorio for a one-year extension for the lease and operation of the FPSO Polvo. The firm period has been extended to Q3 2019 (from Q3 2018), with options until Q3 2022. The company has also announced…

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PSA Marine to Provide LNG FSRU Services in Bangladesh

January 6, 2018

Summit Power International (SPI), Singapore, announced that its subsidiary, Summit LNG Terminal has awarded a 15-year contract to PSA Marine Bangladesh, a subsidiary of PSA Marine. Under the contract, PSA Marine Bangladesh will provide berthing…

Hedging Energy Bets: The Case for a 2018 Oil Bull Run

January 2, 2018

Hedge funds gamble OPEC will tighten oil market too much. By John Kemp Hedge funds are the most bullish about oil prices in years, expecting further gains even as prices touch multi-year highs and ignoring the risk linked to such a large concentration of positions.

Brazil Oil Production Slips in November

January 2, 2018

Brazil's oil output fell 1.21 percent in November from the previous month, regulator ANP said in a statement on Tuesday, after state-run oil company Petróleo Brasileiro SA carried out maintenance work at some production units. ANP said oil output was 2.595 million barrels of oil per day in November.

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Pankaj Khanna Appointed As CEO of Ocean Rig

January 1, 2018

Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services, effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry.

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Ex-PDVSA oil czar Ramirez Probed in $4.8B Scandal

December 30, 2017

By Deisy Buitrago and Marianna Parraga Venezuela is investigating Rafael Ramirez, a once powerful oil minister and former head of state oil company PDVSA, in connection with an alleged $4.8 billion Vienna-based corruption scheme, the state prosecutor's office announced on Friday.

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17 Keppel Employees Pay for Petrobras Bribery Case

December 30, 2017

Keppel Corp's rig-building unit has taken disciplinary action against 17 current and former employees as part of its Brazil bribery case, a U.S. court document showed, including $8.9 million of financial sanctions, demotions and departures.

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Eni Buys out Shell's Stake in Evans Shoal Gas Field

December 30, 2017

Italy's Eni announces the purchase of a 32.5% stake in the Evans Shoal gas field in the Timor Sea, Australia. The field is located offshore in the NT/P48 exploration permit in the north Bonaparte Basin, around 300km northwest of Darwin, where there is an existing LNG plant precinct.

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Oil Finishes Strong in 2017

December 29, 2017

U.S. oil prices rose above $60 a barrel on the final trading day of the year and hit their highest since mid-2015, as an unexpected fall in American output and a decline in commercial crude inventories stoked buying in generally thin trading.

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Interview: Woodson Ferreira, Aker Solutions, Brazil

December 29, 2017

It is part of the company's strategy (for Brazil) to become a competitive international hub for projects with operators such as Statoil, Total, BP, among others. It is still a time of uncertainty and caution, but we are optimistic about the gradual recovery.

U.S. crude stocks drop 4.6M bbls

December 28, 2017

U.S. crude stocks fell last week as refineries hiked output, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday. Crude inventories fell by 4.6 million barrels in the week to Dec. 22, compared…

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Ship of the Year: MOL FSRU Challenger

December 28, 2017

MOL FSRU Challenger is Maritime Reporter & Engineering News' Great Ships of 2017. The World’s Largest Floating Storage and Regasification Unit (FSRU Max). Japanese shipowner Mitsui O.S.K. Lines, Ltd. (MOL) in middle of October, took delivery…

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